I think the problem most new & old LLCs have is the owner has personal bad credit. Still need 650 - 720 to get proper funding. People mostly want to know how can you het funding, business credit cards, loans with bad to credit. You can het business fuel cards with low or no personal scores to build business credit but you still have to fix and raise that personal credit score to around 650 with no collections.
i call truist yesterday to apply and they stated i need last year tax returns and the only way i dont have to show is if i have a 800 credit score and yes no collateral but they run person credit an dyou can only get 50k if you make 300k on tax returns. I told her I made $150k she divided it in half and said on that $12k a month so times 2 we can give you up to $25k. So yea you cant get 50k for a new business. my business is 4 years old
This video is soooooooo good!!! I just subscribed… I am finally in the 700 club 😌💎 and my business been doing pretty good but it’s still very new… so just trying to be careful on which would be the best business credit card for me. This was very helpful
I tell that to everyone as a business or personal never get a loan at the time that alone is desperately needed. That is of course if you haven't already locked a loan that doesn't have to be paid back giving you peace of mind. Try to have a couple loans set aside in savings preferably high yield creating some interest while you wait until something, and idea pops into your head. Then there's no stress about where we're going to get the money.
If your credit is good, go ahead and start applying for funding. Don't make the mistake of being in business too long without getting bank accts & credit cards
if i was under %30 personal %50 business and was about to apply for more business cc's should i pay off more personal or biz cc's before i apply if i had extra cash to put towards debt?
Naam thank you for the great videos. We have a Airbnb cleaning service part-time with a projection of $35-$40,000 next year I have close to a 700 credit score at the moment,what are our chances of getting a $50,000 credit limit?
Hey Naam i would really love a response. I formed my LLC this week so i would have soley projected income. Im a contractor and have been subcontracting for awhile. I have a garunteed projected income of 160k next year. I have a personal credit score of 766. What are the realistic odds of be getting funded? It would be absolutely perfect to have $50,000 by February of next year. Thank you!
@ horrible customer service, when they bought suntrust I lost 23k still fighting for the last 3k They charge stupid fees for not having money and won’t close accounts when requested. Not worth it
@@jaymesspreed7825 Truist has been very Good to me. They like to see some kind of prior relationship with them. Example, I have a car loan and a personal credit card. I applied for a business line of credit with a 775 credit score and was approved for A line of credit of 65 thousand.
You are one of the few that ACTUALLY go over all the info!
🙏
I think the problem most new & old LLCs have is the owner has personal bad credit. Still need 650 - 720 to get proper funding. People mostly want to know how can you het funding, business credit cards, loans with bad to credit.
You can het business fuel cards with low or no personal scores to build business credit but you still have to fix and raise that personal credit score to around 650 with no collections.
i call truist yesterday to apply and they stated i need last year tax returns and the only way i dont have to show is if i have a 800 credit score and yes no collateral but they run person credit an dyou can only get 50k if you make 300k on tax returns. I told her I made $150k she divided it in half and said on that $12k a month so times 2 we can give you up to $25k. So yea you cant get 50k for a new business. my business is 4 years old
Did you try any of the other options? I've been trying to decide which bank will give be the best odds for a genuinely brand new LLC.
So did you have to prove anything or it was just off your word
Bro, this information is straight on Point 💯. Great way on how you explained it. Thank you...🙏
Thanks brother!
So much value!!! Thank you!
Good knowledge 🤝🏻
Thanks fam!
This video is soooooooo good!!! I just subscribed… I am finally in the 700 club 😌💎 and my business been doing pretty good but it’s still very new… so just trying to be careful on which would be the best business credit card for me. This was very helpful
You got this!
Hey can’t thank you enough for the in-depth review 🚀
Welcome!
Relationship banking & credit gardening works.
Yes!
dear naam, "When Do You Unfreeze?" im just learning. currently i got several freezes. my score is growing fast
Great info
I tell that to everyone as a business or personal never get a loan at the time that alone is desperately needed. That is of course if you haven't already locked a loan that doesn't have to be paid back giving you peace of mind. Try to have a couple loans set aside in savings preferably high yield creating some interest while you wait until something, and idea pops into your head. Then there's no stress about where we're going to get the money.
Awesome!
What is considered a new LLC I opened my mind up April 2023
If your credit is good, go ahead and start applying for funding. Don't make the mistake of being in business too long without getting bank accts & credit cards
We in the same boat I’m want to know too
Bad credit don't give you sh... is lie just get views youtubers bull....
815 views 😄
That’s good enough time. New LLC could be a formation yesterday
if i was under %30 personal %50 business and was about to apply for more business cc's should i pay off more personal or biz cc's before i apply if i had extra cash to put towards debt?
Gems 💎 The ones we really need
GM requires you to have built some BUSINESS credit and be on D & B or auto denial.
Freezing your credit will get you denied just call and flat out ask…
Naam thank you for the great videos. We have a Airbnb cleaning service part-time with a projection of $35-$40,000 next year I have close to a 700 credit score at the moment,what are our chances of getting a $50,000 credit limit?
lower, unless you have a history with higher limits
@ thank you sir. I appreciate the Intel!
Hey Naam i would really love a response. I formed my LLC this week so i would have soley projected income. Im a contractor and have been subcontracting for awhile. I have a garunteed projected income of 160k next year. I have a personal credit score of 766. What are the realistic odds of be getting funded? It would be absolutely perfect to have $50,000 by February of next year. Thank you!
does this work for canadian LLC? or it has to be a US one. and if it is, is there a way for canadians to open company in the us.
Awesome!
Awesome!
Truist is the worst bank to work with, do not go with them. Horrible
Explain why please.
@ horrible customer service, when they bought suntrust I lost 23k still fighting for the last 3k
They charge stupid fees for not having money and won’t close accounts when requested. Not worth it
@@jaymesspreed7825 Truist has been very Good to me. They like to see some kind of prior relationship with them. Example, I have a car loan and a personal credit card. I applied for a business line of credit with a 775 credit score and was approved for A line of credit of 65 thousand.
I have 2 of these banks and wasn’t approved
Carlie Lodge
Collins Roads
Schimmel Corners
Jacey Skyway
Algorithm algorithm algorithm algorithm algorithm algorithm algorithm algorithm algorithm algorithm algorithm algorithm ❤
👍
EVERY ONE OF THEM DENIED ME WITH A 756 CREDIT!!!!
every profile is different, try to do a reconsideration