I want a business line of credit
Victor is trying to avoid using personal credit in his business. Do you have experience with business credit? Have you tried getting a business loan and couldn't? Share your solutions and frustrations.
From Heath Nichols, Boca Raton, FL Obtaining a business line of credit, especially unsecured, is a difficult thing to do when the company is less than two years old. Typically, the only lender interested will be the one you hold a deposit relationship with, as that particular lender has the ability to see the deposits on a weekly basis. The most accessible form of business credit when less than two years in business comes in the form of credit cards. There are far and few cards that won't show on your personal credit, which keeps your personal and business credit separate. Cards such as Advanta and First Equity are two that will not appear under your personal credit and carry favorable rates. When requesting a business line of credit, you will want to be conservative in the amount you are requesting, since most lenders don't tend to expose themselves to more than 10% of your gross.
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