Have you ever been to your bank and wanted to apply for business credit cards, but were turned down? Or, perhaps, you received a business credit card from a friend or family member who told you that they had been accepted. If you have experienced this, you will know that it can be an agonizing experience. You may even feel somewhat betrayed that someone else has more power over your business credit than you do. What can you do to rectify the situation?
The first step to rectifying the situation is to investigate the business credit agency that you are applying to. If the information is available online, then you should be able to access it quite easily. However, if they do not have such information available, then you will have to get information off the phone. This can be done by asking them what type of information you will need to provide when you apply for their business credit cards. You may be required to enter some basic personal and financial details, however, it is usually nothing that will cause too much hassle.
Another good thing to do when investigating a business credit agency is to find out what kind of reputation they have. Are they reliable? Have people been ripped off by this credit company? These are important questions to ask yourself before you make a decision.
There is one very important thing that you should never do when researching a business credit agency. You should not apply to more than two credit companies, as this will only increase your chances of being rejected. Credit companies work like loan agencies, and if you request three or more credit cards from them you are almost guaranteed to be declined. In fact, some credit companies have specific clauses regarding how many applications they will take at any given time.
Never sign up for more than five credit cards from a single business credit agency. If they fail to report your application to the credit bureaus, you are done for. Do not ever purchase more credit cards than you can comfortably manage with your current financial obligations. If you cannot manage five credit cards, it is best to look for another credit card company.
It is also very important that you only use a business credit agency that you trust. There are a lot of scams out there, and you can easily fall victim if you are not careful. Do your research, and only use reputable companies. Once you find a few suitable agencies, it is definitely in your best interest to sign up for a business credit card account. It is an extremely valuable business . . . . . . asset, and no business can survive without it.