Joseph asks…
I want a loan to make money. Small business loans/credit cards for ppl with bad credit? Exponential growth?
My house was robbed and all my jewellery and money stolen a couple of years ago.
I was about to run a small home business with the money and assets i had saved doing security work.
As I didnt have insurance, I got into debt and had to move so I didnt get hit again.
Now I have bad credit, is there anyway I can get a loan with bad credit???
I only need a small credit card to help me juggle things.
I am now trying to run a business again, but dont nearly have the start or the credit ratings as i previously did,
I am still a student and was hoping to run a business in my part-time.
I am still making about 50-100% profit per month turnover from my money and business.
With this type of turnover even a small loan of 1-2k would grow my business exponentially.
Even 10-20% p.a would be nothing for me to juggle around.
I know it takes money to make money but I cant seem to get over that 1k-2k hill to start my business growing exponentially.
Any tips other than saving or selling my assets?
admin answers:
This what people do not get, PROTECT YOUR CREDIT RATING because it will haunt you for years to come.
In your case you need a card so you can “juggle” things, what does that mean? So you can run it to the limit and get into more trouble with credit.
If you haven’t the money YET to start up your own business you go out and work for someone else until you do have some money and then if you reallllllly, realllllly want it bad enough get another job and save money.
Good luck but depend on your own work to get you going NOT credit cards.
ADDED
What the heck is wrong with saving? Oh I know the I want it NOW attitude.
John asks…
How do I get a Business credit card with bad credit?
I am trying to consolidate my bills and get my credit clear so I can start a business.I have very,very bad credit and I am tryiing to start a business. How would I get a credit card for my business with extremly bad credit. And who will except me?
admin answers:
It’s all tied to your social security number. Business doesn’t matter.
Before you do ANYTHING listen to this. Scroll down and click “Listen to Dave”. JUST LISTEN.
http://www.daveramsey.com/tdrs/index.cfm/2007/9/17/Getting-rich
This one audio clip of his CHANGED MY LIFE when I heard it.
Listen to this man for free, on the radio or online. This is like getting financial wisdom from Bill Gates except this guy has a national radio show.
Mandy asks…
How can I get a business credit card despite bad credit rating in Canada?
Help! I’m trying to start up a business and all I need is a $10k business credit card. But I have a bad credit rating and so far lenders insist I must have a strong co-signer. But I can’t get anyone to do this for me (long story) Any suggestions?
In answer to the first responder, it’s a self-employed business. I’m the only employee. It’s a long story but my personal financial mess is a combination of the high tech collapse (I’m an engineer) that has gone on 6 years, 3.5 years unemployed for myself. Plus, I have a medical condition. I finally made a bold move to get around the medical condition so I can start my own business, now all that is stopping me is a co-signer. I agree, it’s not an enviable position but I have no other choice. Is there any way to get a credit card without a co-signer when you have a bad credit rating?
admin answers:
Actually, it’s a short story. No one else wants to stick their neck out (co-signing) to cover your debts after you have shown little ability to handle your own affairs. They will be 100% financially responsible if you default on your debts and they know it. Operating a business is like operating your own financial affairs on steriods.
Who in their right mind would start a business on credit card with up to 32% anual interest? That is a very large nut to crack on top of paying for employees,your wages, materials, rent,phone and lights…. then look for making a profit too???
Tell me what kind of business you are going into that has a 32% profit after all expenses and I will start one in a heartbeat (as long as it is legal to do so)
Maybe you had better sit down and work out a business financial plan… then work towards fulfilling it and obtaining the capital you need by working and saving the start-up funds… then someone might be willing to listen to your business idea. If you don’t believe in yourself then others will not believe any differently. There is no shortcut to success. Those who cut corners are the first to fail.
Response to additional details:
The most probable way you will get a card is with that much money in their account. Your credit limit will match the amount of money in the savings account held by the credit card company. That way you can start building up a history of purchases and paying the bill on time. You have to re-establish a history of being reliable. After a couple of years of a spotless record, you may find someone who is willing to issue you limited credit and further build from that. I know you are looking for a fast way to do this…. sorry probably not going to happen.
I am not trying to beat up on you… I am trying to show you how others (creditors and co-signers) will look at this. Even if you have lost your job,any work is better than none… even fliping burgers. 10 G’s is not an undoable amount but it might take you 1 year to get there working minimum wage. Hopefull you will do the numbers and see that if you are holding 10Grand worth of debt on a credit card, your whole business profit will go to support the debt and you are working for nothing.
If you were an engineer then you are used to solving problems with a systems approach and a thorough evaluation. It doesn’t sound like you are using your formal education on this new problem. Please write up a plan and look at all the issues systematically. Form a feasable plan and go after your dreams.
Hope that helps
Laura asks…
Looking for business credit card for my small biz. Personal credit is bad but I have my EIN, but been declined?
I already applied for 2 cards and have been declined. Trying to build my business credit. Since its for my business, I use my EIN and not my SS#. Any advice where else I can turn to for a business credit card? Thanx.
admin answers:
Now a days they are not giving credit cadrs that easily. Also dont apply if you think they will decline your application as this will effect your credit history. Try Amex they used to give the business cards very easily. Also apply thru the same bank in which you have bsuiness account.
Steven asks…
can i still get a business credit card with bad personal credit?
if i have bad credit can i still get a business credit card? the application asks for both the business tax id and my personal ssn
admin answers:
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com
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