Alternatives to Business Credit Cards for Poor Credit

Business credit cards for poor credit are hard to find. They exist, but there are not many of them. If you have bad credit, you need to fix it. Still, that doesn’t change the fact that you need funding options in the meantime.

Options for Funding Other Than Business Credit Cards for Poor Credit

What are your options for funding your business other than business credit cards for poor credit? There are a few. The best thing to do is choose those that will help you build business credit, so that your bad credit no longer dictates which funding options you choose. Rather, the door will be wide open and you will be able to choose the options with the best rates and terms regardless of credit requirements.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Let’s start with a couple of actual business cards for bad credit.

Brex Card for Startups

The Brex card for startups is one of the few true options if you are looking for business credit cards for poor credit. Even a FICO as low as 300 may qualify. There is no annual fee, and you can apply with your EIN rather than your SSN. There is no personal guarantee requirement.

The only catch is, not all industries qualify, and some industries require more paperwork than others.
Wondering how they are able to verify creditworthiness if a business has bad credit? They look at the business’s cash balance, spending patterns, and investors.

Not only can you get this card with bad credit, but they even offer rewards. For example you can get 7x points on rideshare and 4x on travel. Likewise, get triple points on restaurants and double points on recurring software costs. Get 1x points on everything else.

Capital One Spark Classic for Business

If you have fair credit, you may be able to get the Capital One® Spark® Classic for Business. It also has no annual fee, but there is no introductory APR deal. The regular APR is a variable 26.99%. In addition, you can earn unlimited 1% cash back on every purchase for your company, with no minimum to redeem.

While this card is available if you have fair credit scores, beware of the APR. If you can’t pay on time and in full, skip it.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

You Need More

So, business credit cards for poor credit do exist. They just aren’t enough. It would be highly unlikely that you would be able to reach your business goals using solely the funding offered through one or two cards.

They are still a good option, because they offer some funding and can help you build your credit. But, you need more. Here are some other funding options that you can use as alternatives to business credit cards for poor credit, or in addition to them.

Credit Line Hybrid

A credit line hybrid is unsecured business financing. It allows you to fund your business without putting up collateral, and you only pay back what you use.

It is not as hard to qualify as you may think. You do need good personal credit. That is, your personal credit score should be at least 680. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Furthermore, in the past 6 months you should have less than 4 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.

How does this relate to getting business funding with bad credit? Here’s the secret. If you do not meet all of the requirements, you can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

The best part of this type of funding is that it reports to your business credit report, regardless of whether you use your personal credit to apply or that of a credit partner. That means, you get your funding and build your business credit at the same time.

If this still isn’t enough funding, there may be even more options for accessing funding funds with bad credit, depending on your specific business.

Account Receivable Financing

To get this type of funding, you have to have open receivables from another business or government agency, not individuals. In addition, you need to have been in business for at least one year. The minimum credit score is just 500.

You can get up to 80% of receivables advanced in as little as 24 hours.

Merchant Cash Advance

If you accept credit cards as payment, you may qualify for a merchant cash advance. You only need a credit score of at least 500. To qualify, your business must bring in $100,000 or more per year in credit card sales. Typical approval amounts equal one months’ credit processing volume. In addition to the application, you’ll need 3-6 months bank and merchant statements.

Equipment Financing

If you need equipment, it might be better to consider equipment financing. You will put up your existing equipment or the new equipment you want to purchase as collateral. Amounts are available up to $10 million with terms ranging up to 60 months. You will need a credit score of at least 550.

Why would you choose this over a 0 interest business credit card if you could pay it off during the 0 interest period? Well, the short answer is, you wouldn’t. That is, unless you cannot get a high enough credit limit to cover the cost of the equipment. However, if you need longer than a year to pay it out, you may very well end up with a better rate going this route.

Real Estate Financing

Likewise, you probably will not be financing real estate with business credit cards, even if it is 0 interest. You can get real estate financing in amounts up to $10 million with terms from 6 to 60 months and interest rates as low as 6%. You will need a 500 minimum credit score, and there are a few other requirements.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Business Revenue Lending

Another option is business revenue lending. Again, the minimum credit score is 500. Your business must earn annual revenue of $120,000 or more, and it must do more than 5 small transactions each month. If your business brings in at least $15,000 monthly, then 6 months in business is acceptable. You will have to fill out an application and provide 6 months worth of bank statements.

An Expert Can Help

Of course you could seek out each of these options and apply yourself. However, you are going to have an issue in that it takes time to research lenders, find the ones that offer funding that you qualify to get, and avoid scammers. Not to mention, it doesn’t really do any good if you can’t find lenders that help you build credit for your business as well.

Also, getting approval for business credit cards is a little different than getting approval for personal credit cards. You need to have your business set up properly, and it has to be fundable. An expert can help walk you through this.

Working with a business credit expert offers a number of benefits. Not only will a reputable expert already work with reputable lenders, but they will know more quickly which ones will work best specifically for your business. This will save you time and money in the long run. They will be able to guide you to the options that will be most effective for your needs, help you build credit, and offer the best rates and terms.

If you do all of this yourself, not only do you risk making poor decisions due to simple lack of knowledge, but you could waste valuable time in which your business will still need funding.

