I was wondering if anyone out there has had any recent luck w/ “balance txfr”/intro/promotional offers w/ any credit card companies in particular. I’ve had success with this in the recent past, but was looking for some new leads on any offers that others are finding out there.
For example, I currently have large balances (through AmEx and Chase) locked at prime and 2.99% for the life of the balances (2% of outstanding balance due each month) respectively. These are on business cards - so the balances don’t show up on my personal credit report.
I teach How & Where to Obtain Unsecured Business Lines of Credit which would be able to help transfer your high personal debt into your business debt so you look like your debt free.
7 Steps to Build Your Business Credit
Form a business
Limited Liability Company, S-Corporation, Corporation
Obtain Federal Tax ID #
Open separate business checking account
Most banks give 1-2 years free (no min. balance)
Obtain a DUNS #
Establish your first 3-5 trade lines of credit that will show on your DNB business profile utilizing your DUNS #
Uline, Quill, etc
Pay the trade lines of credit ON TIME!
After the first 3-5 companies report to DNB that you pay on time, you are on your way to obtain a PAYDEX score of 80
Most of my students achieve an 80 PAYDEX score in 3-4 months
Attract companies that will offer you your first Unsecured Business Line of Credit
Most students obtain$25,000 in first 3-6 months of my program
Secured to the business with no income verification!!
Usually in the form of a Business Credit Card, Cash % rate same as APR
Why go though all that trouble and money of LLC’s and DUN numbers, when someone with good personal credit can get business credit cards? I have at least 150K in credit lines though business cards.
I think the promo rates are going to dry up completely soon, as they tighten their belt with the rising losses.
You can find all the information you need regarding business credit by searching the web. www.creditboards.com is a good place to start. You don’t need to pay someone to help you with this.
I’m all for establishing business credit lines and the like for your business, but transfering your personal debt into your business?? Something about that just doesn’t sit right with me…I can’t quite put my finger on it yet…