What is your goal? For some business owners, establishing multiple lines of credit totaling $20,000 in limits would suffice for starting up their business. If this is the case, you can enhance your credit through authorize user trade lines and apply to multiple credit cards. This could potentially help you get approved for $5,000-$20,000 in limits. But this is not easy to do. And the higher the line of credit you want, the harder it is to get it.
For this reason, if your goal is to attain $30,000-$200,000 in unsecured lines of credit, it would then be in your interest to work with a company who has established relationships with multiple banks who can get you high lines of credit.
What is on your credit report?
Let’s start off with the worst-case scenario. If you have negative accounts on your file, it is extremely important to have an expert evaluate your credit report to ensure they will not be an issue when you begin the funding process. Actually, it is important to have your credit report looked at for many different reasons. For example, the balances on your credit cards might be too high. Your average age of accounts might be too low. There could be mistakes on your file that need to be corrected first.
If you lack credit card history, you have two options. You can spend the next 5 to 9 years of your life building your own credit card history doing it the traditional way. Or you can pay to be added as an authorized user on another credit card holders account. When this credit card reports on your file, all the years of history on that credit card from the time it was opened till current day will now show on your file. This history is added to your file as soon as the trade line reports which normally takes 30 to 45 days. So you’ll wait 5 to 9 years or you will pay for 30 to 45 days. Essentially, paying to be added as an authorized user is paying for time. And we both know time is money.
Back to the main question, how do you obtain unsecured business lines of credit?
We have a funding source that specializes in helping business owners attain unsecured lines of credit. To gain access to this company, all we ask of you is to have your credit report analyzed for free by an expert first. And after our expert analyzes your credit report and gives you the green light, they will then grant you access to this company. From there, you will fill out a short application that will be sent to the funding source. After evaluating your credit report and your application, you will receive a preapproval amount within 3 to 5 business days.