I am a recent college graduate looking to start a tax preparation business. I have average credit with one major charge off on my credit report. What are my options for applying for a business credit card to finance office material and supplies? Im not looking for a huge credit limit, just need about 5k.
I know its ONLY 5k and your probably thinking I should borrow it from my parents or ask a "rich family member" I dont have those kind of resources so please refrain from those kind of answers. Serious answers only. Thanks in advance!
Hi LRJ,
If your going to try pitching to banks…i would suggest pitching to local banks in your community. They are more flexible with their terms and loan regulations because a lot of them are self underwritten loans. Remember to polish up your business plan and dress the part as well and of course the bank always want to know what is in it for them.
Another alternative is to start an LLC or Incorporate yourself as a business…then apply to supply companies using your LLC or Inc name. They will start you off with some credit line to get your supplies. Also apply to department stores that carry office supplies and in between all of them you should come close to your goal. At first it is hard to start your business credit line but it can be done.
I also have another source that a credit repair system recommends and they have a 5,000 and 10,000 credit card through their own retail company but there is some costs associated with these but they do rebuild your credit as well. Not trying to sell you anything, just resources that i have.
I hope this helps with your situation and wish you a great success and a Happy New Year!