Forums: Discussions for entrepreneurs and small business.

Hi I am new here...

I have set up a new company about to do the funding and haven't started operations yet. I want to get a business credit card but it seems an almost impossible task. The bank I opened the business account, declined and I tried my person bank they also declined. I personally have good credit score and not a single past due payments.  They also don't do secure credit cards now. So I am curious what other methods are there to build credit and to get a credit card. I need a credit card for the business.

Thanks

This is always a difficult task - you need a business track record to get a business card but can't get the track record unless you have a business card.

Most new businesses will not qualify for a business credit card.

Suggestion - open a seperate personal credit card and use it solely for your business.  It should provide you want you need to get started and running.  Then, as you grow your business - seek out a business credit card.  What you will find is that as your business grows, more and more financing options will open up to you.

Your business credit card is depends on your business record. If you have new business then you can use your personal credit card.

I am pretty sure that Fairwinds Credit Union is offering a special where they will offer you a $500 business credit line.  Not much, but a great way to start building.  If you don't have Fairwinds by you, look into other credit unions.

Compound Profit offers Business Lines of credit and Business Credit Cards.

Feel free to contact me and give me an idea of your business and it business plan. I assume you are using credit based on your personal score and not business, correct ? You may email me directly at kbernhardt@cprofit.com

Keith

Avoid Co-mingling: Mixing your business and personal transactions creates potential tax and money management problems. By using a small business credit card, you will let the IRS and anyone else know you are serious about your business.