I have my own business (Sole Proprietorship). I setup the DBA in January of 2001.
And I have a corporate bank account since Jan 2005 also.
also, i have an account do my taxes for the last 4 years.
I want to extend my personal credit (My FICO is about 740) to my business and get a business “Line of Credit”.
Do lenders allow “stated income” on a business line of credit?
What is involved in getting a “Line of Credit” for my business?
What is the process? How much can I get using stated income?
i’ve had a business account at US Bank for a year or so now.
I went in and talked to someone about a business line of credit for a new corporation i jusr formed.
they started a new bank account for me, input my credit line request, pulled my credit score, and asked me how much i make per year. that’s what they base it on, debt ratio and what you tell them your income is.
i didn’t have to fill out anything for the credit line
haven’t got any word back yet but i thought i’d let you know they didn’t ask me to prove my income
Hi guys,
I am a newbie investor. hope this helps, from following a system. Let the corporate card apps come to you. Do you guys have EIN, this is the key lynchpin to the system I am following. In startup businesses you can put projected income in field what you expect to make that year(stated income). In your case, redline I would advise you to wait lik I am waiting for the apps to come to me. Only do 2 apps a month or at least wait until the cards come to you. I understand the max for most companies will be 20-30k. Viperman, my fico is 690 and rising. Viper, do you have an EIN? if not apply for one and wait patiently. As you may have heard, All things come to those who wait,lol
hope this helps
steve
It also depends how fast each bank gets the list on a monthly basis, then set up mas production of the buseinss credit offers to us. I am wtill waiting for my first one. lol
steve
the applications come pretty fast. I do have a business acct but I dont think it makes a difference. The only thing they were concerned with me was my personal credit score. my score really helped me with business credit cards and not lines of credit, that will take some time for me.
Viper, do you have an EIN? if not apply for one and wait patiently. As you may have heard, All things come to those who wait,lol