How to Get a Navy Federal Business Credit Card with No Business Income

Introduction: Hey, what’s up YouTube? Houston here. I know many of you are looking for ways to get a Navy Federal Business Credit Card without having any business income. In this article, I’ll share the steps I would take to achieve that goal. By following these strategies, you can position yourself to secure a $25,000 business credit card and line of credit from Navy Federal, even without any income.

Section 1: Choosing the Right Side Hustle To qualify for a business credit card without business income, it’s crucial to select a side hustle that generates fast and consistent money. Here are some popular options:

  1. TaskRabbit: Sign up for TaskRabbit and perform small odd jobs that bring in daily income.
  2. Handyman Services: Offer your skills as a handyman to complete various tasks and earn daily income.
  3. Food Delivery Services: Join food delivery platforms like DoorDash or Uber Eats to earn daily and weekly income.
  4. Marketing Services: Provide marketing services, such as social media management or content creation, and earn weekly and daily income.
  5. Delivery and Courier Services: With the current trucking fuel shortage, there is an increased demand for delivery and courier services. Register your business as a carrier or delivery company to capitalize on this opportunity.

Section 2: Optimize Your NAICS Codes When applying for a business credit card, you want to choose NAICS codes that demonstrate revenue potential. While e-commerce is a valid option, selecting the right NAICS code for your specific side hustle is crucial. Banks are more likely to approve applications associated with NAICS codes that are known for generating revenue.

Section 3: Properly Structuring Your Business Structuring your business correctly is essential for maximizing tax benefits and protecting your personal assets. Here’s what you need to consider:

  1. Consultation: Schedule a one-on-one consultation to understand the different business structures available and determine the best fit for your business.
  2. Benefits of Each Structure: Learn about the advantages and disadvantages of sole proprietorships, partnerships, LLCs, and corporations to make an informed decision.
  3. Tax Optimization: Understand how each structure affects your tax obligations and explore strategies to keep more money in your pocket.
  4. Asset Protection: Discover how different structures can protect your personal assets and limit liability.

Section 4: Open Bank Accounts with Navy Federal To build a strong relationship with Navy Federal and increase your chances of approval, open the following accounts:

  1. Flagship Checking Account: This account serves as your primary checking account for daily transactions.
  2. Savings Account: Open a savings account to save and accumulate funds.
  3. End Rewards: Choose an account that offers rewards to maximize the benefits.
  4. Pledge Loan: Consider opening a pledge loan account to establish creditworthiness.

Section 5: Building Your Internal Score Navy Federal has an internal scoring system that affects your eligibility for credit products. Here’s how to boost your internal score:

  1. Direct Deposit: If you have a regular job, arrange for direct deposit of a portion of your income to your Navy Federal account. This demonstrates stability and financial responsibility.
  2. Account Seasoning: Let your Navy Federal accounts season for at least 90 days. Regularly deposit funds into your business account and maintain a positive balance in your other accounts.
  3. Internal Score Optimization: Aim to get as close to the maximum internal score as possible by maintaining healthy account activity and demonstrating responsible financial behavior.

Section 6: Know Your Credit Score Understanding your credit score is vital when applying for a business credit card. Pull your real credit file to obtain your FICO 9 scores from Experian and TransUnion. This knowledge will help you make informed decisions and determine your eligibility for various credit products.

Section 7: Pay Down Revolving Accounts To improve your credit score and increase your chances of approval, focus on paying down your revolving accounts. Aim to keep your credit utilization below 10% or even at zero, if possible. Address any charge-offs or collections strategically by negotiating with the original creditor or collection agency for favorable resolutions.

Section 8: Apply for a Navy Federal Business Credit Card Once you have followed the previous steps and your accounts are seasoned, you can apply for a Navy Federal Business Credit Card. Remember that business credit card activity doesn’t appear on your personal or business credit reports. This can be an advantage when managing your credit and avoiding negative impacts on your credit history.

Conclusion: By following these strategies, you can position yourself to obtain a Navy Federal Business Credit Card and a business line of credit, even without having any business income. Select an easy side hustle, choose the right NAICS codes, structure your business properly, and open the necessary bank accounts. Let your accounts season, pay down revolving accounts, and apply for a Navy Federal Business Credit Card. Remember to know your credit score and make informed decisions based on your financial situation. With determination and strategic planning, you can achieve your goal of obtaining a business credit card from Navy Federal. Good luck!

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