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killing it in business credit without a dollar in sales, can be done


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4 month old real estate LLC, not a dollar in sales, closing on my first prop 3/18 cash buy for 23k... been a loan officer for 7 years, 240k income ,credit around 680, took a hit from 720 from opening about 9 lines ( Since Dec) for 120k in credit cards, LOC and Eq line- eq is only for 22k, average card or loc is 15k , Util 19% on cards and LOC's, BK in 2004, foreclosure in 2011 on old primary home, ( bought current home in 2008), rebuilt quick from 480 FICO, 3 cars under 3%, 2 jet skis under 4%, balance on cards about 40k, available is around 110k and all rates under 9%, all done in last 12 months AFTER the foreclosure, only use credit unions, no banks..back to business, also CBOARDS helped a ton finding these for me from credit pulls forum!!

 

did the whole quill, nebs, etc , decide to go bigger 4 month old paydex is useless right now.

 

cap on business said ok to 500 joke line

 

navy fed said approved for 7k ... ill take it

 

went to a non local credit union, 3 weeks later approved for a 10k business card and a 10k LOC

 

other credit union gave ok on 25K loc and will finance and 2+ units for 5% on 25 year terms, unlimited units

 

lead home supply wholesaler in the country gave me a 60 day terms UNLIMITED LOC

 

sherwin williams 2k line on paint etc

 

Home depot wholesale account and 30 day terms 10k

 

local roofing co if needed unlimited LOC per address im rehabbing on 60 day terms

 

 

not bad for 4 months , its out there, just gotta find it... also these are not local credit unions,i belong to like 9 lol, ones 4 states away and had open enrollment and said ok to 20k after approving me for 25k on my personal side. all in all screw the banks, credit unions are where its at... best of luck to all , using business only can be done upon start up,

 

 

 

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We never said it wasn't out there with a PG. With a good personal credit score most business lines are within reach besides some of the true business accounts that don't even take PG's.

Don't spend it all at once!

other than navy no pg ;)

So you got a Cap One card NO PG

Credit Card $10K No PG

$10k LOC NO PG

Etc.....

Ok!!!

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Definetly let us know your secrets! We would all appreciate it!

as for cap on, its my assumption.. never took my SS over phone, just ein and since nov hast shown on personal reports.. so i take it as that...maybe my personal income has a lot do with it,,, however i dont ever care,, works for me

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Definetly let us know your secrets! We would all appreciate it!

as for cap on, its my assumption.. never took my SS over phone, just ein and since nov hast shown on personal reports.. so i take it as that...maybe my personal income has a lot do with it,,, however i dont ever care,, works for me

So yes you PG'd those accounts.. No one would ask your income if your not PG'ing something.

 

If there is something more to it then please share with the rest of us since that is the point of the boards. Being a loan officer has nothing to do with business credit so not sure how that helps you obtain loans from random credit unions.. Maybe your using the property to back some of these loans? Or they are just simply backed by your personal credit? You would never get those lines of credit and credit cards with out a PG or security backing especially in such a high risk business.

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why would they not ask my income,, however they delegate it, they'd wanna know if i have the cash to pay this off one way or the other,, no one out there PG or not says hey, heres the loan, i dont need to know your repayment abilities and give that to you. its more a fall back that if business dosent produce , you dont fold on their money and have the ability to still pay them.i signed nothing for a pg, nothing is on my personal bureaus and i read the disclosures front to back.

 

this is not a high risk business if you know it, which i do in and out,, its the retards who buy a house, max themselves out, overpay for their work and think each house will make you 100k more than you paid.. once these people saw my 20 licenses, construction business i also have and so on it made them a lot more comfortable that i know what im doing and have it all covered.

 

and your right , being a lo has nothing to do with business credit, but when your in the business personally that your own business will be / is in, it make it 10x easier to make sense when you ask for things. None of my props back these loans, their all flips

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Ok so to make sure I understand what your saying. A bank asked about your personal income for a business loan that you didnt PG? And this is to make sure your personal income and not the business income can repay this business loan with out a PG.. Am I correct so far?

 

A lot of business accounts that are out there have language tucked inside them that says the person signing the app is also responsible for repaying the debt if the business can't even when your not supplying a lot of personal info on the app. But it is rare for a creditor to actually try to go after some one just signing there name.

 

And any one who knows business credit knows that real estate is considered high risk for the exact reason you mentioned.

 

Maybe some one else can chime in here if Im missing something with this post..

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Brn....

 

golden rule of the board. Do Not Feed those little creatures under the bridge (or those self appointed, self important crossing guards standing on the bridge for that matter).

 

Not everything is as it seems. You know this.

Yes I know!! Just went fishing that's all.

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As far as my experience goes, ALL business loans, credit cards, lines of credit, have SOME language in them to try to go after someone personally. Of course, it is not necessarily easy to pierce the corporate veil, etc. So, while you may not see an explicit personal guarantee wording in place, it is there somewhere. But, this is just from my personal experience.

 

(If someone knows of a business credit line without any of this language, let us know.)

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As far as my experience goes, ALL business loans, credit cards, lines of credit, have SOME language in them to try to go after someone personally. Of course, it is not necessarily easy to pierce the corporate veil, etc. So, while you may not see an explicit personal guarantee wording in place, it is there somewhere. But, this is just from my personal experience.

 

(If someone knows of a business credit line without any of this language, let us know.)

