The Business Credit and Financing Guide
Business Credit Cards Available for You Now There are a few types of credit cards you can secure in the business funding world. Most work exactly like consumer credit cards. But there are more benefits. These benefits depend on the type of cards you get. Get credit cards for your business through Visa, MasterCard, AMEX, and Discover. Use them almost anywhere, for almost any purpose. These cards are secured by you having a good business credit report and score. You usually need 10 payment experiences and a PAYDEX score of 80 or higher to get approval. These card limits mimic your highest business credit card account limits at the time you apply. Rates are similar to consumer cards and no personal guarantee from you is necessary. You can use your personal credit to get approval for real business credit cards instead of using business credit. These accounts demand you provide a personal guarantee. To get approval you must have excellent, near flawless personal credit with fewer than two inquiries in the last six months, and utilization under 30%. But it doesn’t need to be as good as for Business Unsecured cards. You might need fewer than 10 inquiries in the last 90 days and utilizations can be near 60% and you can still get approval. You can typically get five times the amount of credit of your current highest limit reporting card. This comes in the form of five separate cards. They often only report to the business credit reporting agencies and offer introductory rates of 0% for 6 – 18 months.
Underwriting Timeframes and Due Diligence The higher dollar amount loan or line you secure, the longer it takes to underwrite. This is true no matter what type of financing you are seeking.
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