Aged Corporation Secrets » Business Credit Lines

What are the average interest rates on a small business line of credit?

admin — Wed, 02 Jun 2010 22:05:58 +0000

Usually 5.5 percent.

Has anyone had any success in getting a business line of credit after purchasing a shelf corp?

admin — Fri, 28 May 2010 04:08:23 +0000

I have heard this is the new thing and the way to go to help businesses get started. By purchasing a shelf corp but I have yet to find anyone who has actually closed the deal plmk if you guys have any further information or help

I think you mean "shell corp" not "shelf corp"–as in a dormant company that hasn’t actually done any business.

The answer should be no as to getting business credit. You can’t actually show that the shell has done any business, let alone that you signed the tax returns.

I have an open line of credit for my business. Where do I record the balance in quickbooks?

admin — Fri, 21 May 2010 23:58:29 +0000

I made a deposit from the line of credit to the business bank account to purchase fixed assets.In what account do I post transactions to the credit line and the interest?

Take a look at this discussion in the QuickBooks Community Forums…

http://www.quickbooksgroup.com/webx/forums/Banking/338/0

What do your credit score have to be to get approved for a business line of credit.?

admin — Tue, 18 May 2010 18:51:12 +0000

The bank informed me that you have to wait 6 months to re apply for a line of credit if you are denied. So I would like to know what range do my credit score have to be in order to get approved. Thank You

Try Prosper.com. People lending to people. It would be a personal loan but you could use it for business purposes. It helped a gal I know open up a bait shop!!

Can someone recommend where I can get a business unsecured line of credit?

admin — Sat, 15 May 2010 15:54:01 +0000

I need to learn where and how to get a business unsecured line of credit.

it’s called a credit card. Until your business grows, YOUR credit is the same as the businesses.

Startup Business Loan or Line of Credit?

admin — Wed, 12 May 2010 09:06:44 +0000

I need a BUsiness line of credit or Loan for @ $40K … Its a new Business no Business Credit History and My credit is @ 670 . where can I get this and I also have 20% for down if needed

Revolving lines of credit are extremely important to a small business. The SBA has developed and offers loan products that address your need. A new program called the Patriot Express revolving line of credit maybe a consideration. However, this loan is targeted to the military community and spouses. A regular SBA loan is also something you can apply for. I would encourage you to visit SBA.gov All banks can participate in this program. You are require to have a 10% injection of your own money and you must demonstrate an ability to debt service the loan. These requirements can be shown by having a sound business plan in place. If you need assistance in packaging your request please feel free to contact me direct. Good luck on your venture.

we started a trucking co. 3 mths ago. where is the best place to get a business line of credit?

admin — Mon, 10 May 2010 10:44:18 +0000

we have used personal money until now. we had to relace the engine 3 weeks ago—now we would like a credit line to work off. any ideas?

Talk to the banker where you do your business checking; however due to the short time in bus., your best bet is getting as many unsecured business credit cards and operate off those credit lines.

How do I build a large credit line on a tax ID without personal gurantee?

admin — Fri, 07 May 2010 18:30:31 +0000

Im trying to build a large business credit line without personal gurantee on a Tax Id on a nevada corpation i set up. Whats the fastest way to establish large credit line using D&B, Expierian Business and Business Client check to get the lines i need to do business without gurantee (Personal). Without buying trade lines. Please tell me the fastest way and most economical.

Work with a local bank to have them start you out on small loans based on business volume. You can also get them to extend credit based on your receivables. That’s the fastest way to grow.

If you don’t have any revenue, there’s no way to get a credit line without a personal guarantee.

How come "business account" credit cards don’t help your credit?

admin — Wed, 05 May 2010 10:31:48 +0000

I have a business credit card with a high credit limit, but this account does not show up on credit reports from all three crediting agencies. I asked the card issuer why this is, and they tell me that it will only show up if i have negative history (late payments, bankruptcy) but it does not show my on time payments or any sign i even have this available credit line in my name. I am trying to build good credit history, but this doesn’t even add into the evaluation of it, and it is the best thing i have going right now. Any one know why this is?

The same reason an authorized user on a card can be negatively affected if the card holder messes up.

It doesn’t make sense but that’s how they do it.

If the company runs into problems they have to have someone to turn to and that’s you. Being able to burn you if things go bad is their only leverage.

How can I obtain a $500,000 unsecured business line of credit?

admin — Sat, 01 May 2010 04:35:10 +0000

What are the exact steps I need to take in order to obtain such a big line of credit without being denied and where can I apply ?

With the tight credit markets these days, unless you have a successful business that’s been in operation for a minimum of five years and you can show the lender your books, along with proof that the business is growing and you need the capital for expansion, your chances are absolutely zero. Even with all of this, your chances in the current credit climate are iffy. People are nervous.