Business Credit Cards for Poor Credit are Out There, But They Aren’t Your Only Option

Many business owners operate under the assumption that if they do not have good credit, their only funding option is credit cards. Bad credit takes most loans off the table, and without that, many only know about credit cards.

While business credit cards for poor credit can be a tool to help fund your business, they are far from your only option, even if you have bad credit. There are alternatives that you can use in place of or in conjunction with credit cards to meet your business goals. A business credit expert can help you find the options that will work most effectively and efficiently for your business needs.

The post Alternatives to Business Credit Cards for Poor Credit appeared first on Credit Suite.

7 Types of Small Business Loans for Women with Bad Credit

If you have bad credit, it can be hard to find small business loans regardless of gender. If you are a female business owner, with bad credit, it may help to look for lenders that offer certain types of loans, rather than small business loans for women with bad credit specifically.

What’s Best As Far as Small Business Loans for Women With Bad Credit

There are certain types of funding that work well for all business owners with bad credit, including women.

Small Business Loans for Women with Bad Credit: Credit Line Hybrid

The credit line hybrid is unsecured business financing. It is available to pretty much anyone for any type of business expense. You can use it for real estate, equipment, working capital, and even startup expenses. Not only that, but there is no security required. Furthermore, there is no down payment, and you do not have to provide income documentation. It is completely no-doc financing.

Now, you do have to have strong personal credit. A credit score of 680+ is necessary. Also, there cannot be any late payments in the past 12 months, there can be no open collections or bankruptcies, and there should be less than 4 inquiries in the past 6 months on your consumer credit report. There also has to be at least 2 open credit cards with a $2,000 limit or higher with 2 years of good payment history.

Where does the part about bad credit come into play? Here it is. If you do not meet these requirements, you can take on a credit partner that does meet them. The payments will still be reported on the business’s credit report, so business credit will build whether you get the financing yourself or through a credit partner.

The best part is, amounts can range up to $150,000, and often interest rates are as low as 0% for the first 6 to 18 months.

Find out why so many companies use our proven methods to get business loans.

Small Business Loans for Women with Bad Credit: Business Revenue Lending

If your business has consistent revenue of $120,000 per year or more, you may qualify for this type of funding. Lenders verify revenue using bank statements. There can be no recent bankruptcies, but the minimum credit score to qualify is as low as 500.

A business must also be in operation for a year or more, and they must do over 5 small transactions each month to get business revenue financing.

Small Business Loans for Women with Bad Credit: Merchant Cash Advance

If your business accepts credit card payments and you have at least a 500 FICO, you could get up to $750,000 in a merchant cash advance. Credit rates are usually lower compared to traditional financing as well.

Your business must bring in $100,000 or more per year in credit card sales, and typically you can get approval equal to one months credit card financing volume.

Small Business Loans for Women with Bad Credit: Account Receivable Financing

Outstanding account receivables can also be a source of funding for your business. Get as much as 80% of receivables advanced in less than 24 hours. You get the rest of the accounts receivable amount once you collect full payment for the invoice. Closing takes 2 weeks or less.

Receivables should be with the government or another business. Getting financing with receivables from individuals is not as easy. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so.

Small Business Loans for Women with Bad Credit: Equipment Financing

You can secure this type of financing by using existing equipment or new equipment you want to purchase as collateral. Funding is available up to $10 million. Terms range from 5 to 60 months, and you need a minimum 550 FICO.

The equipment must be new, and most types of equipment are acceptable, including software.

You’ll need to provide details on the equipment to be financed and, depending on the loan amount and certain risk factors, you may need to show 2 years corporate and personal tax returns.

Find out why so many companies use our proven methods to get business loans.

Small Business Loans for Women with Bad Credit: Enterprise SBA Loans

For these loans you have to have collateral worth up to at least 50% of the loan amount, but you only need a FICO of 620. There also can be no bankruptcies in the past 4 years. Only for profit companies qualify, and they must have positive trends in sales growth. Generally amounts are available of up to $12 million with terms up to 25-years.

Small Business Loans for Women with Bad Credit: Real Estate Financing

How to Decide Which Option is Best for You

If you are looking for business loans for women with bad credit, it’s fair to say you aren’t that confident in your credit score. A business credit expert can help you not only determine which of these options is best for your business, but also help you build fundability so you don’t have to worry about finding funding for your business. If your business is fundable, you can get all the business financing you will ever need.

Grants for Women Business Owners

One area where you will find funding specifically for women, and credit isn’t an issue, it grants.

Find out why so many companies use our proven methods to get business loans.

SBA Women’s Business Centers

In addition to helping with loans, the SBA Women’s Business Centers also help women entrepreneurs get access to other types of funding. Some lend money or award grants directly, while others help connect women entrepreneurs with financial institutions. Take a look at their website to find out more on how to apply for women owned business grants through this network.

Eileen Fisher Women Owned Business Grants

The clothing brand Eileen Fisher hands out $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.

Amber Grant

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

#GIRLBOSS Foundation Grant

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000. They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.

Cartier Women’s Initiative Award

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place. They award the grant to 18 female business owners from around the world each year. Women business owners who are just getting started may qualify.

