getting a business credit card with poor credit?
I have a poor credit but would like to apply business credit card for my working business. Where do I start? What are the options?
I have a poor credit but would like to apply business credit card for my working business. Where do I start? What are the options?
If you’re not already getting offers in the mail, start inquiring online for applications; Eventually–and it could take up to several months, you’ll get an offer for a “no annual fee” card. Start applying for those.
Once you get that–probably with a small limit like $250 or $500, start by making small purchases. The key is MAKE SURE YOU MAKE YOUR PAYMENT AHEAD OF TIME EACH AND EVERY MONTH.
NEVER miss a payment or send one with insufficiennt bank funds.
After several months of on time payments they’ll raise your limits.
It is possible to apply for a business credit card even if you have a poor credit. You must expect then that your initial business credit limits are smaller, with a much higher interest rate.
It is easier to build business credit when you have a good credit. I would suggest to fix your personal credit first by paying your bills on time. Check 3 major bureaus, write dispute letter if there is any mistakes about your record. Later on, if you always pay on time, they’ll raise your credit limit and it is easier for you to apply for a business credit.