2006-06-05 13:52:28 · 7 answers · asked by Anonymous in Business & Finance ➔ Small Business
Let's first look at why you don't have a credit card and its implication to your getting resources for your business:
a. You have poor credit - if you have no credit cards because no company would approve you for line of credit, chances are also very high that no banks will lend you loans. Having a business plan is not enough; some banks would not even look at your business plan if you have poor credit history. Even SBA loan is a long shot.
b. You have no credit history - either because you are an immigrant or you are a young person just starting out in life. In this case, you have to have a business plan PLUS a collateral or loan guarantor when you approach a bank.
Credit cards have become an important source of financing for many small business entrepreneurs, especially those who cannot get a loan or will not require a significant amount of money. They use credit cards to buy their equipment, pay their suppliers, buy inventory, etc.
Without access to credit cards, your best sources of capital include your savings, your family, or your friends. You may also be able to find an investor willing to help you out, but the investor must either believe in your business idea so much, or the investor must believe in you as a person and your determination to succeed. I know some entrepreneurs who got financing because the investor just loved their tenacity to succeed.
Otherwise, you scale down your plans or wait for a better time to start a business -- and that is if your financial condition improves.
2006-06-05 14:30:28 · answer #1 · answered by imisidro 7 · 1⤊ 0⤋
Find a home based business that does not require a credit card. Have you heard of Pre-Paid Legal Services? Check this out!!!
2006-06-05 15:09:00 · answer #2 · answered by jpigdog96 2 · 0⤊ 0⤋
Can you borrow someone else's credit card? It has to be someone who you trust and trusts you a lot. I started out the same way a few years ago, I borrowed my Mom's, lol, but it worked out great. You have to be very careful as you are using someone else's identity, the person that helps you out has to be aware of the transactions you are making and might have to sign a few documents for you, which can be a hassle.
2006-06-05 13:57:35 · answer #3 · answered by rykkardo8 4 · 0⤊ 0⤋
I can give some advice on how to fix your problem but I need a few more details of how you will use the card and how much credit you need on it. Write to Bruce boatclub@go.com and ask the question again with details included.
2006-06-12 11:25:18 · answer #4 · answered by Via Bruce 4 · 0⤊ 0⤋
If you are interested in a home business,I am doing one right now that does not require a credit.Email for more info at realhomebiz@yahoo.ca
2006-06-11 16:29:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Try with prepaid credit card. greendotonline.com
2006-06-05 18:40:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can write a business plan and receive a loan through the bank. Or even prosper.com to borrow money.
2006-06-05 13:57:55 · answer #7 · answered by PeppermintandPopcorn 3 · 0⤊ 0⤋