Business Loans For Women With Bad Credit Do Exist

They really do. They just aren’t necessarily for women exclusively. Still, if you find something that will work with bad credit, you’ve found gold. It’s even better if it can be used to build business credit at the same time.

It does no good to find funding for bad credit once. You need to work on the bad credit so you can eventually get the best terms and rates. This is where a business credit expert can be exceptionally helpful.

The post 7 Types of Small Business Loans for Women with Bad Credit appeared first on Credit Suite.

What’s the Best Way to Build Business Credit in a Recession? We Have the Secret!

Thinking of throwing in the towel, as it looks like the US slides further and further into a recession? Don’t! This can be a great time to regroup and get your business set up for even more success down the line. Building business credit should be on your to-do list. So, find out the best way to build business credit in a recession.

Learn the Best Way to Build Business Credit in a Recession

We can show you the best way to build business credit in a recession! Get the kind of business funding that can take your business to new heights! And it can happen no matter what goes on with the economy.

Economic Downturns and Company Funding

The United States’s economy has been through any variety of changes throughout the years. Our financial fortunes can depend upon developments in technology, diplomatic ties (or cutting those ties), the weather, and also more. Business credit, fortunately, is an asset which you can develop even during financial slumps. Nonetheless, you may need to get a little creative with it, and with various other forms of business funding.

The Best Way to Build Business Credit in a Recession – But What’s Business Credit, Anyway?

Small business credit is credit in a business’s name. It doesn’t link to a business owner’s personal credit, not even if the owner is a sole proprietor and the sole employee of the small business.

Accordingly, a business owner’s business and individual credit scores can be very different.

The Benefits

Because business credit is distinct from consumer, it helps to secure a business owner’s personal assets, in the event of a lawsuit or business bankruptcy.

Also, with two separate credit scores, a business owner can get two different cards from the same merchant. This effectively doubles buying power.

Another benefit is that even start-ups can do this. Heading to a bank for a business loan can be a recipe for frustration. But building company credit, when done the right way, is a plan for success.

Individual credit scores rely on payments but also various other factors like credit usage percentages.

But for company credit, the scores actually just hinge on whether a company pays its debts on a timely basis.

The Best Way to Build Business Credit in a Recession – The Process

Building business credit is a process, and it does not occur automatically. A business will need to actively work to build company credit.

Nonetheless, it can be done easily and quickly, and it is much speedier than building consumer credit scores.

Merchants are a big aspect of this process.

Undertaking the steps out of order will lead to repetitive rejections. Nobody can start at the top with business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

The Best Way to Build Business Credit in a Recession – Enhancing Company Fundability

A company must be fundable to credit issuers and vendors.

Therefore, a company will need a professional-looking web site and email address. And it needs to have site hosting bought from a vendor like GoDaddy.

Also, business telephone numbers must have a listing on ListYourself.net.

Also, the business telephone number should be toll-free (800 exchange or comparable).

A business will also need a bank account dedicated strictly to it, and it needs to have all of the licenses essential for operation.

Licenses

These licenses all have to be in the exact, appropriate name of the company. And they need to have the same business address and telephone numbers.

So bear in mind, that this means not just state licenses, but possibly also city licenses.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Working with the IRS

Visit the Internal Revenue Service website and get an EIN for the company. They’re free of charge. Select a business entity such as corporation, LLC, etc.

A company may begin as a sole proprietor. But they absolutely need to change to a type of corporation or an LLC.

This is to limit risk. And it will make the most of tax benefits.

A business entity matters when it concerns tax obligations and liability in case of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and taxes. Nobody else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

The Best Way to Build Business Credit in a Recession – Starting Off the Business Credit Reporting Process

Begin at the D&B website and obtain a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have something to report on.

Starter Vendor Credit

First you should establish tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start to get credit for numerous purposes, and from all sorts of places.

These kinds of accounts have the tendency to be for things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are usually Net 30, instead of revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. Unlike revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To launch your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Makes Sense

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with very little effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to demonstrate you are reliable and pay punctually. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They sell shipping, packing, and industrial supplies, and they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information. Your company address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your company can get approval for Net 30 terms.

How to apply with them:
Add an item to your shopping cart
Go to checkout
Select to Open an Account
Select to be invoiced

Quill

Quill is another true starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies. And they also sell toner, office furniture, and even shipping and school supplies. They report to Dun and Bradstreet every quarter.

To apply, you MUST have a D&B PAYDEX score. If not given a Net 30 they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report but you would need them to have given you a Net 30 account. Net 30 accounts require $50.00 purchase to report.

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. Terms are Net 30.

Here’s how to qualify:
Your business entity must be in good standing with the applicable Secretary of State
You must have an EIN and a D-U-N-S number
Business address (it has to match everywhere)
Business license (if applicable)
A corporate bank account

Apply online or over the phone.

Grainger Industrial Supply

Grainger Industrial Supply is also a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need a business license, EIN, and a D-U-N-S number.

To qualify, you need the following:
A business license (if applicable)
An EIN number
A business address matching everywhere
A corporate bank account
A D-U-N-S number from Dun & Bradstreet

Your corporate entity must be in good standing with the applicable Secretary of State. If your company does not have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

The Best Way to Build Business Credit in a Recession – Accounts That Do Not Report

Non-reporting trade accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. Additionally, credit accounts of any sort should help you to better even out business expenses, consequently making budgeting less complicated.

