Looking for advice on business credit cards

Anonymous · ‎01-13-2008

Hi, Am starting a new business and would like any tips that may apply to our situation. We will have 2 owners in this c-corporation. We both have very good credit (Him 713, Me 811). Since we are a startup some extenders of credit will want to apply credit to each of us personally.

Can we manage some aspects of that liability with our shareholders agreement.

April 1st is opening date and we would like to have substantial Credit cards in place asap. We were looking at AE plum card and Citi bank Advanta.

Red1Blue · ‎01-13-2008

I am not sure if it is a good idea to give PG for the business credit.

haulingthescoreup · ‎01-13-2008

Hi, welcome to the forums! While we're waiting for everyone to jump in, have you read Business Credit 101?

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=59046

We're certainly getting a lot on discussion going on biz credit these days!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎01-14-2008

I have a BOA PG...only one.
It may be a good way to start building credit but when the time comes, I plan to dump the PGs. If something happens you don't want creditors coming back at you.