How do I get more credit?

Discussion in 'Business Operations' started by madmow, Mar 30, 2003.

  1. madmow

    madmow LawnSite Member
    Posts: 44

    How do I get more credit when I don't have enough money on the books? I can't get a cosigner and I can't get a loan on my own. How many credit cards do you think I can get before the companies cut me off? Other money collecting suggestions are welcome!!!! Thanks

    "Don't MOW MAD. It's BAD."

    Madden's Mowing
  2. adrianvbarrera

    adrianvbarrera LawnSite Member
    Posts: 163


    If your books don't show you making money what makes you think that a loan is going to help you.
    It might even sink you.

    Extra equipment is just extra overhead....YES you do more work but you get less profit from each job. The equipment must be paid somehow....even when it is not directly being used.

    The old saying that banks only lend to people that don't need it is kind of true.

    Watch it with the that high of an interest they will eat you alive. You might end up working just to pay the interest.

    Just a thought.

  3. MacLawnCo

    MacLawnCo LawnSite Bronze Member
    Posts: 1,847

    I read one time that a couple in Alaska died with over 1 mil in credit card debt. I guess they just kept transfering the debt to other cards and never payed a dime on any of it. Left the credit companies a nice sized unrecievable when they croaked. I supose if you wanted to also, you could pursue this method. I doubt any credit card company will ever not issue you a card.
  4. promower

    promower LawnSite Bronze Member
    Posts: 1,232

    When I knew what I wanted to do, (Lawn business) I worked 70 to 80 hours a week in asphalt business to save up enough money to buy equipment and get myself a good credit rating. I would have liked to work for another LCO but it would have taken me twice as long to save. It sucked being that I wanted to start right away but this gave me time to plan out what I wanted to accomplish, gain more knowledge in the field etc.. Sorry my advice doesnt really help you now but thats how got the money to start. I think starting out in hole with lots of credit card debt may hurt you. Another thing you can try is if you can land a big enough account ask them to pre pay for the season and tell them you will give them a discount. Of course this person will have to have great trust in you and your ability but they may be willing to help you out.

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