Store Credit

Store credit comes from a variety of retail companies.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.

Fleet Credit

Fleet credit is from companies where you can buy fuel, and fix and maintain vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the business’s EIN.

Learn more here and get started toward establishing small business credit in a recession.

Cash Credit

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are often MasterCard credit cards.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

Update Your Data

Update the data if there are mistakes or the data is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

The Best Way to Build Business Credit in a Recession – Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any inaccuracies in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs normally want you to dispute in a particular way.

Get your company’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report inaccuracies generally means you mail a paper letter with duplicates of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and keep the original copies.

Fixing credit report inaccuracies also means you precisely itemize any charges you dispute. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you mailed in your dispute.

The Best Way to Build Business Credit in a Recession – A Word about Building Business Credit

Always use credit smartly! Don’t borrow more than what you can pay off. Monitor balances and deadlines for payments. Paying promptly and in full will do more to raise business credit scores than nearly anything else.

Building company credit pays. Good business credit scores help a small business get loans. Your credit issuer knows the small business can pay its financial obligations. They recognize the small business is bona fide.

The business’s EIN links to high scores and lenders won’t feel the need to ask for a personal guarantee.

The Best Way to Build Business Credit in a Recession – Takeaways

Business credit is an asset which can help your company for many years to come. The recession will not last forever.

The post What’s the Best Way to Build Business Credit in a Recession? We Have the Secret! appeared first on Credit Suite.

Get the Best LLC Credit Card

Need an LLC credit card? You’ve come to the right place. And they are still available, despite the COVID-19 situation.

The Very Best LLC Credit Card

We researched just about every LLC credit card for you. So, here are our top picks.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more cash with business credit. And it also means you can have personal credit cards at retail stores. So, you would now have an additional card at the same retailers for your small business.

And you will not need collateral, cash flow, or financials to get company credit.

LLC Credit Card Benefits

Perks vary. So, make certain to choose the perk you would prefer from this selection of options.

Get a Secure LLC Credit Card for Fair Credit Scores

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without any minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. Yet if you can pay promptly, and in full, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Get a Trustworthy LLC Credit Card for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Take a look at the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

However, they do not accept every industry.

Also, there are some industries they will not work with, and others where they want added documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

So you can have bad credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get an LLC Credit Card with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. But you will need excellent credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Get an LLC Credit Card for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Take a look at the Capital One® Spark® Miles for Business. It has an introductory yearly fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. So late fees go up to $39.

This card is terrific for travel if your expenses do not fall into typical bonus categories. You can get unlimited double miles on all purchases, without any limits. Get 5x miles on rental cars and hotels if you book through Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. However you just get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. But you will need a good to superb FICO score to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a wonderful sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem via Chase Ultimate Rewards.

Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel with Chase Ultimate Rewards. But you will need a good to superb FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, have a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Also earn 3 points per every dollar spent when you schedule your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can get and points don’t expire.

But note you will need superb credit to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Check out the Marriott Bonvoy Business™ Card from American Express. It has an annual fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. But you will need good to exceptional credit scores to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and gasoline stations. And you can get 4x the points on wireless telephone services bought straight from American service providers and on US purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can earn one more free night after you spend $60,000 on your card in a calendar year.

You get free Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on qualified purchases in a calendar year and get an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the first 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client dinners for the initial $50,000 spent per year. Get 1 point per dollar afterwards.

But you will need great to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also take a look at the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash as opposed to points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. Then get 1%.

So it has no yearly fee. There is a 0% introductory APR for the initial year. After that, the APR is a variable 14.74 – 20.74%.

But you will need great to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Flexible Financing LLC Credit Card – Have A Look at Your Options!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an introductory annual fee of $0 for the first year. After that, pay $250 per year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

However, you will need great to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Get an LLC Credit Card for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the first year. After that, this card costs $95 per year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. So you can get unlimited 2% cash back. Redeem at any time without any minimums.

But you will need great to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Annual Fee

Discover it® Business Card

Check out the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. So they double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions quickly to Quicken, QuickBooks, and Excel. But note: you will need good to outstanding credit to qualify for this card.

So you can get it here: https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on net, cable and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no restriction to the amount you can earn.

But you will need outstanding credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are filling stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. Then earn 1% after, with no limits.

But you will need exceptional credit to qualify.

And then you can find it here: https://promo.bankofamerica.com/smallbusinesscards2/

The Best LLC Credit Card for You

Get an Irresistible LLC Credit Card for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Check out the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the initial three months. Rewards never expire.

So pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

But you will need great to superb credit scores to qualify.

And then you can find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

The Best LLC Credit Card for You

Your outright best company credit cards hinge on your credit history and scores.

Only you can select which features you want and need. So, make sure to do your homework. Because what is excellent for you could be disastrous for somebody else.

And, as always, be sure to build credit in the recommended order for the best, speediest benefits. The COVID-19 situation cannot last forever.

The post Get the Best LLC Credit Card appeared first on Credit Suite.

The Recession-Proof Best Business Credit Cards with no Annual Fee

Can you get the recession-proof best business credit cards with no annual fee? Absolutely! No matter what the economy is doing, you can get cards just like these.

