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business credit card

Sent to Legal Experts June 3 2006 at 6:04 PM
   

I have started a small business and my credit is not that great. I would like to get a business credit card and I would like to keep it separate from my personal credit. I would like to find a company that is good about issuing a credit card to a small business whose owner's credit is not perfect. I filed bankruptcy chapter 7 and it has been discharged. I would like to get a business credit card immediately due to the fact that I am exhausting all of my personal assets.

 

Optional Information:
houston, Texas

Already Tried:
credit card companies and banks
/p>

Customer (name blocked for privacy)
Answer
June 4 2006 at 6:01 AM (11 hours and 57 minutes and 19 seconds later)
         
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Hello, depending on how long ago your bankruptcy occurred it may be possible to get a business credit card however you have to have good personal credit because you are the owner of the business (unless it's a corporation and even then they have to have your personal information too).

Clearing up your credit is possible and it's the best answer.

I understand you're exhausting resources and that is difficult but the average small business owner has to resource on a personal level often.

Is your business "self financing",in otherwords are you able to work with a down payment from a customer sufficient to cover material and labor with a little left over?

Working towards that goal if possible is ideal and if you are diligent you won't need a credit card.

If this is a business where you only make the money when the product is sold then you understand you have to resource until the funds come in.

If you have already tried credit card companies and banks please understand that every time you apply and are turned down you then have another "mark" on your credit record.

FIRST PREMIERE credit card company may possibly give your business a card with a very low credit limit like $200 and if you pay it on time,all the time you will then have at least one good reference.Again,though the bankruptcy can not be recent.

Should you crunch some numbers from the past year on your business and see that it is not self financing and you still want help financially consider finding someone to invest/partner with you.

Of course to get an investor you will need to show your business is making a profit.

If your business is not making a profit perhaps it's time to consider working for someone to get back on your feet financially before trying to run a business. (this won't be the worst thing in the world and you may even like being free of the financial stresses of small business)

You're most likely going through a lot of stress concerning keeping your business open and the cost of stress is very high in our relationships and personal matters.

Be sure you want to continue running your business.

Then ,if you do,give it all you've got ,don't stop looking and implementing new ideas ..make the miracle happen!

Make it a goal to obtain property that is worth more than you owe so you've got some collateral. Look for ways to make extra $ and maybe even change the way your business plan works now.

Here's are a couple of excellent sites that may help.Business Coaching - Action Coaching - Connecting Business Coaches with Business Owners

Small Business Banking and Loans - Small Business Bank Accounts and Services - Open Business Banking Account

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