un-secured line of credit references

i was in a forum before the first of the year and i was told all you had to do was to incorporate and the credit cards and unsecured lines of credit applications would flow due to the state selling your information…nothing yet so who would be the best lender out there for that? ???

Moose, I’m not so sure of the state selling your information but if you do a search on Tom Kish, he will tell you how to go about creating LLC’s (at last count I think he had 16 of them) and how to get credit cards for the LLC (using employee identification numbers rather than social security numbers). I think that Tom said he had 49 credit cards. I haven’t ordered his info but he did pass along U.S. Bank as being a top place to open up a checking account (under your business name) and then requesting unsecured business credit cards.

I just got two Credit Cards in my business name from US Bank.
It does not show up on the credit report and I am going to do one for every L.L.C. that I create. What an awesome way to rehab the small stuff. ( And I am getting frequent flyer miles)
i am so happy :dance:

I am not sure the State sells your information but when you register a business entity it becomes part of the public record and can be accessed by anyone. There are companies that collect this information daily and provide it for the credit card companies.

The credit card offers will be coming around, and many other things you probably wish they would stop sending you.

Acquiring an unsecured business line of credit above the usually credit card limit can be tricky. Some banks frown on real estate investors and best to describe yourself as a property management and development group. SBA backed lines need a 660 fico or higher with no major derogatory, two years in business (business entity can be as young as 6 months) and sufficient assets and gross revenues to support. Most do not require financials until you go over the $50K or $100K mark (it varies with the bank). There is a balance between your net worth, liquid assets, total assets and gross revenues that they will look for to have it make sense. Credit lines are usually awarded based on a certain percentage of gross revenues. Some banks are 20%, some can go up to 40%.

If credit card are what you want try AMEX, Capital One, Providian or Chase. Citibank also has business cards. AMEX is best.

For the higher limit unsecured lines AMEX will do them up to $50K without financials. Also try your own bank.

that sounds cool…amex looks like that might ;Dbe the way to go. my bank gave me a credit card when i opened my checking immediatly for 5,000…maybe i can get them to put it my companies name and let me be out of the way as the guarantor with my company getting the credit for paying on time, etc…i love when i sound smart but itsure makes me feel dizzy. i need spell checkon this mug! ;D

Let me know what state you are in and I might be able to direct you to other banks. I am most acquainted with the New England, MidAtlantic out to the Midwest. Each bank has its footprint and the best to deal with on the unsecured lines are your mid size regional banks. Look to one that has the SBA product. Look away from the national guys like the Wachovias and Bank of Americas. They tend to be more conservative with the product.

Rates on the credit card lines can be up at prime + 4.99%. The other higher balance lines (50 k to 100K) can be anywhere from prime to prime plus 2. Usually prime + 1 at $75K and above, prime plus 2 at 50K and the SBA lines can come in at prime + a half.

jaamjk, i’m in ohio. i will try u.s. bank i would like the 50,000 dollar range it is just having all i’s dotted and t’s crossed so i don’t look like a fool when i go in there apply for credit.

If I was in Ohio I would try for a $100K. It is tricky though.

I will send you a private message and outline some of the details involved.