You Need the Recession-Proof Best Business Credit Cards with No Annual Fee

Are you looking for the recession-proof best business credit cards with no annual fee?

According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This means you can get a lot more cash with company credit.

And this also means you can have personal credit cards at shops, and now have an alternate card at the same retail stores for your company. And you will not have to put up collateral, cash flow, or financial information to get small business credit.

The Recession-Proof Best Business Credit Cards with No Annual Fee – Benefits

Features vary, so be sure to select the benefit you prefer from this array of alternatives.

The Recession-Proof Best Business Credit Cards with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial one year. Afterwards, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your corporation. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to get this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines.

Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. Also get a one-time $200 cash bonus once you spend $3,000 on purchases in the first 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need good to excellent credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

An Alternative to the Recession-Proof Best Business Credit Cards with No Annual Fee: Dependable Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Check out the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Additionally, there are some industries they will not work with, as well as others where they want added documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines.

Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. Afterwards, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

You will need great to outstanding credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for 12 months. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions| quickly to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to exceptional credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can earn 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on web, cable, and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at filling stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no restriction to the amount you can get.

You will need outstanding credit to get this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need exceptional credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

An Alternative to the Recession-Proof Best Business Credit Cards with No Annual Fee: Secure Business Credit Cards for Average Credit

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. But if you can pay in a timely manner, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Flexible Financing Credit Cards – Have A Look at Your Options!

The Plum Card® from American Express

Take a look at the Plum Card® from American Express. It has an introductory annual fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need great to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

An Alternative to the Recession-Proof Best Business Credit Cards with No Annual Fee: Company Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first twelve months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client dinners for the first $50,000 spent annually. Get 1 point per dollar afterwards.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash rather than points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 – 20.74%.

You will need good to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines.

Your Recession-Proof Best Business Credit Cards with No Annual Fee

Your recession-proof best business credit cards with no annual fee with depend on your credit history and scores. Only you can make a decision on which rewards you want and need, so make sure to do your research.

And, as always, make sure to build credit in the recommended order for the best, fastest benefits. Check out how this will help your company get the recession-proof best business credit cards with no annual fee.

As the economy continues to change, you can still get financing for your small business. Let us show you how.

The post The Recession-Proof Best Business Credit Cards with no Annual Fee appeared first on Credit Suite.

Reliable Recession Corporate Credit

Can you still get recession corporate credit? Yes! Of course you can!

Your Business Needs Recession Corporate Credit

Recession corporate credit is credit in a company’s name. It doesn’t tie to an entrepreneur’s personal credit, not even when the owner is a sole proprietor and the sole employee of the business.

Consequently, an entrepreneur’s business and consumer credit scores can be very different.

Recession Era Financing

The number of United States financial institutions and also thrifts has been decreasing slowly for 25 years. This is from consolidation in the marketplace as well as deregulation in the 1990s, reducing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger banks is problematic for small business proprietors. Big banks are a lot less likely to make small loans. Economic slumps mean banks end up being much more careful with lending. Luckily, business credit does not rely upon financial institutions.

The Advantages of Recession Corporate Credit

Because company credit is independent from individual, it helps to protect an entrepreneur’s personal assets, in case of litigation or business bankruptcy.

Also, with two distinct credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles purchasing power.

Another benefit is that even startups can do this. Going to a bank for a business loan can be a recipe for frustration.

But building business credit, when done right, is a plan for success.

Consumer credit scores are dependent on payments but also additional considerations like credit usage percentages.

But for corporate credit, the scores actually merely depend on whether a small business pays its debts on a timely basis.

The Process of Building Recession Corporate Credit

Building small business credit is a process, and it does not happen without effort. A company needs to actively work to establish small business credit.

That being said, it can be done easily and quickly, and it is much quicker than establishing individual credit scores.

Merchants are a big aspect of this process.

Undertaking the steps out of sequence will lead to repetitive rejections. Nobody can start at the top with recession corporate credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Corporate Credit and Fundability

A small business has to be fundable to lenders and merchants.

Therefore, a small business will need a professional-looking web site and e-mail address. And it needs to have site hosting bought from a vendor like GoDaddy.

Plus, business phone numbers ought to have a listing on ListYourself.net.

Likewise, the company telephone number should be toll-free (800 exchange or comparable).

A business will also need a bank account dedicated only to it, and it must have all of the licenses essential for operation.

Licenses

These licenses all must be in the perfect, correct name of the business. And they need to have the same company address and phone numbers.

So keep in mind, that this means not just state licenses, but potentially also city licenses.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Working with the IRS

Visit the IRS website and acquire an EIN for the business. They’re totally free. Select a business entity such as corporation, LLC, etc.

A small business can get started as a sole proprietor. But they will more than likely wish to change to a sort of corporation or an LLC.

This is in order to limit risk. And it will take full advantage of tax benefits.

A business entity will matter when it pertains to taxes and liability in the event of litigation. A sole proprietorship means the owner is it when it comes to liability and taxes. No one else is responsible.

Sole Proprietors Take Note

If you run a small business as a sole proprietor, be sure to incorporate.

If you do not, then your personal name is the same as the business name. Consequently, you can end up being directly responsible for all company financial obligations.

