business credit card 0 apr
Why do some credit card companies deny then others?
Background: I applied for a small business credit card ( new company about 1 month old ), at American Express, and they denied me right off the bat, for “insufficent credit”, even though i have a personal credit score of 730, with some inquires. Then the next day i applied at my bank for a small business credit card, and got approved for $12,750 with 0% apr for 6 months, then after that only 6%… What gives?
What does it take to get an American Express? lmao
Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper columns, etc.):
Different creditors have different credit criteria for credit approval. What those criteria are is carefully guarded, believe me I have tried to find out!
Basically your newer business does not have a Dunn & Bradstreet “paydex” score–similar to personal credit scores in concept. There is also a similar Experian Business Score.
You need to build your business credit since that is what you are applying for. Many companies offer a service to short-cut the process and like any other business, some are good and most are poor or bad. Fair warning!
Even Dunn & Bradstreet itself over-charges for this service. It is something to study.