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My husband and I have had a small business for almost 2 years now, and have tried to get business... |

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Date:
September 25, 2007, 8:26 pm |
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My husband and I have had a small business for almost 2 years now, and have tried to get business loans. Because of our poor credit, we have been unable. I looked for "bad credit business cards", but they don't seem to exist! We do not have enough capital for a secured loan. Any credit cards out there for a business like us? |
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Answer:
As a matter of fact the whole credit system is based on various conditions offered to people with various credit risks. Thus, the worse history you have the less your opportunities are. True, the banks are generally glad to issue cards to those with bad score and give them a chance to improve it. However issuing deals with the best terms to people with poor credit is very risky, that's why we don't think you can be approved for a business card if your score is less than 660. The best business offers introduced are bank products issued mostly for good-to-excellent score owners, requiring financial discipline and responsibility to apply for them. So, to be approved your report should not contain bad score or any marks at all. We recommend you to apply for a card with less favorable terms now and raise your score first. |
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