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Finally at 780. Now how to raise 100-200k?

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Anonymous
Not applicable

Finally at 780. Now how to raise 100-200k?

I just cleared up my credit. My FICO8 is 780 but I only have a couple of accounts (and several AU's). I want more (preferably unsecured revolving) credit. I have a corporation with good scores as well. But can't do much to prove income short of a pay stub from my employer, which is not my corporation.

I want to raise 100k fast with no questions asked how I use it and stated income for the business. What's the best way to go? Which will get me further? Apply for business credit cards (tied to personal), business credit line, or personal cards?

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Finally at 780. Now how to raise 100-200k?

So, this is money you want for your business?

If so, does your business have (good) established history and good revenue (that you can show)? You seem reluctant to use your business’ stats for this, but it’s really the best shot you have if everything is inline in my opinion.

I can’t think of too many lenders that are going to want to give out $100k to someone that’s unwilling to show the financial means to repay it. On top of that, I don’t see you getting much traction with your personal credit either. That 780 score doesn’t hold much clout if you only have a few tradelines (and especially so if they are young); and AUs won’t benefit much in this situation, if at all.

Best of luck though and congrats on cleaning up your credit!
Message 2 of 12
LittleSal
Frequent Contributor

Re: 780 now. App spree? Business cards? What to do???

I think a business or personal loan is your best bet.

Adding $100k in new credit cards and then maxing them out would probably lead to AA.
Message 3 of 12
Remedios
Credit Mentor

Re: 780 now. App spree? Business cards? What to do???


@Anonymous wrote:

I just cleared up my credit. My FICO8 is 780 but I only have a couple of accounts (and several AU's). I want more (preferably unsecured revolving) credit. I have a corporation with good scores as well. But can't do much to prove income short of a pay stub from my employer, which is not my corporation.

I want to raise 100k fast with no questions asked how I use it and stated income for the business. What's the best way to go? Which will get me further? Apply for business credit cards (tied to personal), business credit line, or personal cards?


 

I dont see this happening fast, really. Questions will be asked. 

Why cant you prove income?  Which cards do you have now? How much of your score is attributable to AU accounts?

 

 

Message 4 of 12
simplynoir
Community Leader
Mega Contributor

Re: 780 now. App spree? Business cards? What to do???

To add to the above already mentioned perhaps a business LOC is your best bet assuming you have the paperwork needed to show why you need the capital.

Message 5 of 12
simplynoir
Community Leader
Mega Contributor

Re: Finally at 780. Now how to raise 100-200k?

@Anonymous, please do not repost the same question in another part of the forum in hopes of getting more eyes on it.

Message 6 of 12
gdale6
Moderator Emeritus

Re: Finally at 780. Now how to raise 100-200k?

Two threads on same subject have been merged into one. OP please refrain from posting multi threads on same topic in different forums as its against our TOS and it can lead to confusion by the members. I thank you for your understanding on this.
Message 7 of 12
Anonymous
Not applicable

Re: 780 now. App spree? Business cards? What to do???

I can get a paystub. But the cheking cashflow that show in NAV is too low.
Message 8 of 12
SouthJamaica
Mega Contributor

Re: Finally at 780. Now how to raise 100-200k?


@Anonymous wrote:

I just cleared up my credit. My FICO8 is 780 but I only have a couple of accounts (and several AU's). I want more (preferably unsecured revolving) credit. I have a corporation with good scores as well. But can't do much to prove income short of a pay stub from my employer, which is not my corporation.

I want to raise 100k fast with no questions asked how I use it and stated income for the business. What's the best way to go? Which will get me further? Apply for business credit cards (tied to personal), business credit line, or personal cards?


It's unclear to me exactly what you're asking but possibilities are:

 

-credit union personal lines of credit

 

-credit union non-rewards platinum cards with no cash advance or balance transfer fees

 

-bank business lines of credit

 

You're not going to do anything quick.

 

And you're not going to do anything 'no questions asked'.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 9 of 12
iced
Valued Contributor

Re: Finally at 780. Now how to raise 100-200k?


@Anonymous wrote:

I just cleared up my credit. My FICO8 is 780 but I only have a couple of accounts (and several AU's). I want more (preferably unsecured revolving) credit. I have a corporation with good scores as well. But can't do much to prove income short of a pay stub from my employer, which is not my corporation.

I want to raise 100k fast with no questions asked how I use it and stated income for the business. What's the best way to go? Which will get me further? Apply for business credit cards (tied to personal), business credit line, or personal cards?


If it's for the business, the right path is business credit, tied to the business. If the corporation's revenue stream and credit history support requesting that amount, your corporation should be able to request it without too much trouble, but you should always expect questions to get asked unless you go to your neighborhood loan shark.

Message 10 of 12
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