Loans For Small Business With No Credit

James asks…

Where can I obtain a Business Loan with no credit? I’ve tried everywhere, I need the real thing.?

I’ve been trying everywhere to obtain a Business Loan a/o Personal Loan, Is there a real place where I can obtain this type of loan when the credit is not good, however I own Real Estate, and a Small Construction Business; most of the Companies I’ve applied asked for large amounts of Moneys at front, and sometimes it’s unsecure, they ask to Wire money out of the Unisted States, in order to get a Loan Is this Legal?
Please advise of the Real anwser and Real deal!. Thanks!!

admin answers:

The real answer is that if your credit is horrible, no legitimate lender will lend to you.

Betty asks…

how do you get good business credit?

ive had credit for 3 years and my credit score is 734. when i did that both the bank and every one else said all you have to do is buy atleast 1.00 of something each month and pay it off, or leave a small balance on it for a few onth and pay more than the minimum each month and thats how you build good credit.

is it the same for building business credit? i just got my corporation ,S corporation and some one said to now get a business credit card in my business name. so how do i build bussiness credit so in a few years i can have a reall high credit limit for my bsuiness like up to 1 million? do i just buy things with my credit for my business then pay it off, and take out a few loans business related and pay it back?
i want a ggod score for paydex and D and B , but i dont know anything about building business credit. they told me unlike personal credit, business credit can almost by “no limit” you businss can usually borrow more than an average individual?

admin answers:

You might want to read this book “The Informative Guide to Building Business Credit”
Information Covered:
Business Tax write off tips

How to Build a Profile in 3 to 6 Months

How to avoid getting ripped off by private companies and fake credit lenders trying to steal your information

Tips on using your tax ID/ EIN Number & DUNS Number

Tips on Building an excellent profile with Dun & Bradstreet

How to build an excellent Business credit score even if you have poor personal credit.

Links to the most common business credit applications, which do not ask for a personal guarantee

Also here are some links for you.

Joseph asks…

Help Need credit card for Small Business, Please read!?

My bf has been in business for 8 years and was using the same credit card since the beginning, (if it matters the company was advanta). Well 2 weeks ago he got an email that they are closing all accounts in 5 days because the company was bankrupt.

So he went to wells fargo who he has been with for 10 years to get a credit card. He got a letter today that he was denied, he went to chase and couldn’t open a business account only personal so he left, then went to bank of america and they opened a business account but denied him as well for a credit card.

He always has $40,000 in the account and has a score of 740 with one credit agency and 775 with the other. he does not have any loans and no other cards and needs 1 to run the business.

Bank of america told him it was because lack of revolving credit accounts. So we think it might be that Advanta the credit card company didn’t report with the agency. So what can he do? any suggestions is appreciated. Thank you!
oldest, he had tried amex for 2 months and quickbooks credit card for short period. and he has had a few loans all are paid off though.

admin answers:

Advanta did the same thing to the company I work for! We couldn’t find a credit card provider that could provide as high a limit as we need. The company has 7 card holders and can use up to 50k in credit a month though it is always paid off. We finally got cards through M&T, because that’s where the business account is. Perhaps the line of credit he is looking for is too high?

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