All Forum Posts by: Dee W.

@Vashaunna Dixon  You’re very welcome. Sorry to hear you were denied. How is your personal credit? If it needs work, perhaps you should look into building corporate credit while you take care of your personal credit. That way you can maximize your borrowing potential. There is cash credit available without a personal guarantee through your business. However 0% interest lines of business credit with a personal guarantee could work as well.

Business and corporate credit are both essential towards success in real estate. You can use 0% interest Business credit cards as a down payment when pairing with bank\private financing to get 100% financing on your deals. You do have to have good to great personal credit however. If personal credit is an issue, build your corporate credit when working on your personal credit. Start with net 30s and build from there until your business credit reports are strong enough to qualify on their own for bank financing without a personal guarantee. I have cash lines of credit from Syncrony bank WITHOUT a personal guarantee but it’s not an overnight thing. Good personal credit speeds up the process. If going the sole corporate route, it can take 6-12 months.

I can confirm. I have numerous business cards that do not report to any personal credit reports. The only business credit card I can confirm that does report is the Capital One Spark Card. Reports to business and personal. Business cards almost always require a personal guarantee. The only ones that don’t are corporate credit cards which I have as well. The corporate card I have is the Sams Club Business  MasterCard which I did not personally guarantee and reports to Business Experian. Can be used anywhere MasterCard is accepted.

Chase Ink or Amex Business Blue Plus. Don’t have Chase but the Amex gives 15 months 0% interest plus 2x points on purchases up to $50k\year. Hope this helps. 

Navy Federal is giving away credit like candy. Already at $70k on the personal side. Looking to open a business account this week. Best bank ever.

Definitely plenty of houses under $40k here in Memphis. Me personally I would use the business line as a down payment source to pair with bank\private financing.  Doing this will allow you to leverage your remaining funds as a backup in case surprises occur.  

@Jason DiClemente Didn't see anywhere where that was mentioned. Only saw where a question was asked on how to go about getting\utilizing business credit. Besides if that was the case where if he was to max out his business credit cards, I doubt DTI would even be a factor because business debt doesn't show up on personal credit reports. That's the beauty of it. To keep things simple, just use business credit as the down payment portion when pairing it with bank\private financing.

 Do a cash out refinance before the 0% interest expires, pay the debt back from the equity, rinse and repeat. 

 Banks don't always require a personal guarantee. I have a corporate line of credit without one. For business lines that do require one, it doesn't show up on your personal credit reports (unless you default) which is a huge benefit due to utilization. 

Understand there is Business credit and then there is corporate credit. Business credit requires a guarantee which means your personal credit must be good. They also offer 0% interest for 6-18 months.The good thing is that it reports to your business credit reports. Corporate credit is based on the strength of your business credit reports only. I have a cash business credit card without a guarantee.