I am having a bunch of Credit problems and I need Credit today!?

I am a 24 yr/old small business owner and it seems I never get a brake! I just keep on jumping into "to-good-to-be-true" offers. I may not jump into to many, but when I do, they are big leaps, generally into, what seems like, a bottomless pit. I don't have much credit history, and what I do have is BAD! I started @ 18 by getting a credit card w/ a $600 limit. It wasn't bad, I was making the money, paying it off, then I lost my income. After the card was already maxed out! That was six years ago, so that means if I wait another year or 2 it will be off of my report all together. Well, you might say "problem solved"... but wait, there's more! I went to college, got a supplementary scholarship, my parents covered the rest, and then I hear that I am getting a "refund check". I thought that it was a refund because I got another scholarship somewhere that I applied for, but I was wrong. It was from the government and it was a loan. If I had realized that at that time, I would have put it in a bank in a cd account, but I didn't and then when it came time to pay it back, I didn't know what it was, so I brushed it of as one of the many mistakes that our government makes and ignored it. BIG MISTAKE! Up until now, I have made money through music, on basically a per contract basis. So, money came when it came. I ended up getting married and when my wife and I did our taxes together this year they took the money I owed. So that is paid off, and it's supposed to be off of my report by now. Now, here is the big problem! I own a business, a towing business, it's a very profitable business, if your trucks continue to work. Even more profitable if you have a tow lot. I make the majority of my money towing cars from A to B. I can't tap into the largest cash cow in the automotive industry, the government! In MA you need certain "towing rights" to tow for the city and/or state, also if you want to do "trespass towing" (parking lot tows). Now to my point, I have been having problems with my trucks (2 trucks) and I don't have a lot. A man approached me about his company named Vericomm, it's a merchant services company. He gave me the whole spiel on how they have the best rates around and there is no cost to cancel, no minimum charges required, no charges other than the lease (through MBF LEASING) and a statement fee, it all should have added up to $90 a month. Now that was all good and fine, but I wasn't getting enough people who wanted to pay by card to get it. So, he told me about something that made financial sense to me. He said that a week after I got the machine, whether I used it or not, I would be able to tap into up to a $150,000 advance, which was paid back by the use of the machine. A percentage would be taken out of every charge, and there would be little or no interest on the advance. He told me thatI was more likely to get about 30k to 50k on my 1st request. This seemed like a dream come true to me, because I could get my trucks in tip top shape and have a down payment for a lease on some property for a tow lot. I knew (and I still know) that if I had that available to me, I would make that money back in just a few short months. It turned out that, he pushed me passed all of the fine print, that said exactly the opposite of what he said. They ended up charging me over $140 a month and I then found out that the advance is only available to those who regularly bring in $10,000 a week for at least 4 weeks through their company before they would consider me for only $1,500. Well, I tried to explain my complaint to them and they ignored me and continued to charge my account. I ended up closing my account and now they are threatening to put in on my credit report (I am supposedly, personally liable for about $3,600 for my lease.) and/or take legal action if I don't resolve this in the next 24 hours. I feel like crap, my credit was just on it's way to getting better. Now my wife is ready to divorce me, my business is in shambles, I have a card machine that doesn't even work, and my credit report is about to get even worse! Does anyone know any companies that will give me credit today! And is it easier to get a business credit card w/ a personal guarantee, or is it easier to get a personal credit card!

1 year ago - 3 answers