Secured Credit Card For a Business
Author: Board Monitor
Posted: Thu Oct 07, 2004 4:47 pm
Post subject: Secured Credit Card for New Business?
This message posted by e-mail request from one of the visitors to our site:
Several people joined their dba companies together to form a new company.
The credit cards are currently in their dba name or their personal name.
The new company has no credit.
We are looking to get a secured credit card for the company that does not require the partners to guarantee it, build credit in the company name and at a decent interest rate.
Does anyone have any suggestions?
_________________
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Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
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Author: NightStar
Posted: Thu Oct 07, 2004 6:22 pm
Post subject:
I am not up on business credit, but there is another web site that has a forum just for questions like this www.artofcredit.com
I am pretty sure that someone this direction could help answer this one.
Author: Ira
Posted: Fri Oct 08, 2004 4:06 am
Post subject: Secured Credit Card For a Business
Think about what you're asking, and sit in the lender's chair for a few minutes. You're coming in and saying, "Hey we just opened this new entity, XYZ Business which currently has no history of any kind, let alone credit history, no assets, no customers, but we've each put some money into the business and we're going to be teriffic, so why don't you just give XYZ Business one of your shiny new credit cards, but none of us want to be personally liable for the card."
Would YOU approve a deal like that? I know I wouldn't. You should be able to get a debit card against the business checking account, but even with that they're going to ask for personal guarantees. You're going to have to wait until your new business has built up a stable financial history before you can do what you're asking for.
_________________
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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: thundr101
Posted: Sun Oct 10, 2004 2:52 am
Post subject: Re: Secured Credit Card for New Business?
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
Several people joined their dba companies together to form a new company.
The credit cards are currently in their dba name or their personal name.
The new company has no credit.
We are looking to get a secured credit card for the company that does not require the partners to guarantee it, build credit in the company name and at a decent interest rate.
Does anyone have any suggestions?
I am not sure why this was such a hard question to answer.
Yes, there are secured credit cards that small business'es can obtain - they will require a PG, but the PG does not have to have great credit in order to get the card.
Here is the Wells Fargo Business Credit Card:
http://www.wellsfargo.com/biz/products/credit/secured_card/index.jhtml;jsessionid=GIB0D2GQE5GQECQMKU1E4GQKLAFFOUM0
This is what I got and I was approved for a 1k limit, and was unsecured after 1 year of ontime payments.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Oct 07, 2004 4:47 pm
Post subject: Secured Credit Card for New Business?
This message posted by e-mail request from one of the visitors to our site:
Several people joined their dba companies together to form a new company.
The credit cards are currently in their dba name or their personal name.
The new company has no credit.
We are looking to get a secured credit card for the company that does not require the partners to guarantee it, build credit in the company name and at a decent interest rate.
Does anyone have any suggestions?
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Thu Oct 07, 2004 6:22 pm
Post subject:
I am not up on business credit, but there is another web site that has a forum just for questions like this www.artofcredit.com
I am pretty sure that someone this direction could help answer this one.
Author: Ira
Posted: Fri Oct 08, 2004 4:06 am
Post subject: Secured Credit Card For a Business
Think about what you're asking, and sit in the lender's chair for a few minutes. You're coming in and saying, "Hey we just opened this new entity, XYZ Business which currently has no history of any kind, let alone credit history, no assets, no customers, but we've each put some money into the business and we're going to be teriffic, so why don't you just give XYZ Business one of your shiny new credit cards, but none of us want to be personally liable for the card."
Would YOU approve a deal like that? I know I wouldn't. You should be able to get a debit card against the business checking account, but even with that they're going to ask for personal guarantees. You're going to have to wait until your new business has built up a stable financial history before you can do what you're asking for.
_________________
Do not let what you cannot do interfere with what you can do.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: thundr101
Posted: Sun Oct 10, 2004 2:52 am
Post subject: Re: Secured Credit Card for New Business?
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
Several people joined their dba companies together to form a new company.
The credit cards are currently in their dba name or their personal name.
The new company has no credit.
We are looking to get a secured credit card for the company that does not require the partners to guarantee it, build credit in the company name and at a decent interest rate.
Does anyone have any suggestions?
I am not sure why this was such a hard question to answer.
Yes, there are secured credit cards that small business'es can obtain - they will require a PG, but the PG does not have to have great credit in order to get the card.
Here is the Wells Fargo Business Credit Card:
http://www.wellsfargo.com/biz/products/credit/secured_card/index.jhtml;jsessionid=GIB0D2GQE5GQECQMKU1E4GQKLAFFOUM0
This is what I got and I was approved for a 1k limit, and was unsecured after 1 year of ontime payments.
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 9:43 PM
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