credit lines?

Question

How many have ever paid 2500.00 for a credit line of 250K to 500K
I just don't know how great this offer is? Is it a racket?
Any knowledge of this?
Thanks

Account Closed · Answer

I believe you will find lines of credit to be extremely useful and perhaps perfect for specific situations.  It is very important to research and learn as much as you can before moving forward with any big decision.  Often credit lines especially in today's economy are meeting the exact needs as banks are not lending as they used to.  If you have great credit I would consider getting approval provided you are able to pay the fee if any and be sure there are no up front moneys needed.

Alina Nicol · Answer

My advice on Purchasing any line of credit or TRADELINES is to make sure if you pay any up front fees that you only deal with a company who accepts credit cards. If they fail to provide you the sevice you paid for you can dispute the charge with your credit card company and charge back the fee you paid. Remember to read all your disclosures carefully. If a company can not accept credit cards and askes you to pay with a check or money order... hang up the phone and find another company to deal with. Any legit business should be able to accept credit cards unless their merchant accounts have been cancelled due to excessive charge backs and or the company is a scam. At the very least unoraganized and unprofessional. Be careful when purchasing ANY type of service over the internet. However again.. if you must.. always and only pay for services using a credit card.

Scott Williams · Answer

I don't think there is a quick easy path to large lines of credit. There wouldn't be much point in paying our bills on time if there was.

You can start a business with an ein number and gradually build credit just like you would for personal, but it will take time.

Maybe find some partners with cash/good credit.

There are also some good forums that can help teach you how to get negatives removed from your report and find new positive credit lines to improve your personal scores.

Account Closed · Answer

Hi again,
If I create LLC it's will be better and easier to obtain a business line of credit? I don't want pay crazy fees, but I need a loan.
I really need your help.
Thank you

Account Closed · Answer

Thank you guys for answers. But, can you tell me other option how to create line of credit. I mean in short term and big amount.
Thanks

James Williams · Answer

You will find companies all over the internet offering shelf corporations for huge upfront and backend points (cost). One caveat is to realize many of these companies have been redflagged by credit reporting and granting agencies. These programs will soon be dead just like authorized users on personal credit accounts.

Account Closed · Answer

I was looking to borrow some hard money and what i got to my e'mail today. What do you think?

General Information on $1,500,000 in Funding 
If you need money for your business and have tried normal banking sources, but have not gotten the financing you need, you have come to the right place. As you know, with the credit crunch we are in today, securing business credit is becoming more and more difficult to obtain.

We offer a shelf corporation at least 6 years old in full corporate compliance, with full financial, tax returns and a Paydex score of 80+. We enhance our aged corps AAA bonds and securities to give our lenders a greater sense of comfort and leverage, which gets you approval amounts that are 3-4 times greater than anywhere else

Our proprietary program is unparalleled to any other program currently being offered. Our funding sources are not your typical lender/banker. Our long history and international sources allows us means to financing and banking activities that a typical US citizen would not be privy to. The end result for participants is $1.5M in unsecured corporate lines of credit.

Transaction Details
There is a small up-front fee of $6,900 for the filings and application processing. The cost of your aged corporation ($23,500) can be paid up-front or can be taken out of the first amount of personal credit of $25-$50K which takes about 5 days. This credit card can be used immediately and can be canceled after the balance of your credit is established and this is just to pay for the corporation if you do not wish to pay the 18.5 upfront.

The balance of your corporate credit comes in $500,000 increments and takes about 30-45 days. Upon closing on the loan, there is a fee of 15% (plus a 1% broker fee), which is tax deductible just like closing costs on a typical mortgage loan. (Please consult you CPA or tax preparor for the actual %).

The interest rate will be prime plus 1-3% (depending on the guarantors credit, usually +1) and you pay only on the amount you use amortized over 20 years. At prime +1, the monthly payment on $250,000 would be $1,938.

A person with a 720+ fico score should be on as the CFO of your corporation the first two months while the corporation is applying for the initial credit lines. This is corporate business credit and there is no personal liability—the corporation is liable for the debt and no fico is required after the corporation is credit is established.

If the borrower does not have a viable business model, which will produce revenue beyond the loan fee, we would strongly advise the borrower to seek or devise a new business model.

With the credit market continuing to tighten up we urge you to take advantage of this great opportunity while it is available.
And????????

Stephen James · Answer

What I've seen is that there are a lot of so-called consultants here in Atlanta that will want to charge up to 10 percent of the line's limit after they get it for you.  So if they get you 250K, they want 25K.  I think that what this person is talk about.  Would you let someone do that with a credit card? And if it's more money, does that make it more or less stupid?  Caveat emptor.

Account Closed · Answer

If the fee is an origination fee, then it sounds reasonable. Origination Fees are paid when you close the loan and can be taken from the loan amount itself.

If they are asking for the money up front prior to any work. I would be leary personally.

If you are wanting to establish credit in your business name, get some credit cards, get some trade lines, and head to a lender and ask for a UBLOC ( unsecured biz line of credit). Dont' get crazy and ask for 1M, you won't get it. Take what they give you and slowly ask for increases.

I know National City is pretty decent, or at least has been.

As to business credit cards, try checking out the following link

http://www.creditcards.com/business.php