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business credit

Discussion in 'Starting a Lawn Care Business' started by tsi guy, Jan 29, 2008.

  1. tsi guy

    tsi guy LawnSite Member
    Posts: 41

    where is there a easy place to start your business line of credit? I herd that soons as you get a ein# or state id# you can get instant credit at staples, i think home depot and I think office max. I was just curious. I read it some where, that business credit is easier to build than your personal credit. can anyone shed some light on this
  2. bigw

    bigw LawnSite Bronze Member
    Posts: 1,540

    For the life of me why would anyone want a home depot or lowes credit card at what 18% intrest? If your credit is good enough to get a card from them why not just get a lower apr card and call it your business card? I have a card that i payed down to zero balance and was using it for business purchases only.Well actually i just applied for an actual small business credit card today at 0% for 15 mos and then 7.99% theirafter and this card will sport my company name and even my company logo if i want it to.Bottom line if home depot will approve you so will most "real cards". oops im sorry its Annual percentage rate (APR) for purchases 21.00% thats crazy!!!
  3. bigw

    bigw LawnSite Bronze Member
    Posts: 1,540

    Oh and if you are new to getting credit please be careful,you mess your credit up and you will feel it forever. Just remember this... a credit card with a $2,000 limit that is maxed out and has an apr of 21% will take you " 26 " years to pay off if you only make the minimum payment :nono:
  4. tsi guy

    tsi guy LawnSite Member
    Posts: 41

    i Don't tend to use it much except on building credit. pay it off every month. I've been building my own credit back up. (divorce bankruptcy) goes hand in hand. I've been working on it for 2yrs.I just got turned down by home depot a few weeks ago. but would like to keep my personal seperate from my business if thats possible.but I did read some where that there are few companies that give you instant business credit
  5. CharlotteOutdoorImpact

    CharlotteOutdoorImpact LawnSite Senior Member
    Posts: 252

    Do a search for " building business credit can be easy" that is some must read info. Read it front to back. Its started by Willretire@40. There is enough info on that thread to occupy a half a day and you will be some well spent time

    Check it out.

    DLAWNS LawnSite Fanatic
    Posts: 5,778

    Charlotte: I tried to search for this topic as I'm very interested in reading up. When I did a search I tried your quote and a few others and all I got was error messages. Any other way to find this thread?
  7. stevenf

    stevenf LawnSite Bronze Member
    Posts: 1,612

    Do you have to have high personal credit to evern start getting credit cards and loans for a business?
  8. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Posts: 2,160

  9. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Posts: 2,160

    that can be a dangerous thing though... dont go and max all those cards out, be careful!
  10. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    Pay cash all the time and you will be money ahead in the long run.

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