Cash vs Debit

[Pantless Spency]

i need to get a CC.

never overdraft my debit and i need to start building.
already belong to a credit union :P

[Jorgen]

A bank is not going to loan you anything for an upcoming business or even an established business unless you have personal equity to leverage the loan against.

It truly depends on the business. Having some credit does help but see above for anything other than a business credit card.

I work in the auto industry, if we are selling to a tier 1 and heir credit isn't good we demand COD payment. I know this is different than a local store type location but still without credit they need to have a very very large amount of cash on hand. Otherwise with decent credit they can pay on standard terms which is typically after they are paid from the OEM. This isn't even a loan type situation just the way credit can impact working with your suppliers and the available terms.

[rwh11385]

I work in the auto industry, if we are selling to a tier 1 and heir credit isn't good we demand COD payment. I know this is different than a local store type location but still without credit they need to have a very very large amount of cash on hand. Otherwise with decent credit they can pay on standard terms which is typically after they are paid from the OEM. This isn't even a loan type situation just the way credit can impact working with your suppliers and the available terms.

I couldn't imagine not being able to do Net 30...

Purchasing would be an even bigger PITA.

[rwh11385]

i need to get a CC.

never overdraft my debit and i need to start building.
already belong to a credit union :P

Get one. Put a subscription or something small on it. Keep your balance under 20% of the credit limit, regardless. Pay it off in full every month. (Since it's a fixed cost, always have that $ in the checking account, ready to do so)


Credit agencies see pay vs. not paid, not how much you racked up. It could be $8/month for Netflix and would be the same as $4000/month. (Binary on your report.)

[ak-]

i need to get a CC.

never overdraft my debit and i need to start building.
already belong to a credit union :P

You can also setup a credit card as the safety net for you checking account if you really have a problem with over drawing it. Over draft protection.

[Rsully70sev]

i need to get a CC.

I've seen more and more people getting declined, banks used to hand them out like they had a pocket full of them. Not anymore. Shit, I got declined opening a Wells Fargo account with $15k+ and a documented job lol-but ZERO credit history. Just get a secured card, and with good use they make it a real CC in a decent amount of time.

Secured Card: You hand them $300, your spending limit is $300. After they see good use, they give you your $300 back, raise your limit and make it a real CC. Sometimes it's the only option. Start building credit early

[CrusherCurtis]

Damn I'm impressed with how many of guys actually track what your spending. I never do. If I did I probably go into a depression when I realize how much I spent.

[ZekeTheSneak]

Cash all day, I can keep track of it easier. Just put 250 dallors worth of coins in a coinstar today as well...

[ZekeTheSneak]

Oh and no credit card for me but very good credit :) 20,000 dollar loan was a cakewalk