Also, according to the Internal Revenue Service, using this arrangement there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Steer clear of confusion and considerably lower the chances of an Internal Revenue Service audit as well.

But never look at a DBA filing as ever being anything more than a steppingstone to incorporating.

Beginning the Recession Corporate Credit Reporting Process

Start at the D&B website and get a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s sites for the company. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

In this manner, Experian and Equifax will have activity to report on.

Vendor Credit

First you should build trade lines that report. This is also called vendor credit. Then you’ll have an established credit profile, and you’ll get a corporate credit score.

And with an established business credit profile and score you can begin to get retail and cash credit.

These kinds of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you preliminary credit when you have none now. Terms are typically Net 30, versus revolving.

Therefore, if you get approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid completely within 60 days. In comparison with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To kick off your business credit profile properly, you should get approval for vendor accounts that report to the business credit reporting agencies. Once that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Makes Sense

Not every vendor can help like true starter credit can. These are merchants that will grant an approval with a minimum of effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

This is how to get started with recession corporate credit.

You want 3 of these to move onto the next step, which is retail credit. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Accounts That Don’t Report

Non-Reporting Trade Accounts can also be helpful. While you do want trade accounts to report to at the very least one of the CRAs, a trade account which does not report can nonetheless be of some worth.

You can always ask non-reporting accounts for trade references. And credit accounts of any sort will help you to better even out business expenditures, thereby making financial planning easier. These are providers like PayPal Credit, T-Mobile, and Best Buy.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Retail Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then progress to retail credit. These are service providers which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then move to fleet credit. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair and maintain vehicles. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

Cash Credit

Have you been responsibly managing the credit you’ve gotten up to this point? Then move onto more universal cash credit. These are companies like Visa and MasterCard. Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are frequently MasterCard credit cards. If you have more trade accounts reporting, then these are attainable.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Monitor Your Recession Corporate Credit

Know what is happening with your credit. Make sure it is being reported and address any inaccuracies as soon as possible. Get in the practice of taking a look at credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Records

Update the data if there are mistakes or the details is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

Fix Your Recession Corporate Credit

So, what’s all this monitoring for? It’s to dispute any mistakes in your records. Mistakes in your credit report(s) can be fixed. But the CRAs normally want you to dispute in a particular way.

Get your business’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report mistakes commonly means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always send copies and keep the original copies.

Fixing credit report errors also means you precisely itemize any charges you contest. Make your dispute letter as clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you mailed in your dispute.

Dispute your or your company’s Equifax report by following the directions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute errors on your or your business’s Experian report by following the instructions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service phone number is here: www.dandb.com/glossary/paydex.

A Word about Recession Corporate Credit Building

Always use credit smartly! Never borrow more than what you can pay off. Monitor balances and deadlines for repayments. Paying off punctually and fully will do more to increase corporate credit scores than just about anything else.

Establishing recession corporate credit pays. Great business credit scores help a business get loans. Your loan provider knows the small business can pay its financial obligations. They recognize the business is for real.

The company’s EIN connects to high scores and loan providers won’t feel the need to require a personal guarantee.

Takeaways

Recession corporate credit is an asset which can help your company in years to come. We can help you get started toward growing corporate credit. The COVID-19 situation will not last forever.

The post Reliable Recession Corporate Credit appeared first on Credit Suite.

Recession Period Business Loans: Don’t Let Bad Credit Stop You

COVID-19 threw our economy into a tailspin, and the resulting recession isn’t leaving anytime soon. However, even during a recession period funding is available. You just have to know how to get it.

Business Loans are Possible Even with Bad Credit in a Recession Period

In a recession period, if you need a loan you need it fast. There is no time to wait when the recession cloud looms. Business failure can feel imminent. There is hope however, and bad credit doesn’t have to get in the way.

Traditional business loans are rarely fast, and if you have bad credit, they usually aren’t even an option. Throw all these issues into a recession period and you may feel like you are sinking fast. There is hope however. There are a ton of options outside of the realm of traditional business loans, and many of them work even if you have bad credit.

Of course, the need for business loans during a recession may not mean you are growing. It could be a desperate last plea to simply make it through the troubled waters alive. Either way, bad credit can weigh you down like an anchor. You have to break free, which is even harder during economic downturns. To be able to cut off the anchor of bad credit however, you need to understand what its made of, and how you got tethered to it in the first place.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

What is Bad Credit?

Sometimes you don’t even know you are sinking until you need financing and find that you cannot get it due to bad credit. When it comes to regular business loans, bad credit can be a major issue. Typically, a score of over 700 is good credit, but with a score over 650, you can still find financing. If your credit score is below 650, you may have some problems. A recession period can cause you to sink into bad credit before you know it’s happening.

If this is the case, you will need to look for alternative lenders to help you out. They can offer a life preserver so you can make it safely through until the waters calm down.

Personal Credit vs. Business Credit

If you are a new business owner, you may find that it isn’t so much an issue of bad credit, but rather no business credit. This is easily enough remedied over time, but if you need business financing and have bad credit or no credit, it can be a real problem. You don’t have time.

