Small Business Ideas Forum

snyderkv · 23rd July 2008, 02:44 PM

I was denied credit for a store that I'm in the middle of buying. The buyer/seller agreement and half the cash was turned over already after finding out that my FICO score isn't good enough for a business line credit card needed for inventory.

Should I pay for the inventory in cash and get a smaller card until I work up my credit?.

Tom Young · 24th July 2008, 08:09 AM

Quote:

Originally Posted by snyderkv

Should I pay for the inventory in cash and get a smaller card until I work up my credit?.

As long as you’re low FICA score is due to the lack of a credit history and not because of a history of bad credit you would be smart to get a smaller card and treat it well.

By that I mean use it regularly and make payments in amounts larger than the minimum due in a timely manner. Be sure that payments are made so that they can be received on or before the due date.

You are the only one that can answer your question about paying for the inventory in cash. This is just one of many difficult decisions that you will be confronted with as you move forward.

If you have the cash available and a good business plan it may work. Unfortunately there are no guarantees.

Good luck,

Tom

GRPFunding · 24th July 2008, 03:06 PM

Do you already own another business? If you do, we might be able to help you. Drop me an email. bbartos@grpfunding.com

snyderkv · 25th July 2008, 04:56 AM

Thanks guys will do. I'll check out the site in a few

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