Borrowing Money From a Credit Card to Open a Business
Author: GuEsT
Posted: Mon Nov 17, 2003 10:06 am
Post subject: Borrowing Money From a Credit Card to Open a Business
I have NO cash but a lot of available credit. I'm looking to buy an exisiting bagel store for $170,000 (85K down and the seller will finance the other 85K). Is it feasible to take out the 85K from credit cards? Not necessarily as cash advances but by transferring all of my available to one card thus creating a HIGH CREDIT Balance then requested the credit refund. This way I avoid Cash advance APR rates and cash advance transactions fees. Well anyways, to my MAIN question.
If the business fails and now I'm 85K in credit card debt, can I file for bankruptcy? There will never be anyway possible I'll be able to pay this back. Please help!!
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Author: mrsmo914
Posted: Mon Nov 17, 2003 10:42 am
Post subject: Borrowing Money From a Credit Card to Open a Business
In this case, I don't see the risks outweighing the benefits. 85k is alot, if you are late one time they can jack your rate--and don't even want to think about what the minimum payment on 85k would be at 29.999%.
If you have that much available credit, what does your credit score look like? You may qualify for a business loan with better terms.
Author: GuEsT
Posted: Mon Nov 17, 2003 2:58 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
My credit score is about 740 or so. NO lates at all. I'm looking to buy an EXISTING Bagel/Deli store.
Author: NightStar
Posted: Mon Nov 17, 2003 3:11 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
With the score which you have you should be a shoe in as long as your debt to income looks fine.
I would recommend asking your question at a mortgage site - where there are multiple loan officers available with knowledge of different programs that can give you a seal of approval on what you can do in your case.
Try here:
http://www.interest.com/cgi-bin/ubb/forumdisplay.cgi?action=topics&number=52&SUBMIT=Go
Note to post a new topic - there is the link at the very bottom of the page for this, just noticed it was not in plain site, lol
Borrowing Money From a Credit Card to Open a Business
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Guest
Posted: Tue Nov 18, 2003 3:53 am
Post subject: Borrowing Money From a Credit Card to Open a Business
yeah maybe you can use some of the credit to use as a down payment for the business loan like 15-20k
Author: nativechild48
Posted: Tue Nov 18, 2003 2:16 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
Have you ever thought about applying for a small business loan I realize that the persnal available credit is tempting but what you are buying basically is the name right? In my own opinion it is just not always the best to tie business and personal credits together in the event of problems. American Express has some programs for getting things that are needed for small businesses in their OPEN program, but try the Small business loan to see if you can get some financing but I'd be cautious about financing the business with personal credit cards. Good Luck!
native
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Nov 17, 2003 10:06 am
Post subject: Borrowing Money From a Credit Card to Open a Business
I have NO cash but a lot of available credit. I'm looking to buy an exisiting bagel store for $170,000 (85K down and the seller will finance the other 85K). Is it feasible to take out the 85K from credit cards? Not necessarily as cash advances but by transferring all of my available to one card thus creating a HIGH CREDIT Balance then requested the credit refund. This way I avoid Cash advance APR rates and cash advance transactions fees. Well anyways, to my MAIN question.
If the business fails and now I'm 85K in credit card debt, can I file for bankruptcy? There will never be anyway possible I'll be able to pay this back. Please help!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mrsmo914
Posted: Mon Nov 17, 2003 10:42 am
Post subject: Borrowing Money From a Credit Card to Open a Business
In this case, I don't see the risks outweighing the benefits. 85k is alot, if you are late one time they can jack your rate--and don't even want to think about what the minimum payment on 85k would be at 29.999%.
If you have that much available credit, what does your credit score look like? You may qualify for a business loan with better terms.
Author: GuEsT
Posted: Mon Nov 17, 2003 2:58 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
My credit score is about 740 or so. NO lates at all. I'm looking to buy an EXISTING Bagel/Deli store.
Author: NightStar
Posted: Mon Nov 17, 2003 3:11 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
With the score which you have you should be a shoe in as long as your debt to income looks fine.
I would recommend asking your question at a mortgage site - where there are multiple loan officers available with knowledge of different programs that can give you a seal of approval on what you can do in your case.
Try here:
http://www.interest.com/cgi-bin/ubb/forumdisplay.cgi?action=topics&number=52&SUBMIT=Go
Note to post a new topic - there is the link at the very bottom of the page for this, just noticed it was not in plain site, lol
Borrowing Money From a Credit Card to Open a Business
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Guest
Posted: Tue Nov 18, 2003 3:53 am
Post subject: Borrowing Money From a Credit Card to Open a Business
yeah maybe you can use some of the credit to use as a down payment for the business loan like 15-20k
Author: nativechild48
Posted: Tue Nov 18, 2003 2:16 pm
Post subject: Borrowing Money From a Credit Card to Open a Business
Have you ever thought about applying for a small business loan I realize that the persnal available credit is tempting but what you are buying basically is the name right? In my own opinion it is just not always the best to tie business and personal credits together in the event of problems. American Express has some programs for getting things that are needed for small businesses in their OPEN program, but try the Small business loan to see if you can get some financing but I'd be cautious about financing the business with personal credit cards. Good Luck!
native
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:36 PM
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