You could try finding financing based on your personal credit. That is, if your personal credit is any good. If it is over 650, you can probably get a credit card that will keep you afloat until you can figure out something better. You may also be able to simply get a personal loan to bail you out, and then work to build business credit going forward.

The problem with this is that it puts even more stress on your personal finances during the recession period. In addition, if your business does end up sinking, you could very well go down with it if your personal credit is tied to it.

How Do You Know Your Credit Score?

When it comes to your personal credit score, it’s easy to know what it is. Not only can you get a free copy of your credit report annually, but there are also a number of companies that will allow you to monitor your credit on a regular basis.

Business credit score monitoring is not as easy. There are no free business credit reports. You can, however, purchase your credit reports from Dun & Bradstreet, Experian, Equifax, and the lesser known business credit reporting agencies for between $50 and $250 each.

Credit Suite can help you monitor your business credit at Dun & Bradstreet and Experian for a fraction of what it costs with them directly. Go here to find out more.

Personal Credit Not an Option?

However, if you are stuck with bad personal credit and bad business credit, you may have to pursue an alternate route. You may not have an obvious flotation device. That means you are going to have to grab onto whatever you can find and hold on tight.

It sounds brutal, but it may be worth it if it saves your business. What are your options? Essentially, the best option is invoice factoring. This only works if you have a significant amount in open invoices. It is the fastest of all the options other than a friend or family member just handing you cash. This would be similar to a large piece of drift wood conveniently floating by.

Invoice Factoring Options

Not only is invoice factoring the fastest way to cash, it is also an option that depends very little on your credit, personal or business. It even works well in a recession period, though maybe not as well as at other times, as the ability to collect could decline somewhat. Sometimes though, there isn’t even a minimum credit requirement for invoice factoring. They may pull a credit score, but they make decisions based more upon the strength of your invoices.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

The lender will gather information to help them determine the likelihood of the invoices being repaid. If they find that the invoices are strong, they will lend money based on the total amount of the invoices minus a premium. The borrower can usually either repay the loan or the lender can keep the invoices and collect from them.

Fundbox

Fundbox offers invoice financing for amounts less than $100,000. There is no minimum credit score, and there are options for a 12- week or 24-week repayment term. They collect 7% on a 12-week repayment and 15.7% on 24-week terms.

BlueVine

If you have a larger amount in open invoices, like up to $5 million, you can get invoice financing from BlueVine. They charge a weekly fee of .5% to 1%, but the fee drops a little if your clients pay their invoices on time.

Working Capital Loans

If you really need funding fast, invoice factoring is your best bet. If you have a little more time you could seek out working capital loans from alternative lenders. This is also a good option if you do not have open invoices.

Some alternative lenders pull a credit report, but they have a low minimum score requirement. For example, Fundbox offers working capital loans to businesses that have been in operation for at least 3 months and have at least $50,000 in revenue. They lend amounts up to $100,000, and there is no credit check.

Kabbage offers something similar if you have been in business for at least 1 year and have $50,000 in revenue. They will lend up to $250,000. There is no minimum credit score here either, but most approvals have over 500. You also have to have either a business checking account or use an online payment platform.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Quarterspot will lend up to $250,000 if you have been in business for at least one year and have at least $200,000 in annual revenue. They will do a soft credit pull, but it does not affect your credit. The minimum score is 550.

Don’t Sink, Hold on Through the Recession Period

Once you find something to keep you from sinking, whatever it may be, hold on tight until you can reach the shore. Be forewarned, if you handle things incorrectly you could end up in much worse trouble that you are already in. You have to use your credit wisely.

If you fail to do this, you may end up floating so far away you never see land again. Make certain you use the financing the way you need to, but that you also pay it back in a consistent and timely manner.

Stay out Troubled Waters

The way you do this is by establishing and building strong business credit. Not only will this keep you out of trouble, but it can make things even better in the long term. You will find that getting what you need to make it through another recession period is a cinch if you follow these tips.

Establish Your Business as Its Own Entity

Your business has to have its own identity, apart from yours, if it is going to have its own credit score. The first step in this process is to incorporate your business. You can choose from a corporation, S-corp, or LLC.

Then list your business in all the directories with its own name and contact information. After that, open a business bank account. Run all your business transactions through this account, so that business finances are separate. Pay bills, make purchases, and apply for credit using this account.

After your business has an identity all its own, it is all up to how well you manage whatever credit you can get. Whatever financing you are able to find, be sure you make your payments on time.

You might also consider looking into vendors that will allow you pay invoices net 30. This starter credit has a lot to offer. Sometimes you will have to prepay for a certain amount of time to get approval. If they give you 30 days to pay an invoice and report to the credit bureaus, this can fast track your credit score. That’s assuming you pay on time of course.

Be Prepared

To be fair, an economic downturn is hard with or without bad credit. Things happen. The key is to be prepared with what you need to get through at all times. Then, you don’t have to worry about trying to scramble to find a business loan you qualify for. You can simply whip out what you already have and climb back on the boat.

What does this look like? Once you have a strong business credit score, you can apply for a business line of credit or a credit card. Find one with the best terms possible, and if it is a credit card, perks and rewards are nice too.

Tools such as these can help you over a rough patch. If you already have them in place, they will not cost you the same way bad credit business loans will. Bad credit can mean higher interest rates, seriously unfavorable terms, and much more. If you already have credit in place, you can simply access that and enjoy the terms and rates your good credit warrants you.

