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Where to go from here?

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Member

Where to go from here?

OK, I am finally at a point where I want to start building better credit for my business.  The business is a non-profit, which does give us issues.  However, we seem to be on the right track.

 

I just did the Experian report for the first time, and there is not much showing.  The only thing on there is a Uline order I did back in September.  I know more should be there.

 

I did just successfully get a $20K line from Dell and purchased a new laptop for the business.  That is not reporting yet.

 

My business score is 92 and risk 1.


Any advice on where to go from here?

Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: Where to go from here?

Well, if you have less than five new credit cards in the last 24 months, I would definitely apply for Chase business credit cards.  There are a few business credit cards from Chase that offer great rewards for travel and/or office supplies.  If you think you want Chase business cards, then you may want to hold off on any credit cards that would show up on your personal credit report.

 

Amex was my first business card many years ago;  they look at the applican't personal credit.  The Amex card will report to your business credit report, but won't appear on your personal credit report. (as long as you pay on time)

 

Lowe's, Home Depot, Staples, Office Depot - all available nationwide.  I actually buy cleaning supplies and tools to complete business tasks at home improvement stores.

 

If you're a member of Sams or Costco, they both issue business credit cards.  BJ's offered a business credit card, and some on this forum have/had it, but I haven't seen the applications for the BJ's business card in a while. 

 

 

If you have a retail banking relationship, you may be able to see if your bank already has a 'pre-approved' or 'pre-qualified' offer for you.  I've picked up a card from Wells Fargo that way.  Be careful, however, because some banks (TD, Capital One, Discover) will report business cards to your personal credit report.  While any bank can pull from multiple bureaus, Capital One also makes it a habit to perform a hard inquiry on all three of the major credit bureaus as well.

I was going to garden... Honest!
Message 2 of 7
Member

Re: Where to go from here?

Thanks!  I applied for the Chase card and got the we will let you know.  Never heard anything since and now I see I am getting a letter in the mail, so I am guessing that's a thanks but no thanks.

 

I am trying to do a vehicle through Ford Business Credit but they are saying they don't go over 60 months normally for businesses and especially newer ones.  Trying to work through that.

Message 3 of 7
Valued Contributor

Re: Where to go from here?

Chase may say no right now, but you'll know once you see their letter. Sometimes they just need some more verification.

I'm not sure that more than five years is a great idea for a business vehicle... the mileage could mean you're paying long after the usable mileage.
I was going to garden... Honest!
Message 4 of 7
Member

Re: Where to go from here?

Chase was a decline.

 

Ford is giving me the run around, I dropped it for now.

 

Did get Home Depot with a tiny $1,000 limit but at least it some kind of revolving credit.  Also like the 60 days to pay.  Not sure if I should try for increase.

Message 5 of 7
New Visitor

Re: Where to go from here?

Did you have to PG the Homedepo card? Im having a hard time getting past that PG point on application. It wont let me submit without it. Of course im not going to PG for a net term account.
Message 6 of 7
Established Member

Re: Where to go from here?

I don't have the patience for snail mail. Just call up chase, everytime I apply for a new card they ask for my address to confirm, then approved, no problem.

Edit: I should probably read previous posts Smiley Tongue


Message 7 of 7
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