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business credit after bankruptcy?

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business credit after bankruptcy?

I'm almost 2 years out from discharge and I started my business 18 months ago.

I obtained a capital one spark one year ago, and I have a net30 with quill and uline.

 

Heres the problem, I burned a lot of people in bankruptcy. AMEX, Chase, Amazon, Synchrony, B of A, Citi, etc. Everytime I've applied for business credit, they always bring up the bankruptcy.

 

Any pointers?

Message 1 of 7
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Community Leader
Super Contributor

Re: business credit after bankruptcy?


@shasta wrote:

I'm almost 2 years out from discharge and I started my business 18 months ago.

I obtained a capital one spark one year ago, and I have a net30 with quill and uline.

 

Heres the problem, I burned a lot of people in bankruptcy. AMEX, Chase, Amazon, Synchrony, B of A, Citi, etc. Everytime I've applied for business credit, they always bring up the bankruptcy.

 

Any pointers?


@shasta ...

 

-forget Amex. Unless you pay them back, you wont get biz or personal credit from them.

-Chase has a long memory, and you wont get any personal or biz credit from them until  7-10 yrs, or your BK is off your personal reports.

-Citi you might be able to get biz credit with them 4-10 yrs. B of A...toss up., same as Citi. 

-Synch..have you tried applying for the Amazon Corp LOC?

 

Im afraid as far as the major lenders go, you burned them in BK, so getting back in with them will be very very difficult, and many years from now. 

 

If you didnt burn USB in your BK, then thats a possiblity. if you didnt, I would go into a branch, and ask for a business rep, and open up a business checking right there. (be sure to have all your necessary paperwork regarding your business handy with you, they will need them and ask for them). While there, apply for a business Visa. More than likely it will go to review, and if declined, go in branch again, and have your rep call UW on your behalf to open it . 

 

Thats what I did...Got their Business Select Visa $1k sl. 

 

You will be very limited as far major lenders due to you burning them in BK, sorry. 

 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 7
Community Leader
Super Contributor

Re: business credit after bankruptcy?

oh, forgot to add, Discover now has a business card, but the kicker is they report to personal credit, just like Cap one does. So, thats an option as well, just remember how it reports.

Also, in my above post regarding USB. Their biz cards don't report to personal.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 7
Contributor

Re: business credit after bankruptcy?

Thanks Pizza................I figured as much. There is not a company that I didn't burn in bankruptcy, USAA, Amazon, Walmart and all that I previously mentioned.

 

I'm trying to get a vehicle for my company and had hoped to buy land to build a facility within 5 or so years. I guess that's out the window because I'll never be able to establish credit.

 

Even the bank that I have my business checking with won't touch me. Maybe in a few years

Message 4 of 7
Community Leader
Super Contributor

Re: business credit after bankruptcy?


@shasta wrote:

Thanks Pizza................I figured as much. There is not a company that I didn't burn in bankruptcy, USAA, Amazon, Walmart and all that I previously mentioned.

 

I'm trying to get a vehicle for my company and had hoped to buy land to build a facility within 5 or so years. I guess that's out the window because I'll never be able to establish credit.

 

Even the bank that I have my business checking with won't touch me. Maybe in a few years


Not all hope is lost!! 

Did you burn US Bank?? (USB), if not, re-read my post above. 

What are your current FICO scores and utilization?

 

The further away from your BK you get, it will be a little easier.  Im gonna ask @Creditaddict  to step in here as well and give his opinion/advice.  He is very well versed in Business credit and BK etc..


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 5 of 7
Established Contributor

Re: business credit after bankruptcy?


@shasta wrote:

Thanks Pizza................I figured as much. There is not a company that I didn't burn in bankruptcy,USAAA, Amazon,Walmartt and all that I previously mentioned.

 

I'm trying to get a vehicle for my company and had hoped to buy land to build a facility within 5 or so years. I guess that's out the window because I'll never be able to establish credit.

 

Even the bank that I have my business checking with won't touch me. Maybe in a few years


It will just take some time. Keep working on your personal credit. You can get over 700 even with a BK showing. Once you do that there are still non major banks out there that will extend business credit.

 

As far as business credit, the days of no personal guarantee without years of financials are over. Yes, you can get tradelines (supplies, gas, equipment, office stuff, even inventory) without PG but as far as a credit card or LOC you will have to personally  guarantee. I think the BJ warehouse mastercard might be the last one that doesn’t require a PG.

BECU | Apple | Discover | Key
Message 6 of 7
Epic Contributor

Re: business credit after bankruptcy?

Sync is VERY forgiving and you can probably get personal and business stuff by them now as long as your scores over 600.

Amazon, Sams, Lowes, etc.

Message 7 of 7
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