Ok. So I've written about this topic before... and it ain't over yet... With 700 in credit score I happily went to my bank to get a credit card for my business (so I don't have to use my business ATM card when traveling). I'm not planning to keep a balance on the credit card, I don't care about bad interest rates, if they want a deposit, set a limit or to charge annual fees - so be it. I just want the darn card.
Ok, Washington Mutual, soon to be Chase, is where we have done all our banking (so far...). Personal banking, mortage, business banking etc. If there is someone who knows about the state of our financial life - it should be WAMU.
But guess what? WAMU STILL reclined to issue me a business credit card. Their system said plainly "No".
"You probably need four lines of credit first", was the recommendation from the "Business Relations Manager" I talked to (and who also wanted to sell me payroll services and money market accounts). BUT HOW DO YOU GET FOUR LINES OF CREDIT??? GAAAH! Not to mention the fact that I don't want four lines of credit. Actually I only want one... for my business expenses...
There is something seriously wrong with this system. Nowhere in this process do I have to proof that my business actually has a revenue, a profit, montly deposits. The only thing they care about is that I, as in me personally, has had a good load of credit cards before. Does the number of credit cards in your wallet say anything about how good you are to handle credit? NO! And really, probably the opposite. If you need four different credit cards in your wallet, I would say you're in serious trouble.
Oh, well. Enough ranting. Until I try next time...