Search the Community
Showing results for tags 'No PG'.
Found 4 results
Hello Everyone: I have not posted to this forum but have been on CB for over a year (Unofficially). Honestly, I have been so focused on my Personal Credit, that I have not given much thought to my Business Credit. However, I had planned to app for a few business cards on my upcoming spree on November 9, 2014 (yes I have a date planned to coincide with TU B*, and updated reports, lol). I would greatly appreciate any and all comments/opinions regarding any pointers on my strategy. I had considered PG anything needed. I definitely want to app for the Barclay's US Airways Biz CC and perhaps the Chase depending on the sign-up bonus at the time. I also wanted to app for the Citi AA Biz CC along with a few store cards (Lowe's, Staples, Dell, and Amazon). However, I don't want to worry about any AA from the Biz apps, as I will have to worry about it on my personal side as it is, lol. If I have to limit myself, I'd probably would want to app for the cards I have the best chance to get approved for and again, I am not opposed to PG, tho I realize that is not in my best interest. My file is particularly thin, I have a Cap1 Sparks Classic reporting for over a year with an orig $1k CL>$1200>$1700>$4k, which showed up this month. My personal FAKOS are TU 768 (TU +) EQ 706 (EQ Complete) EX 700 (EX Direct). Corporation has been in business since 1998, EIN and D&B#. Title of President as W-2 Employee, above avg income, Revenue and Sales are decent (both 7 figures), I do not want to provide Tax Returns, personal nor business (dealing with IRS on back taxes). I have a few small upcoming projects on REI's (approx. $30k - $40k spend) that I have cash for but thought about using a Lowe's or Home Depot Biz CC if it was possible to get approved. So, being that I am gearing up for an App Spree, what recommendations would you have as far as cards to app for?Should I PG any at all? What should I stay away from with such a thin file? Am I being to optimistic or unrealistic about even being ready to apply for cards from the "Big Boys" (Citi, Chase, US Bank)? I thank you all in advance for your help!
I haven't applied for a NO PG account in many years - can you still get Home Depot card with NO PG ? I just logged on and was going to apply online but it was 'requiring' authorized officer information - so just wondered if anyone had applied lately and if so - how was it done? Would also consider Lowe's - NO PG - Thanks all
I'm looking for business credit. Cards or LOC that don't inquiry my personal with a hard pull. Also if possible what is your biz income range... I assume that if my company only make $20,000 a year I can't get one loc for 1 million, so I'd appreciate if income is listed that way I can scale accordingly on what I could expect. thanks in advance!
I did a little bit of research and I found out that one of the most effective ways to set-up a corporation for future big lines of credit is to do a secured business loan (s). This is what I did: I found a local bank (Mid South Bank) that does secured business loans and asked over the phone what were their requirements. Much to my surprise they were super easy to accomplish. They asked for: Articles of Inc., EIN, ID, and funds to be deposited on a business CD in my case I deposited $6,000.00 Most banks out there require 2 years of company financials, tax returns, and you guessed it...PG (hard pull on your personal credit. For a secured business loan...incredible!) No wonder our economy is in the dumps. Anyways, I was very careful not to make the CD longer than 12 months, so that if I want to pay off the loan sooner there are no penalties for doing so. However, the loan payments are ammortized and scheduled for 60 months bringing my payments to a whooping $120.00 per month. As per my Business Bank Rep 12 months is long enough to establish an "Excellent" track record with the CrA's and long enough to establish a good banking relationship with the bank (Mid South Bank LA & TX only) STRATEGY I could have made the loan for less money but while doing my research, I learned that in order to obtain a Bank Rating of Lower 4 or Mid 5 you must maintain an account balance minimum of $10,000.00 for a period of 3 months. Why is this rating important? Getting Biz Credit Cards and Net 30's are nice but if you are a business owner just like me and you are looking to grow and capitalize your business; Financial Institutions, Angel Investors, VC's, or Investment Groups will not even bother with you unless you can show them that your business is financially sound. The only way that a relative new business can do this is with a secured business loan. I also asked the biz rep whom did they report to and much to my delight she said Equifax! For most newbs out there Biz Equifax is the hardest one to get into since it is mostly used for commercial loans, biz mortgages, capital euipment loans, leasing. Moving on, you may noticed that I deposited $6,000.00 the other $4,000.00 will come out of a personal CC. Please keep in mind that the funds will only sit in this accounts for 3 months. And whatever your interest rate may be for using the $3,000.00 from the credit card is going to be a lot cheaper than not having a business trade line like this on your biz credit file in ghe near future. (This is what is called "Creative Financing") Exactly in 3 months from the bank's closing statement, I will take back the CC money and pay it back to my personal CC. I know for a fact that 6 months is good enough to establish a good paying record with a CRA. So, if you don't want to go the full 12 months you don't have to. Find out what the penalty for Early Withdrawal may be in your bank. Mine, is $40.00. There will also be an orogination fee, mine was $100.00 which I believe is tax deductible. RESULTS After 6 or 12 months of payments of your secured loan in addition to your starter and STROKED recommended accounts you will be GOLDEN with most major financial institutions! As an ex mortgage broker, I can tell you that is the equivalent of having purchased a house in your personal CRA while trying to get a new home loan. You have demonstrated to banks and creditors that you are a serious business, that can handle its financial commitments. (Underwritters love this) Let's not forget about that bank Rating of 4 (less than $5,000.00 balance)and 5 ( Up to $10,000.00) these ratings are key while applying for a small SBA loan or doing biz with the government. In addition, Venture Capitalists that may have not taken seriously before they make take a second look to your financial statements. Another major plus is that Mid South once I pay them 6 months on time they will offer me Biz CC's and Biz Loans without having to ask for them. Why? because I made sure that since the beginning of this process that I introduced myself to the Bank Mgr. and complimented the Biz Acct Rep. In front of him. She was so happy that she expedited my loan docs to close in 1 day! The bank now knows me, knows that I am a serious business owner and that I know how to handle my finances. (Make sure that you give the biz rep and bank mgr your biz card VERY IMPORTANT CORPORATE EMAIL AND BIZ TEL # PLEASE! I am also writing her a biz letter on my company's letterhead thanking her for what she has done for me. This my friends, it's worth more than the 6k CD trust me on this. The bank's Biz Rep's have more pull that you may think they do. A close relationship with them is a must while building biz credit. EXTRA BENEFITS When you payoff the secured business loan and you don't use the loan proceeds and keep them in your business checking account, guess what? You get your original investment money back. So, try not to use this money at all if you can. On a final note, as a business owner you can repeat tnis same exact process with up to 3 banks at a time. Taking the funds from one to the next until you secure three loans. I may just do another one with Capitol One Bank just to reinforce the strength of my file. I forgot to mention that I will also report the loan to DnB thru iupdate. My biz rep said she will be happy to provide me with a Letter of Good Standing to do so. (Which you can alsso use as a bank reference for other crecitors as well Hopefully, this info will inspire you to do the same. Regardless, of how much you do yhe loan amount for it still sets you apart from 99% of the business ou there. I will keep you all posted. If you know of other creative ideas to build biz credit please share. Good luck. CubanSurfer