Bad Credit Doesn’t Have to Stop You, Even During a Recession Period

You do not have to sink during a recession, even if you have bad credit. There are options for financing without great credit. Do some research to determine which one is best for you. Once you find it, the real hard part begins.

This is when you have to figure out how to best use the money to move you into a better place. You must be sure to use the debt to build stronger credit. Handle it wisely and do not slip into the cycle of non-payment and further credit score trouble.

If you need the funds to bridge a cash gap, make sure you don’t have a cash leak. Are you relying on financing to handle daily activities that you can’t fund yourself? Figure out how to fix that problem. Are you growing and just need the funds to do so? Great! Don’t forget to pay your bills though. If you do that, you can be out of the water and back on the path to success before you know it.

Don’t stop there though. Once you are back on solid ground, take the time you need to prepare for future funding needs. Build credit, put a recession plan in place, and make sure that the next time there’s a storm, you don’t get knocked overboard.

Note: Lender information can change without notice. Be certain to check with individual lenders for the most up-to-date information.

The post Recession Period Business Loans: Don’t Let Bad Credit Stop You appeared first on Credit Suite.

University student Should Have A Student Credit Card

University student Should Have A Student Credit Card Pupil credit scores cards are additionally referred to as university credit rating cards, we will certainly utilize the identifier, trainee credit score card in this details launch. Generally, for a lot of university pupils, their trainee credit score card is their very first credit rating card and …

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University student Should Have A Student Credit Card

The post University student Should Have A Student Credit Card first appeared on Online Web Store Site.

The post University student Should Have A Student Credit Card appeared first on Buy It At A Bargain – Deals And Reviews.

Rock Solid: You Can Apply for a Business Credit Card with Bad Credit in a Recession

Apply for a Business Credit Card with Bad Credit in a Recession the Foolproof Way

Do you want to apply for a business credit card with bad credit in a recession which you think will drag you down? Not to worry. And that is still true despite the emergence of COVID-19.

According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more cash with business credit.

And it also means you can have personal credit cards at retail stores, and now have an additional card at the same shops for your business. And you won’t need collateral, cash flow, or financial information to get company credit.

Apply for a Business Credit Card with Bad Credit in a Recession

Brex Card for Startups

Take a look at the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Also, there are some industries they will not work with, and others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Apply for a Business Credit Card with Bad Credit in a Recession – Fair Credit? No Problem!

Capital One® Spark® Classic for Business

While this card is within reach if you have average credit scores, beware of the APR. Yet if you can pay in a timely manner, and completely, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Apply for a Business Credit Card with Bad Credit in a Recession with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent per year. Get 1 point per dollar afterwards.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. After that get 1%.

It has no yearly fee. There is a 0% introductory APR for the initial one year. Afterwards, the APR is a variable 14.74 – 20.74%.

You will need great to exceptional credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Apply for a Business Credit Card with Bad Credit in a Recession and Even Get Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is fantastic for travel if your expenditures do not fall into common bonus categories. You can get unlimited double miles on all purchases, with no limits. Earn 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. Yet you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a great to excellent FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a terrific sign-up offer and bonus categories, have a look at the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem through Chase Ultimate Rewards.

Get 3 points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel with Chase Ultimate Rewards. You will need a great to exceptional FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no annual fee while still getting travel rewards, have a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the initial 9 billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can earn 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.

Also get 3 points per every dollar spent when you reserve your travel (car, hotel, airline) with the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

You will need excellent credit to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Take a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need good to outstanding credit scores to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and gasoline stations. And you can get 4x the points on wireless telephone services purchased directly from US providers and on US purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Plus, you get a free night each year after your card anniversary. And you can earn another free night after you spend $60,000 on your card in a calendar year.

You get free Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

Apply for a Business Credit Card with Bad Credit in a Recession and Pay No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no yearly fee, get an introductory 0% APR for the first year. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Apply for a Business Credit Card with Bad Credit in a Recession and Get Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Check out the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus once you spend $3,000 on purchases in the first 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to excellent credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Apply for a Business Credit Card with Bad Credit in a Recession and Get Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. After that, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial 3 months from account opening. Get unlimited 2% cash back. Redeem any time without any minimums.

You will need great to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for twelve months. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions| conveniently to Quicken, QuickBooks, and Excel. Note: you will need good to outstanding credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the first year. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at filling stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no limitation to the amount you can earn.

You will need outstanding credit scores to get this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need superb credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Apply for a Business Credit Card with Bad Credit in a Recession with Flexible Financing

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an initial annual fee of $0 for the first year. After that, pay $250 per year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to exceptional credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

The Perfect Way to Apply for a Business Credit Card with Bad Credit in a Recession

Your absolute best way to apply for a business credit card with bad credit in a recession will hinge on your credit history and scores.

Only you can select which features you want and need. So make sure to do your homework. What is excellent for you could be catastrophic for others.

And, as always, make sure to develop credit in the recommended order for the best, speediest benefits. The COVID-19 situation won’t last forever.

The post Rock Solid: You Can Apply for a Business Credit Card with Bad Credit in a Recession appeared first on Credit Suite.