Anyone used No Doc Business Line of Credit

[NeilCartwright]

I’m starting this trucking business this year, but the first hurdle is financing it. Since it’s cinsidered heavy duty then a business has to purchase it. Bc by the time I open the LLC I won’t hace any business credit I’m looking at a business line of credit.

I just need to raise my personal credit score by about 50 points and I should be good. But I also read they would like you to have at least one personal card with a 5,000 limit.

Has anyone gone through this process before?

 

[Swirv]

The ones available now are predators from what I read in a bloomberg article:
Bloomberg - Are you a robot?

Please read the article because it might save you money and headaches.

 

[No Homo]

I’m starting this trucking business this year, but the first hurdle is financing it. Since it’s cinsidered heavy duty then a business has to purchase it. Bc by the time I open the LLC I won’t hace any business credit I’m looking at a business line of credit.

I just need to raise my personal credit score by about 50 points and I should be good. But I also read they would like you to have at least one personal card with a 5,000 limit.

Has anyone gone through this process before?

When they say no doc what they will do then is look at your personal credit and you will get funded by personal guarantee..which means you are putting your credit on the line.

Usually you need a lengthy credit history(about 7 years or more) no late payments in the past 2 years, no collections or other public records, and a good credit/debt ratio (usually less than 30%).

 

[NeilCartwright]

When they say no doc what they will do then is look at your personal credit and you will get funded by personal guarantee..which means you are putting your credit on the line.

Usually you need a lengthy credit history(about 7 years or more) no late payments in the past 2 years, no collections or other public records, and a good credit/debt ratio (usually less than 30%).

For the two brehs above me, what other options do small businesses have to get business loans/lines of credit?

Im looking to purchase an 18 wheeler through my business name and set it up with a driver and 3rd party company. I dont have a CDL though. Bc of this i cant physically buy it (even finance it) through my personal name.

My first thought was to get a business loan to finance it, but i just started the LLC, so i really have no payment history within the company.

 

[.r.]

..

 

[NeilCartwright]

Ended up getting business credit cards. Process was the same as getting a personal card

 

[Silkk]

Ended up getting business credit cards. Process was the same as getting a personal card

I have one through capital one, and plan to get more through Chase in March. Which ones do you have?

 

[NeilCartwright]

I have one through capital one, and plan to get more through Chase in March. Which ones do you have?

We go through Bank of America.

Eventually I want to get some through Chase. They gave me a pretty high limit on my personal
Card.

 

[Silkk]

We go through Bank of America.

Eventually I want to get some through Chase. They gave me a pretty high limit on my personal
Card.

Me too, Ended up switching to them from Cap one as my primary bank because of that.