Establish A Line Of Credit For You And

I would like to know how to establish a line of credit for a new non profit organization.
I am using my own money right now to fund this.
I have been disabled losing many jobs before finally applying for disabil. benefits which has destroyed my credit.
Now that everything is in order I would like to help others in my circumstances.

Contact the Small Business Admin and find out directly what the requirements are. They have loans for small businesses and in particular for those who are disabled.

Once you establish and get disability benefits, it improves credit.
Make sure that any bad reports are removed from your credit report in a timely fashion.

When making decisions, take a sheet of paper, draw a line down through the center, put all the reasons for it on one side, against it on the other. It is easier to make a decision when you see all of them, and you make a better decision. When you apply for a SBusiness loan, you need an exact plan. Where the money will be spend and why, how much on advertising, equipment, or whatever will be involved. they will tell you what you need.

In the meantime, begin building credit.

Bank loans are generally cheaper, in these days they are more difficult but there are ways of getting one. It all depends on you, and what you do...

Credit card companies are not good references to establish credit.
They charge exorbitant rates, so take on any credit risk...

Buy what you need to survive out of disability, and save the rest. The more you save, the more it helps you.... Open a savings account, even if people make very small, AUTOMATIC deposits to begin. Deposit as much as possible or even 1% of your check, whichever you can. In a few months it becomes a habit and you never miss the money. Increase it, as you can. Only a small percentage of people have a savings account, those who do have a better credit record.

Build it up to over $500, ask the bank for a loan. Deposit it in your checking, and use the money to pay the loan, and keep on saving. Your payments are always on time. What you save creates interest that off sets part of the cost and you create a good payment record.

The bank will be more willing to loan the money if you have a good savings account. Interest will be lower than credit cards. Aim for savings greater than six months of your check, even if you do not get the Small Business Loan, you may be able to start the business.

Borrow it from yourself, and pay yourself plus the interest, be your own bank. The higher the interest would be, the more YOU make. In three years you may be surprised how much you have.

We need only food, shelter, and minimal clothing to survive or even be happy. We do not need all the junk they try to sell us on TV. A used VW will get you there just as well as an expensive one... We can cut down on phone bills, stop text messaging and other unnecessary add-ons. Put the money in the bank, cut your "wants" to "needs."

If you want it bad enough, you can do it, before long.

A non-profit business does not mean you get nothing from it. It can pay for a car, insurance, etc. You can draw a reasonable salary, just remember if you benefit too much, you can lose the disability check.

Buy a small house one that keeps you or family warm and dry.
Buy nothing else on credit, and you protect your future.

2008-09-30 14:20:07 by Lisa M

Short course (6:00) on establishing business credit. Full course available at Amazon.com with full details. This summary course provides and ...

I went to WaMu and was denied a credit card. the guy said you do not have any line of credit. what can I do to establish some sorty of credit so I can get a credit card.

If it helps-I only work saturdays because I go to college on the weekdays, so I dont make a lot of money.

Local branches are getting way stricter after the credit crunch in the market. I would recommend that you apply online. Since you are a student, you can easily get approved for a student card. You can find some great student cards at the site below. You can apply online and get a decision instantly. If you don't get approved for a student card, try applying for one of the cards from that site below that is in "Bad Credit/ No Credit" section.

2008-07-11 08:08:57 by ersan b

I have a line of credit at my bank and my teacher says i don't have to use it in order to increase my credit score, but my mom says i do have to use it. who's right?

If you don't use it, it will have no impact on your credit. The bank will probably close it for inactivity. The exception might be an overdraft protection line of credit. If you don't use it, they won't close it.

What kind of line of credit is this? A credit card? Use it and pay it in full every month.

2009-04-23 15:58:22 by bigeman512

Does that money get applied towards whatever you purchase with that card, or does that money get held there for quite some time, or do you ever get it back? I mean I hardly think you'd pay hundreds if not thousands of dollars just to get a "secured card," it's like "pay us $5000 for a credit card," haha, yeah right.


So seriously how does that money get used?

How it worked for me:

I gave Bank of America (my bank) $99 to open a secured credit card. I had a $500 credit limit. They put the $99 in a savings account that I couldn't touch. It stayed in there for the year required, and I got the money back plus a little bit of interest that it had gained, when my secured credit card was made unsecured and the credit limit was also doubled at that time.

2009-05-14 21:18:25 by nick cave

I set up my music publishing company and I am registered with ASCAP. I am ultimately looking for about $20G "start up money" to grow my business into a mulitimillion dollar company. But in the immediate future, I only need about $8000 to build my home studio/office. My personal credit is being established because I learned that an insufficient credit history is the same as having bad credit. But I want to use my tax id# as an alternative short term solution until I am in a better position to execute my business plan. If you have any leads, please share. Thank you.

When you start your business loans are going to be based on your personal credit.

2006-08-11 00:19:17 by Lakim