About ready to start my LLC. It will be a small car lot. I am looking for a few pieces of credit to help me with cash flow. I dont want to fill out a million applications. My personal scores are high 600s. I want a few cards with decent limits. Navy will be one. Thinking about Citi and Wells also. Are they start-up friendly? Expecting at least $10k from Navy and at least $5k each from whatever other two I get. Is that realistic?
Start-up freindly creditors
Started by
spotlessbureau
, Jul 13 2012 10:14 PM
7 replies to this topic
#1
Posted 13 July 2012 - 10:14 PM
#2
Posted 14 July 2012 - 09:48 AM
Since you are wanting to pg I personally in your situation would not even include your business info. Mainly because you have none and it may end up hurting your approvals or credit lines.
If your planning on pging there is really no reason on trying seperate business credit from personal credit. If you ok with pging now then you will be ok with pging 5 years from now. If that's not the case then I think you need to rething your business building credit approach. And what I mean by that is you can't jump into building business credit by applying to creditors for cash flow purposes. You have to apply for credit building purposes. And the lines you will receive will not be much if your just starting out.
Don't let anything I said discourage you. I was as to get into things very fast. And by 6 months of starting from nothing I had quite a few lines. Those lines got me to where I am today. I have never pg'd anything.
There is a sticky that I made on how to establish business credit in this era. You may want to check it out. It will tell you exactly what you need to know.
If your planning on pging there is really no reason on trying seperate business credit from personal credit. If you ok with pging now then you will be ok with pging 5 years from now. If that's not the case then I think you need to rething your business building credit approach. And what I mean by that is you can't jump into building business credit by applying to creditors for cash flow purposes. You have to apply for credit building purposes. And the lines you will receive will not be much if your just starting out.
Don't let anything I said discourage you. I was as to get into things very fast. And by 6 months of starting from nothing I had quite a few lines. Those lines got me to where I am today. I have never pg'd anything.
There is a sticky that I made on how to establish business credit in this era. You may want to check it out. It will tell you exactly what you need to know.
#3
Posted 16 July 2012 - 08:46 AM
what kind of business are you opening?
#4
Posted 16 July 2012 - 09:09 AM
used car sales.
#5
Posted 16 July 2012 - 12:28 PM
About ready to start my LLC. It will be a small car lot. I am looking for a few pieces of credit to help me with cash flow. I dont want to fill out a million applications. My personal scores are high 600s. I want a few cards with decent limits. Navy will be one. Thinking about Citi and Wells also. Are they start-up friendly? Expecting at least $10k from Navy and at least $5k each from whatever other two I get. Is that realistic?
Well first. How's your business credit files? Namely Dun and Bradstreet, Experian and Equifax? You said that you are getting ready to start a business which means that you may not even have anything reporting for your business. I would suggest your start out with some net accounts and build up your files that way. If you're looking to get approved for major biz cards right our the box than you will have to PG. I have seen many of small car dealerships fold and the owners are on the hook for the debt. Your goal should be to allow the business to absorb most of the liabilities. Keep your personal credit separate.
#6
Posted 16 July 2012 - 08:44 PM
If you go the personal credit route you will only be able to a certain point. Business credit done right is unlimited
#7
Posted 16 July 2012 - 09:28 PM
I don't mind PGing a few pieces to get it rolling. I just need to know who is start up friendly so I won't waste time or inquiries with ppl who aren't. I have been in this business for many years so I am not going into this blind with unrealistic expectations. I know how to be conservative. I just need a boost until I can get my cash position up to a level that I am comfortable with.
#8
Posted 06 August 2012 - 02:31 PM
[quote name='spotlessbureau' timestamp='1342492106' post='4716106']
I don't mind PGing a few pieces to get it rolling. I just need to know who is start up friendly so I won't waste time or inquiries with ppl who aren't. I have been in this business for many years so I am not going into this blind with unrealistic expectations. I know how to be conservative. I just need a boost until I can get my cash position up to a level that I am comfortable with.
[/quote/]
Below is the link for Strategic Network Solutions. This is a net 30 that reports to dnb and equifax. They report fast. There is also a code that the customer would need to mention when ordering so that they can have their trades reported to the credit bureaus.
http://www.Stntsol.com
reporting code snsgb
I don't mind PGing a few pieces to get it rolling. I just need to know who is start up friendly so I won't waste time or inquiries with ppl who aren't. I have been in this business for many years so I am not going into this blind with unrealistic expectations. I know how to be conservative. I just need a boost until I can get my cash position up to a level that I am comfortable with.
[/quote/]
Below is the link for Strategic Network Solutions. This is a net 30 that reports to dnb and equifax. They report fast. There is also a code that the customer would need to mention when ordering so that they can have their trades reported to the credit bureaus.
http://www.Stntsol.com
reporting code snsgb
Edited by Holloty, 06 August 2012 - 02:31 PM.
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