Hello,

I own a 1 man operation handyman/sub contractor company. Have been open just over 1 year so far have been able to swing purchases with personal funding or a personal cc if needed. My customer base is mostly commercial net 30s so I don’t often get 50% to cover materials or upfront cost.

I was awarded a large project and where I’d need to purchase 10,000$ in material. I’d like to use the opportunity to put it on a cc as it’s a good time to build the credit and not have it on a personal cc.

So the other night I was looking on chase and I accidentally applied and was approved for a new personal card and now I’m worried if I apply for my business it will hurt my credit. I’m not sure I understand how it works for them to pull the credit. I have an open line of credit with a paint company and have been making payments and buy and pay off. Would that help?

Also if I’m not screwed with being able to open one, what card is best for first one? I saw Amex has some nice rewards with spending up to 10k

  • SouthernHiker1@alien.topBEnglish
    1·
    1 year ago

    I love my gold Amex card, but you have to be disciplined with it. You pay it off monthly, and if you don’t they will destroy your credit. However, their is a hidden limit that is very high. I had them call me once to see how they could help me with business, and they revealed to me I had a +$300k limit. And he said if I needed more, I could just call. So, if you have a big deal come through, and you are 100% sure you will be paid in 30 days, it’s very convenient. Just have additional cash to cover it if customers don’t pay.

    I use it to buy pretty much everything for my business. I currently average $70k a month on it, but some of my highest months were $150k. I’m using points to pay for a vacation for my wife and I this year, and the reward points Home Depot gift cards have paid for things like a bathroom renovation in the past. Other cards have serious rewards, but I just like the flexibility and how I cannot go into debt with it.