ForumsFinancing Tips

Up to All Forums
1 2 Previous Next
Post a new topic
25 Replies Last post: Mar 30, 2009 11:35 AM by funds2924

business creditcard

Oct 25, 2007 12:59 PM

Click to view wright's profile Professional wright 9 posts since
Oct 25, 2007
I operates a business, which account is with bank of america, I have applied for a business credit card but was turned down.

I would like to know what do i have to do in order for my business to be qualified for a credit card.
Tags: Report as inappropriate
Click to view BDS INC's profile Founders BDS INC 131 posts since
Jul 20, 2007
1. Re: business creditcard Oct 25, 2007 1:08 PM
That is sort of a vague question. It might make sense to talk to Bank of America to figure out why you didn't get a credit card. Could be a FICO score issue or a number of other things.
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
2. Re: business creditcard Oct 25, 2007 1:11 PM
That is a great question. When the bank turned you down, did they give you a reason??
The one thing you DO NOT want to do is apply for many credit cards.
The computers at all credit card companies and banks keep track of who is apply and they talk to each other.
The more you share with this site, the better we can help you.
Good luck, LUCKIEST
Report as inappropriate
Click to view wright's profile Professional wright 9 posts since
Oct 25, 2007
3. Re: business creditcard Oct 25, 2007 1:21 PM
in response to: LUCKIEST
I have only aply to bank of america for credit card, the problem is that i am new in the USA therefore i have no credit score.

My question is how will my credit grow if no body gives me credit.
Report as inappropriate
Click to view bret8kins's profile Start-up bret8kins 3 posts since
Oct 26, 2007
4. Re: business creditcard Oct 26, 2007 9:13 PM
in response to: wright
you are in the same boat as every teenager that has no credit.usually they get cosigner
Report as inappropriate
Click to view bret8kins's profile Start-up bret8kins 3 posts since
Oct 26, 2007
5. Re: business creditcard Oct 26, 2007 9:15 PM
in response to: LUCKIEST
u need to secure it with some type of account like a cd or other vehicle.i had to buy a cd and get my loans and other things by attaching my cd to them.its called a secure loan versus and unsecure loan
Report as inappropriate
Click to view WEBillions's profile Mogul WEBillions 154 posts since
Oct 10, 2007
6. Re: business creditcard Oct 27, 2007 1:30 AM
We're in a bit of a credit crunch, so it may be a little harder to get a credit card than normal. I suggest to keep trying. You might have to settle for a card with a crappy APR at first, but if you pay it off right away it won't matter and then you can build your credit and qualify for better services.
Report as inappropriate
Click to view bret8kins's profile Start-up bret8kins 3 posts since
Oct 26, 2007
7. Re: business creditcard Oct 27, 2007 4:42 AM
in response to: WEBillions
absolutely do not pay off a new line of credit quickly.question is what does quickly mean?it will lower your credit score. its a complicated mathematical formula but trust me dont do it
Report as inappropriate
Click to view DomainDiva's profile Mogul DomainDiva 1,732 posts since
Oct 10, 2007
8. Re: business creditcard Oct 27, 2007 12:23 PM
The first thing you need to do is to see if any of the Credit Bureaus have any information on you at all...even an empty file.

Start by purchasing anything you can with a co signer. There are also secured credit cards that you can get. You as the customer 'secure' the credit line on the account with a deposit equal to the credit line.
Report as inappropriate
Click to view Rey63nolds's profile Start-up Rey63nolds 3 posts since
Oct 27, 2007
9. Re: business creditcard Oct 27, 2007 3:39 PM
You should receive a letter in the mail stating why you were turned down. Usually, it's one of two things: A low score and/or too many debts versus income. If you haven't checked your credit report recently, I would do so. It's a good idea to check it at least once a year. When you are turned down for credit, one would usually get the credit report for free. Check your report and then go from there.
Report as inappropriate
Click to view wright's profile Professional wright 9 posts since
Oct 25, 2007
10. Re: business creditcard Oct 29, 2007 9:40 AM
in response to: Rey63nolds

Thank you all, i am doing all of what you guys mentioned.
I even have a secure cridit card, but can someone tell me what is the best way to use a secure credit card so as to buld your credit?
Report as inappropriate
Click to view wright's profile Professional wright 9 posts since
Oct 25, 2007
11. Re: business creditcard Nov 2, 2007 3:56 PM
in response to: wright
my credit score is now 683, do i stand a chance of getting a credit card for my business?
Report as inappropriate
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
12. Re: business creditcard Nov 2, 2007 5:16 PM
If your business accepts credit cards (i.e., if you have a merchant services account), a record of monthly credit receipts/deposits should allow you to get at least a business debit card, if not a credit card with a low limit. You could use that to buy materials, supplies, or whatever -- pay the balance in full each month -- and build your credit score faster.

Another option, much like the co-signer suggestion already offered, would be to take on a partner who has an established credit history.

Good luck!
Report as inappropriate
Click to view wright's profile Professional wright 9 posts since
Oct 25, 2007
13. Re: business creditcard Nov 2, 2007 10:35 PM
in response to: Lighthouse24
Thank you very much for that information.
Report as inappropriate
Click to view DJ Lash's profile Professional DJ Lash 8 posts since
Nov 3, 2007
14. Re: business creditcard Nov 3, 2007 12:48 PM
in response to: bret8kins
Have you ever worked in Credit Scoring or underwritting? Because in my experience a promptly paid revolving credit line only shows your payment history, how long you've had it, and your balance. So paying your credit line quickly will only show to any creditors that you've used it, it was payed on time and you currently have no balance, which in most cases are all good things.
Report as inappropriate
1 2 Previous Next

More Like This

Most Recent Forum Posts

Nutritional Supplements
1 hour ago

ONLINE BUSINESS MARKETING TOOL
1 hour ago

Online Ad Posting Job
1 hour ago

Email Marketing campaign question for Home Business
2 hours ago

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read