26 replies to this topic

[BLONDEinGV]

Hello wingy03,

Nobody on this board cares about a random, isolated case. If you have seen it done then do it yourself then talk about it. Because other than what you can show and prove it really does not matter. I can tell you it USED to be that way with some credit cards because I had them ..... not any more.

Here is my bet with you ... You WILL NOT get one business credit card (Mastercard/Visa) without some type of personal guarantee. NOT EVEN ONE! The game has changed and you will be responsible personally for the credit. I posted about this a while ago that the banks will eventually get to the point that you personally sign for all credit lines. That time is here.

Now, you (if you are an entrepreneur/business person) establish your own internal banking system where YOUR company earns the interest and fees and you can continually go back to the well to borrow again and again.

Good Luck

Actually, I care about "random, isolated cases" like this.

Building business credit is like optimizing your website for the Google-bots...the general public doesn't get to see the rule books, and for good reason. Plus, even if you could somehow omnisciently know the underwriting policies of every lender (bank, insurance co, credit union, etc.) at any given time, it's not like those guidelines would be in-place for more than a few hours at a time...each one is a moving target based upon dozens of factors like economic, regulatory, industry conditions, etc. So, when someone stumbles upon this thread in 4 years looking to build their business credit properly, they might read your comment and assume that there is no way around a PG for a MC/Visa biz card. And that likely will not be the case because there's demand for that product.

One of my best friends is an EVP of a private regional bank in my area that works almost exclusively with small businesses. FACT: Her bank *currently* offers their own business M/C to qualified small biz customers who bank there and meet specific criteria (average daily acct balance at $100,000+, minimum annual revenues, etc.). My co doesn't qualify, but many small bizs do without being blue chip.

You do realize that MC/Visa just facilitate the money transfers, and don't actually underwrite the credit extended...? Since that's the case, literally every institution who does underwrite the credit extended makes up their own set of guidelines. He who has the gold makes the rules.

[Brndnh721]

I lost what you guys are even fighting about. Either way if your a small business with low limit trades then no you won't get a credit card without a PG but if you have a long business history and high dollar amount trades you can get credit cards without a PG. you won't gt these from big banks but ou get them from smaller local banks that is why using a local bank is ideal. Now with that said to get to those larger trade lines you would have to PG certain things, yes you old do it without any PG's but that would take a long long time.

Not sure what you mean about you can't transfer money back and fourth between personal and biz accounts.. If your a corp no you can't do it via a online linked account type deal but you can certainly borrow money as mentioned and pay interest back.If you have a sole prop or single member LLC you can link your biz account with a personal account.