Business Credit

[MsShaunaAllDay]

I would like to open a clothing store and was wondering what is the best way to obtain financing to start the business. My personal credit is not that good because I was the victim of identity theft and its 43 pages long so getting things deleted takes time. I'm a new college graduate. Is there any hope for me or would I need to work for someone else?

[New Girl]

I don't know what state you reside in but get a police report and file an ID theft complaint with the FTC.

Additional steps:

create a digital signature

find a good dispute template letter for Word

insert ya signature

upload it to the USPS click2mail.com

send it certified to the creditors

collection agencies and cbs.

 

Establish your business now while you are waiting to get everything deleted. Do what the guys have posted about getting Net 30 accounts. Since you are a student only order notebooks and pens from the vendors.

 

If you can get student loans (fed...) TAKE ADVANTAGE the rates are super low. Get the money and put it in the bank. ( Some people may found but hey that's what I had to do because of socioeconomic disadvantages... made me a pretty wealthy girl. Just make sure you have a good understand of what "money" is and how an economy really works. View the Federal Reserve site for kids. It gets to the point.)

 

Your company will now be aging.

 

As for a store. You have to start small. Your not going to get financing to buy space. You will have to lease/rent. Getting merchant accounts may not be that hard since stores do not buy the clothes. They get a shipment and send back whatever was not sold or something like that.

 

For some assistance, apply for grants and you may be able to get a bad credit loan from a non-profit that helps people in your situation. You can msg me if you want. May take me a while to response but I will.

[daisychanal]

Most likely at this she has very bad credit and would not qualify for a student loan. Is that corrrect?

Edited September 4, 2010 by daisychanal

[milesb]

Some student loans are not based on personal credit. I would surf the internet and financial counslers at the school are great as well..

[daisychanal]

That's correct. I just surf and found out Stafford Student loans are not base on personal credit.

[nycluv]

Ms shauna,

 

did you check out the net 30's list? also gboogie.net has some net 30 vendors that are reporting for business credit... try there

[Bradly]

Yeah you can take credit from your relatives, friends, family members etc you can get it from them at no interest if you get it from banks you have to pay interest with which your profit will come down. If you dont find funds from any source you can admit anyone as your partner who can give you capital required by you.