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    3 Replies Latest reply on Mar 9, 2009 10:29 PM by Creditbuilder

    Business Credit Card or Line of Credit

    JerzeeB Newbie

      Hello Members,

      This is my first time posting on the board, so please forgive me if I'm not posting this question correctly.

      I am a new business owner with a newly gained LLC and NJ Tax ID. My question to this board is, how can I apply and get approved for a business credit card or line of credit, without providing my P.G.? I've googled and googled, but every site has said the samething. So, my personal and business banker at Bank of America referred me to this site for answers to any questions that I may have.

      Thank you,
        • Re: Business Credit Card or Line of Credit
          cocobean Newbie
          HEY JERSEEB!!
          I'M NOT SURE WHAT A P.G IS, BUT TO APPLY FOR A BUSINESS CARD IS EASIER THAN TRYING TO GET A LINE OF CREDIT, IF YOU BEEN IN BUSINESS FOR OVER A YEAR, CHECK WITH BANK OF AMERICA FIRST!! THEY WILL START YOU OFF WITH $5500, UNTIL YOU HAVE BEEN IN BUSINESS FOR 2 YRS.

          COCOBEAN
          • Re: Business Credit Card or Line of Credit
            bmt2008 Adventurer
            Not sure what a P.G. is either - but, how is your credit? How is your income? How much debt do you have? If you have great personal credit, great income (now - not projected income) and low debt - you should be able to go to any bank or credit card provider and apply for a business credit cards.

            Getting a business loan or LOC - without good credit is nearly impossible - unless you are seeking an equipment loan or lease or can qualify for a Business cash Advance or A/R Factoring.

            If P.G. means you don't want to provide a personal guarantee - sorry - not going to happen. Even with a busines card - it is issued to you and you are responsible. You can use a personal credit card for business purchases - just usually have smaller limits and again - are issued to you.

            Other sources you may look at are personal loans - as no one is funding businesses - especailly start-ups.

            There are Peer-to-Peer lending networks and Micro-Loan programs for those who are seeking under $25K.

            They will require a personal guarantee as the loan will go to you.

            Hope this helps
            • Re: Business Credit Card or Line of Credit
              Creditbuilder Scout
              Welcome aboard, our site might be able to help you. Simply pick on my profile information and visit our site. If you have questions do not hesitate to call. www.businessformationgroup.com/resource