Qualifying for Business Credit Cards
Author: jerriji
Posted: Sun Jul 17, 2005 1:08 pm
Post subject: Qualifying for Business Credit Cards
What kind of credit score would I need to qualify for a Amex., Advanta, or Citi Business platinum card? My current average credit score is 720. I've had my on business for 7 years with an income approx. 250K and personal income approx. 75K. I had one late payment (30 days) on a personal credit card 5 years ago. No bankruptcies or liens. My outstanding balance on each of my existing cards is less than 30%
What kind of credit limit would I qualify for?
Your comments and advice would be greatly appreciated.
Author: Polonius
Posted: Sun Jul 17, 2005 1:16 pm
Post subject: Qualifying for Business Credit Cards
You certainly qualify for those cards, but in my experience it's impossible to say what a bank will give you as an initial credit limit.
I've had only two personal experiences with business credit cards. (My credit scores were about 720 as well when I applied for both.)
I had a CapitalOne personal card with a limit of $20,000 and another with a limit of $5,000 when I applied for a "pre-approved" CapitalOne business card. I was approved with a credit limit of $500. Yes, five hundred dollars. I cancelled it the day I received it.
I had three American Express personal cards--an Optima with a credit limit of $26,000, a Costco American Express with a limit of $23,000, and a 30-year-old Gold card with no stated limit--when I again applied for a pre-approved business card--and got the Business Blue card with a credit limit of $5,000.
See how hard it is to figure these things out? Just apply--you can always ask for a credit limit increase if you don't like what you're given.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cknykid
Posted: Sun Jul 17, 2005 5:40 pm
Post subject: Qualifying for Business Credit Cards
i have a 6 month old corporation with
citi business platinum 6500$ responded to a pre approved offer-they asked for verification documents and than approved-had to do follow up-pulled experian
adavanta(hsbc/household bank) 5000$-responded to a pre approved offer-pulled experian and equifax
chase/first usa $7500-responded to a pre approved offer-pulled experian
bank of america business $16500-applied for it and got it-have there platinum card and charged over 100k on it in a year-pulled equifax
capital one 2000$ sucks-pre approved small limit-pulled 3 credit reports
mbna business 5000$ applied -pulled experian
my personal score with experian is 730-equifax 730 and transunion 690
i have around 14 credit card accounts-never carry a balance and pay in full each month
hope this helps
Author: karen46
Posted: Sun Jul 17, 2005 6:24 pm
Post subject: Qualifying for Business Credit Cards
When you apply for credit for your business do they check your personal credit or the businesses credit? If the business credit, would that be your tax ID? Also how would you start a credit file for your business? Thanks for the 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: Board Monitor
Posted: Mon Jul 18, 2005 8:28 am
Post subject: Qualifying for Business Credit Cards
karen46,
Greetings and thanks for the post! They generally pull your personal credit. Take a look at the "Insiders Secrets of Personal and Business Credit":
http://www.cardratings.com/smallbusinesscreditcards.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Posted: Sun Jul 17, 2005 1:08 pm
Post subject: Qualifying for Business Credit Cards
What kind of credit score would I need to qualify for a Amex., Advanta, or Citi Business platinum card? My current average credit score is 720. I've had my on business for 7 years with an income approx. 250K and personal income approx. 75K. I had one late payment (30 days) on a personal credit card 5 years ago. No bankruptcies or liens. My outstanding balance on each of my existing cards is less than 30%
What kind of credit limit would I qualify for?
Your comments and advice would be greatly appreciated.
Author: Polonius
Posted: Sun Jul 17, 2005 1:16 pm
Post subject: Qualifying for Business Credit Cards
You certainly qualify for those cards, but in my experience it's impossible to say what a bank will give you as an initial credit limit.
I've had only two personal experiences with business credit cards. (My credit scores were about 720 as well when I applied for both.)
I had a CapitalOne personal card with a limit of $20,000 and another with a limit of $5,000 when I applied for a "pre-approved" CapitalOne business card. I was approved with a credit limit of $500. Yes, five hundred dollars. I cancelled it the day I received it.
I had three American Express personal cards--an Optima with a credit limit of $26,000, a Costco American Express with a limit of $23,000, and a 30-year-old Gold card with no stated limit--when I again applied for a pre-approved business card--and got the Business Blue card with a credit limit of $5,000.
See how hard it is to figure these things out? Just apply--you can always ask for a credit limit increase if you don't like what you're given.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cknykid
Posted: Sun Jul 17, 2005 5:40 pm
Post subject: Qualifying for Business Credit Cards
i have a 6 month old corporation with
citi business platinum 6500$ responded to a pre approved offer-they asked for verification documents and than approved-had to do follow up-pulled experian
adavanta(hsbc/household bank) 5000$-responded to a pre approved offer-pulled experian and equifax
chase/first usa $7500-responded to a pre approved offer-pulled experian
bank of america business $16500-applied for it and got it-have there platinum card and charged over 100k on it in a year-pulled equifax
capital one 2000$ sucks-pre approved small limit-pulled 3 credit reports
mbna business 5000$ applied -pulled experian
my personal score with experian is 730-equifax 730 and transunion 690
i have around 14 credit card accounts-never carry a balance and pay in full each month
hope this helps
Author: karen46
Posted: Sun Jul 17, 2005 6:24 pm
Post subject: Qualifying for Business Credit Cards
When you apply for credit for your business do they check your personal credit or the businesses credit? If the business credit, would that be your tax ID? Also how would you start a credit file for your business? Thanks for the 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: Board Monitor
Posted: Mon Jul 18, 2005 8:28 am
Post subject: Qualifying for Business Credit Cards
karen46,
Greetings and thanks for the post! They generally pull your personal credit. Take a look at the "Insiders Secrets of Personal and Business Credit":
http://www.cardratings.com/smallbusinesscreditcards.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
posted by CardRatings.com at 1:55 PM
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