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    25 Replies Latest reply on Mar 30, 2009 11:35 AM by funds2924

    business creditcard

    wright Newbie
      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.
        • Re: business creditcard
          BDS INC Adventurer
          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.
          • Re: business creditcard
            LUCKIEST Guide
            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
            • Re: business creditcard
              WEBillions Adventurer
              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.
                • Re: business creditcard
                  bret8kins Newbie
                  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
                    • Re: business creditcard
                      DJ Lash Newbie
                      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.
                  • Re: business creditcard
                    DomainDiva Ranger
                    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.
                    • Re: business creditcard
                      Rey63nolds Newbie
                      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.
                        • Re: business creditcard
                          wright Newbie

                          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?
                            • Re: business creditcard
                              wright Newbie
                              my credit score is now 683, do i stand a chance of getting a credit card for my business?
                              • Re: business creditcard
                                DomainDiva Ranger
                                Pay off your balance every month. A score of 683 is low for what banks are looking for since they open a business credit card based on your personal ability to pay. The good news is you don't have far to go to get to 720. Thats the magic number. Pay everything on time and credit balances in full every month.

                                Get copies of your credit report and review review review for any information that may be outdated or not correct.

                                Also too remember when you are applying for credit since you don't have a long history do not ask for a high credit line. Ask for something low...when you show yourself to be creditworthy (paying off balances, paying on time) the credit card companies will raise your limit. It takes time to build good credit and it looks like you are on your way!
                                  • Re: business creditcard
                                    wright Newbie
                                    Thank you very much for those useful information, they say self praise connot be recommended, but i must say that i am very much credit worthy.

                                    What makes me credit worthy is that i take credit very serious, and respect very much any individual or institution that offered me credit.

                                    This is why my credit score got this far this quick, so to everyone out there who have ever been given cerdit by any individual or institution please treat it with priority.

                                    To everyone, i must tell you this i started business with actually nothing and it is because of credit that got me where i am, doing business internationaly.

                                    No business can reap real success without credit, so to all of you be credit responsible and make good for yourself and others.

                                    Good Luck.
                                      • Re: business creditcard
                                        Lucky7 Newbie
                                        Paying your credit card company on time is different from paying it off completely.

                                        Paying on time shows exactly that - you pay on time.

                                        Paying off the debt completely does cause a negative response. I forget what the exact reason is but like the other person wrote, it has something to do with your debt to income or one of those formulas.

                                        To get your credit report the only true free site I know of is:

                                        http://www.annualcreditreport.com

                                        You can access all 3 reports for free.
                                          • Re: business creditcard
                                            wright Newbie
                                            This website can only be access by ISP (internet service provider)
                                              • Re:
                                                Lucky7 Newbie
                                                How else can I request my free annual credit report?
                                                If free credit reports are available in your state through the Annual Credit Report Request Service, you can request a free annual credit report by phone or mail and it will be mailed within 15 days. However, you can receive a report immediately by using this secure website.

                                                To Request your Credit Report by Phone:
                                                • Call 1-877-322-8228
                                                • You will go through a simple verification process over the phone.
                                                Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.
                                                To Request your Credit Report by Mail:
                                                1. Download the https://www.annualcreditreport.com/cra/requestformfinal.pdf (You need an Adobe viewer to view the requested form. Download the http://www.adobe.com/products/acrobat/readstep2.html)
                                                2. Print and complete the form
                                                3. Mail the completed form to: \\ \\ Annual Credit Report Request Service \\ * P.O. Box 105281* \\ * Atlanta, GA 30348-5281*
                                                Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.
                                                Security:
                                                Please use the request form authorized by the Central Source only.

                                                Deaf and hard of hearing consumers can request their free annual credit report through this secure website, by mail, or by calling 7-1-1 and referring the Relay Operator to 1-800-821-7232. |

                                                 


                                                How can I get my credit score?
                                                You can purchase a credit score by contacting one of the nationwide consumer credit reporting companies.

                                                Equifax - http://www.equifax.com/
                                                Experian - http://www.experian.com/
                                                TransUnion - http://www.transunion.com/

                                                The addresses for the credit reporting agencies are listed below:

                                                Equifax
                                                P.O. Box 740256
                                                Atlanta, Georgia 30374

                                                Experian
                                                P.O. Box 9532
                                                Allen, Texas 75013

                                                TransUnion
                                                P.O. Box 6790
                                                Fullerton, CA 92834
                                                What about companies that claim they can improve my credit report for a fee?
                                                The Federal Trade Commission (FTC) cautions consumers to be wary of companies that make claims regarding credit repair. These companies, commonly called credit clinics, don't do anything for consumers that consumers cannot do for themselves at little or no cost. Beware of any organization that offers to create a new identity and credit file for you. The FTC and state attorneys general have filed actions against those who pursue these fraudulent practices. Here are some warning signs that the FTC and others say consumers should look out for to determine if they might be dealing with a credit clinic:
                                                • An organization that guarantees to remove late payments, bankruptcies, or similar information from a credit report
                                                • An organization that charges a lot of money to repair credit
                                                • A company that asks the consumer to write to the credit reporting company and repeatedly seek verification of the same credit account information in the file, month after month, even though the information has been determined to be correct
                                                • An organization that is reluctant to give out their address or one that pushes you to make a decision immediately
                                                For a helpful brochure about credit clinics, you can write to the Federal Trade Commission, Sixth and Pennsylvania Avenues, N.W., Washington, D.C. 20004 and request a brochure titled "Credit Repair: Self Help May Be Best."

                                                I've provided the information above from their website. You can read the rest of the information which is very helpful by going to the website and selecting "Frequently Asked Questions" tab.

                                                It's great information. I hope this helps you find the information you needed.
                                    • Re: business creditcard
                                      Lighthouse24 Ranger
                                      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!
                                      • Re: business creditcard
                                        AndreReisSBS Newbie

                                        One option that you have to help you build your personal credit, although it is still a product you have to get approved for is a fully secured credit card. Which means say you deposit $300.00, you would have a credit limit of $300.00. I've helped many of customers establish credit this way.
                                        • Re: business creditcard
                                          creditguy Newbie
                                          B of A can be convinced. Here's how:

                                          Your business can borrow large amounts ($25k or more) with no personal guarantee, without even a credit check, if you agree to hold the proceeds of the loan on deposit. Then you can make monthly interest payments for a while before returning the deposited loan proceeds to repay the loan.

                                          This builds business credit in real dollar amounts because it can be done and reported to D&B and Experian Business Credit. You can have more than one account at a time. You can do the same thing with your personal credit, and have it reported to Experian, Trans Union and PRBC.

                                          Also, in both cases, the lender will give you the option of refinancing their loan to you, using a BofA or other bank loan or bank line of credit. To get it done, the original lender will post an amount equal to your deposited funds as collateral with the bank. Now you become the source of a big deposit and a cash-secured loan or line of credit for bofa or another bank, a big leg up. See http://www.creditloader.com/
                                          • Re: business creditcard
                                            funds2924 Wayfarer
                                            We are involved with banks that are lending it is improtant to know who is underwriting the banks products. You could apply with one bank on the east coast and one on the west coast and the same underwriter is reviewing the profile. We can help check us out www.innovativereturns.com looking forward to hearing from you.