Some Business Credit Q's

jbh · ‎07-31-2008

Hey,

I established my business checking account after filing LLC. I was just wondering if any of you have experienced a certain 'barrier' one must break (in regards to one's personal Fico Scores) before banks even consider a small business loan? I am about to investigate a solution through the SBA (SOHO Loans) but my Bank of America rep acted like getting a business loan from a bank requires outrageously successful credit history.

Am I basically screwed in terms of getting a business credit card/bank loan since I don't have 5k credit cards and over 2 years of credit card usage? How does one even start if they can't get started?

Red1Blue · ‎07-31-2008

Dont despair. You'll be able to build business credit with PG and with out even giving your personal SSNo. What exactly are you trying to do?. We can try to help.

jbh · ‎07-31-2008

I'm trying to learn how to be in an 'approval worthy status' for any business credit card ($5k - $10k) or small business loan at a bank.

** I would also love to know how to obtain such a thing WITHOUT requiring PG/SSN, which I figure is impossible **

Therefore, I have to build my personal file more:

I worry my credit card history is too small (under 2 years) and my scores aren't all 700+ ficos. Since I am new to this business I don't have established paydex either.

I just worry that anything asking for a personal guarantee would guarantee my denial.

Thank you. Just being able to secure $5k for the business is all I need. I would then turn that into a positive tradeline. I just feel that outside of SBA/Prosper.com (not sure they would approve me) I am hopeless.

Message Edited by jbh on 07-31-2008 05:55 PM

Red1Blue · ‎07-31-2008

Send me PM. I can help you out. For business you should not give PG. If yu follow right steps in 6 months you can get credit upto 50-100K in limits. I am able to build my biz credit from 0-65K in 8 months with out PG.

jbh · ‎08-01-2008

PM Sent.

And I will gladly share a list of business cc's if I find any over time as well as update you guys on how the Soho Loans from the SBA go.