I have a discharged bankruptcy chapter 7.Will I be able to just apply for credit cards under a business name?What if I file for a LLC?I have no family most of my friends are broke I have to do this on my own not sure where to start or whom to ask thats why I'm here..Please HELP
2006-08-02 13:28:54 · 4 answers · asked by Dave 3 in Business & Finance ➔ Credit
I own my business in the form of a S corp so I know what I'm talking about here.
Business credit is not as easy to build as most people think. You can get basic net 30 accounts for things like office supplies(viking, nebbs,etc) pretty easy but anything like a credit card, automobile or real estate purchase will require a personal guarantee unless you have a well established business credit portfolio.
My suggestion is to head over to the below link and click on the "business credit" link and read up. These guys know what they are doing.
http://www.creditboards.com/forums/
If you are looking for startup money I suggest heading over to www.prosper.com. I have known many people who have gotten funding through them after being declined by traditional sources. Keep in mind though that you will probably end up with a higher interest rate than you would like.
2006-08-02 14:21:48 · answer #1 · answered by Jim R 5 · 0⤊ 0⤋
I have started a DBA, LLC S-Corp, and owned a business since... 16???
With a bankruptcy on your record, you really can't get any sort of funding for a business. Maybe through the SBA (small business assoc) loan and through the bank. Rates will be a bit higher than usual through this method, but its a possibility.
When I was 21, i had great credit for a person my age, excellent history, etc etc. I was able to purchase a home with a low apr. But when it came time to make that $150k loan from Mr. Bank... gave them my plan, 3-yr financials... they declined. Not one bank, but three.
Credit cards will be easy in my opinion. A new college grad received them all the time. Just apply for a DBA, and they'll send you massive applications and pre-appovals.
Best bet: Co-signer, save money, wait, or no business at all. Gotta get your personal life in check first before starting a business.
2006-08-02 21:45:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
it is very hard to start your own business in this country with money and great credit let alone bankruptcy it has been done but it is very difficult my advise is to take a job and get into and learn everything u can about a good network marketing company yesssssss i know everyone thinks its a scam but its not the only people that ever complained about it are lazy and wanted everything done for them and for free how does that make it your bu siness if you are truly motivated and do not mind working while you start learn and own a business and put the time in that it that it will pay off just like any other (real) business as they call it the average time for a busines to be rated in this country is 5 yrs and 92% of them fail why is that lack of courage to go on and lack of money to start with network marketing it is very Little invested and that is why most fail they have nothing in it so if your really interested contact me at wdconine@yahoo.com and i will try to help you but if your not willing to try please don't bother i'm very busy and don't have time to babysit someone who wants the world for free good luck i wish you all the happiness and wealth in the world
2006-08-02 23:01:44 · answer #3 · answered by prepaidyeh! 2 · 0⤊ 0⤋
If you have a good business plan you should not have too many problems getting credit, it partly depends on why you went bankrupt. Is there a small business centre near by that could help you?
2006-08-02 20:34:07 · answer #4 · answered by StatIdiot 5 · 0⤊ 0⤋