My fiance is trying to start his own business and quit his day job. We have problems.
The credit card debt is now at $6,400, down from $22,200 on December 1, 2007. It's at 0%, and that isn't up for three more months, but most of it is in his name. Ruh roh. As of December, his credit score (based on the much-higher credit card balances then) was 697. Just short of 700.
There are lots of fantastic business credit cards that could bridge the gap until he has all his equipment. But you personally guarantee them, and he's a sole proprietor, so it's based on his credit score. I'm not sure if just under 700 is high enough, and I don't know whether his score has improved enough. The last thing I want to do is apply too early, get rejected, then bar him from ever getting that card. Or, worse, block him from getting any card because of an inquiry and a rejection.
I cashed out the e-fund. The meager 2.5K e-fund that was (stupidly) sitting in an emerging markets mutual fund. I am going to pay off almost all of his credit card debt by Tuesday. Give that a few weeks to take, then apply for the business credit card.
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