- Green Member
- Posts: 14
- Joined: Sat Feb 27, 2010 11:14 am
- Website: http://www.businessmoneytoday.com/Search/Business_Credit_Cards.html
- Location: Texas
Regarding if you can get that credit card from the other bank - ask them. Some banks will use low rate cards to entice in new customers. Thus, they will try to sell you other products. But, read the fine print - i would not think that you would have to have other accounts with them - but each bank is different.
Having your credit pulled can hurt your credit score. But, the credit agencies know that people shop. Thus, if you do several in a short period - like 3 pulls in a ten day period - they usually look at all three pulls as a single pull knowing that people shop. But, if you do one this month and two next month and one the following month - they will think that you are up to something and hurt your credit.
Other way you can build your credit is this: You should have at least three trade lines. One term loan (like a car loan or home loan), one revolving loan (like a credit card) and one other - usually like a cell phone contract. But, know that a term loan is one of the hardest to get. But, you can always take a small amount of money, put it into a savings or CD - then take a loan against that (it would be a secured loan). Wait one month and don't spend the loan money. Then, pay it back with the loan money - pay a little interest out of your account - then walk away. Now, you have a term loan on your credit in good standing - paid as agreed that will sit there for at least 7 years. Just make sure the loan you take does not have pre-payment fees.
Business Loans and Capital Sources