You and Brndnh721 are absolutely correct on the subject! In most credit cards, lines of credit, etc. agreements there is always some language built in there that targets corporate officers, responsible parties, guarantors, etc., for payment if the corporate entity defaults in their financial obligations. To the extent the aggrieved party would go to collect on the unpaid balances, it is another story. But they would surely ding personal credit if default occurs. What puzzles me about this topic is that, by in large, all retail banks like Capital One, BOFA, Wells Fargo, Chase, Citi, and most credit unions out there offering business products always pull personal credit reports on the largest shareholders of the company and make them sign a personal guaranty. Corporate liability alone is generally reserved only for large corporations. Obviously, if there is another way, it would be interesting to find out about it.

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As far as my experience goes, ALL business loans, credit cards, lines of credit, have SOME language in them to try to go after someone personally. Of course, it is not necessarily easy to pierce the corporate veil, etc. So, while you may not see an explicit personal guarantee wording in place, it is there somewhere. But, this is just from my personal experience.

 

(If someone knows of a business credit line without any of this language, let us know.)

You and Brndnh721 are absolutely correct on the subject! In most credit cards, lines of credit, etc. agreements there is always some language built in there that targets corporate officers, responsible parties, guarantors, etc., for payment if the corporate entity defaults in their financial obligations. To the extent the aggrieved party would go to collect on the unpaid balances, it is another story. But they would surely ding personal credit if default occurs. What puzzles me about this topic is that, by in large, all retail banks like Capital One, BOFA, Wells Fargo, Chase, Citi, and most credit unions out there offering business products always pull personal credit reports on the largest shareholders of the company and make them sign a personal guaranty. Corporate liability alone is generally reserved only for large corporations. Obviously, if there is another way, it would be interesting to find out about it.

There isn't another way some just like the attention..

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  • 1 month later...

not bad for 4 months , its out there, just gotta find it... also these are not local credit unions,i belong to like 9 lol, ones 4 states away and had open enrollment and said ok to 20k after approving me for 25k on my personal side. all in all screw the banks, credit unions are where its at... best of luck to all , using business only can be done upon start up,

 

What credit union approved you for $25k personal credit and $20k business credit?

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I would like to know what CU gave you $20k biz credit. I am always seeking biz credit.

PSECU has been great - got $20k biz card and $40k installment loan.

Of course had to provide 3 year strong financials.

 

But I also applied for San Diego CU and denied for a biz credit card - so all CU's are not created equal.

 

It's always nice to know which CU's are more business friendly.

 

I have plenty of personal credit - with CU's but I don't need any personal credit. My business is what needs credit. I constantly need to finance $50k a month in marketing + everything else. But last thing I want is for that debt to appear on my personal credit report. And why should it ? Its not personal debt! That is why I don't use my Crap1 card (with $20k limit) and why I closed all other 'biz' cards that began reporting on my personal credit.

 

In any case, would like to hear more from our members who have legitimate businesses - earning good $$ and their credit success stories.

 

I know that I have encountered much more difficulty in getting biz credit - recent cards with petty $5k limits - looking for other good sources with good/larger limit cards or LOC's.

 

Good Luck to us all.

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I would like to know what CU gave you $20k biz credit. I am always seeking biz credit.

PSECU has been great - got $20k biz card and $40k installment loan.

Of course had to provide 3 year strong financials.

 

But I also applied for San Diego CU and denied for a biz credit card - so all CU's are not created equal.

 

It's always nice to know which CU's are more business friendly.

 

I have plenty of personal credit - with CU's but I don't need any personal credit. My business is what needs credit. I constantly need to finance $50k a month in marketing + everything else. But last thing I want is for that debt to appear on my personal credit report. And why should it ? Its not personal debt! That is why I don't use my Crap1 card (with $20k limit) and why I closed all other 'biz' cards that began reporting on my personal credit.

 

In any case, would like to hear more from our members who have legitimate businesses - earning good $$ and their credit success stories.

 

I know that I have encountered much more difficulty in getting biz credit - recent cards with petty $5k limits - looking for other good sources with good/larger limit cards or LOC's.

 

Good Luck to us all.

We are not expecting the OP back any time soon!

 

Have you had the Capital One card for a while? I'm asking because you say they don't report for you but they do report now for others.

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I've had very good experiences with U.S. Bank business cards. Had business of 3 yrs with no biz credit, applied for their cash rewards business card as well as 2 weeks later, they also approved me for a Key bank biz card (which is key branded, but card is issued and run 100% by US Bank/elan.) Generous limits - one is 10k and other is 15k. US Bank does NOT report any biz cards or lines of credit to your personal credit - unless 90 days delinquent. No financials needed.

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  • 1 month later...

I've had very good experiences with U.S. Bank business cards. Had business of 3 yrs with no biz credit, applied for their cash rewards business card as well as 2 weeks later, they also approved me for a Key bank biz card (which is key branded, but card is issued and run 100% by US Bank/elan.) Generous limits - one is 10k and other is 15k. US Bank does NOT report any biz cards or lines of credit to your personal credit - unless 90 days delinquent. No financials needed.

Do you bank there? How did you apply?

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My Crap One card does report to personal - that is why I don't use it. I didn't close it out - like the other biz cards that report to my personal credit report - because it has a high limit of $20k - so I use it periodically for small charges.

 

I have had it for quite a few years now - when I first got it - it was not reporting to personal - but after the meltdown - they started reporting :(

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