Need 0% APR financing and decent credit line (and financial advice)

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Need 0% APR financing and decent credit line (and financial advice)

Postby CCNoobie » Sat Aug 24, 2013 10:29 am

I'm in my early twenties and started an online retail business this past spring (a long-time dream of mine). I opened my first credit card account about two years ago and before I started my business, my FICO score was around 720.

When I started my business, I opened several credit card accounts, a charge card (AMEX Gold), and a few credit lines. All of the credit cards and credit lines I opened (excluding the charge card) had 0% APR financing for about 12 months, allowing me to purchase inventory for my business. I used a high percentage of my revolving credit which, combined with a short credit history and a lot of inquiries, resulted in my credit score dropping to about 630.

I've paid off most of the business purchases I've made, but am still utilizing a little less than 40% of my revolving credit. My small business made a net profit last month for the first time (it took me about six months), but it will be a while before the profit becomes anything significant (I'll basically just be breaking even for a while). My current EQUIFAX FICO score is 670.

I'm at the point now where I'm struggling to keep products in stock and pay off my credit cards and credit lines before the financing offers expire. What I really need is either a very small loan (unlikely to happen) or a credit card with 0% APR financing for ideally 9-12 months and a few thousand dollar credit line.

I don't want to go on a credit card application rampage, trying to find a card that I qualify for, so I would appreciate any advice you might have on what card I should apply for. I've found the following cards that look like they might be good choices:

AMEX SimplyCash

0.0% introductory APR on purchases for the first 6 months, 9 months or 12 months, then a variable rate, currently 12.24%,17.24% or 19.24%

Citi Simplicity

0% Intro APR on purchase and balance transfer for 18 months; after that the variable APR will be 12.99% - 21.99%, based on your creditworthiness.

Chase Slate

0% Introductory APR for 15 months on balance transfers

I would appreciate any advice you might be able to give me. Thanks for your time.

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Postby Chief » Sat Aug 24, 2013 7:36 pm

The credit limit you receive will depend on a variety of factors. Do you have anything negative on your credit report? What's your highest credit limit? Do you have a relationship with a credit union? What cards do you already have?

You may be able to get more information if you leave a little more information. Also, there's no guarantee you will get a higher credit limit. Amex and Discover are known for giving higher limits than you already have. If you can get approved for a Visa Signature card, you will probably have a $5K+ credit limit. But you'd have to find a card that has the 0% interest you're looking for.

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Postby whit » Sun Aug 25, 2013 8:00 pm

I wouldn't look for a small loan, I would look for a business line of credit if you could--because long term it may help you out a lot more then a cc with a 0 intro.

however, if you do not have a business account, have not filed your earnings for past two years, you may not have enough credit history for your business (ESP if you can't show profit after all expenses including salary is taken into account)

then those cc, any one of those, would work for the time being

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