Question
Help Need credit card for Small Business, Please read!?
My bf has been in business for 8 years and was using the same credit card since the beginning, (if it matters the company was advanta). Well 2 weeks ago he got an email that they are closing all accounts in 5 days because the company was bankrupt. So he went to wells fargo who he has been with for 10 years to get a credit card. He got a letter today that he was denied, he went to chase and couldn't open a business account only personal so he left, then went to bank of america and they opened a business account but denied him as well for a credit card. He always has $40,000 in the account and has a score of 740 with one credit agency and 775 with the other. he does not have any loans and no other cards and needs 1 to run the business. Bank of america told him it was because lack of revolving credit accounts. So we think it might be that Advanta the credit card company didn't report with the agency. So what can he do? any suggestions is appreciated. Thank you! oldest, he had tried amex for 2 months and quickbooks credit card for short period. and he has had a few loans all are paid off though.
6 months ago - 3 answers
Best Answer
Chosen by Asker
Advanta did the same thing to the company I work for! We couldn't find a credit card provider that could provide as high a limit as we need. The company has 7 card holders and can use up to 50k in credit a month though it is always paid off. We finally got cards through M&T, because that's where the business account is. Perhaps the line of credit he is looking for is too high?
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Same situation!
6 months ago
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Other Answers
I bet what happened is, if this was his only credit card...and they closed it, it pretty much screws him, because he would look as if he has no credit! Was this the oldest account or only account he has had? Advanta reports..believe me, I had one of their cards back in the 90s. He might want to recheck his scores, they may have dropped due to Advanta closing his accounts. If he has 40k in those accounts, have him ask the bank for a secured card for 6 mos or something just to get reestablished. It sounds like all the big boys aren't going to deal with him.
by Help Is Here!- 6 months ago
Advanta has not yet filed for bankruptcy but terminated its credit card business to try to stave off bankruptcy. For the short term, can't he use the debit card on his business account as a credit card until he solves the problem? He'll still get account transaction information on the billing for tax purposes. Then he can try getting a Discover , American Express, or other business card.
by Michael T- 6 months ago