How To Get a $25000 Navy Federal Business Credit Card With No Business Income?

Are you an entrepreneur seeking capital to grow your business? Struggling to secure a business credit card without business income?

Wondering how the Navy Federal Credit Union could be your solution? In this guide, you’ll discover how to kickstart a profitable side hustle, establish business credit from scratch, and navigate the process of qualifying for a Navy Federal flagship credit card.

You’ll also learn the importance of structuring your business and managing your credit score effectively. Let’s dive in!

Quick Money-Making Side Hustles

Before you apply for a business credit card, start a side hustle that can generate income quickly. Some examples include TaskRabbit jobs, handyman services, food delivery, and courier services.

These jobs can bring in daily and weekly income, which can be helpful in building your business credit.

Structuring Your Business

Once you have your side hustle going, it’s crucial to structure your business correctly. 

This step is essential as many people with side hustles often merge their main income with the side hustle income, which can cause problems.

Structuring your business not only increases your income but also provides tax benefits that may not be available for an unstructured one.

Opening a Business Bank Account with Navy Federal Credit Union

The next step involves opening a business bank account with the Navy Federal Credit Union. 

This step is crucial because it separates your personal and business finances. If your current financial institution offers direct deposit, ask them to move some of that money into your Navy FCU account.

Aim to have at least five accounts: two checkings, two savings, and one loan.

Improving Your Credit Score

Credit score plays a significant role in getting a business credit card. Therefore, you should focus on improving your credit score. 

Pay off your debts from smallest to largest and eliminate any open revolving accounts. This step creates more space for future bills and strengthens your credit score.

Applying for a Navy Federal Business Credit Card

After letting your account “season” for 90 days, you can apply for a Navy Federal Business Credit Card.

During this period, make regular deposits into your business bank account and other accounts. After 90 days, you can apply for a Navy Federal Business Credit Card with a 25,000 line of credit.

Dealing with Charge-Offs and Collections

If you have charge-offs or collections, you need to handle them carefully. Navy Federal may overlook a collection, but they will consider a charge-off. 

If it’s under a thousand dollars, call the original creditor and see if they can recall the account and pay it off in full. If not, ask about the pay-for-delete program.

In conclusion, getting a $25,000 Navy Federal Business Credit Card without business income is possible.

All you need is to have a quick money-making side hustle, structure your business correctly, open a business bank account with Navy Federal Credit Union, improve your credit score, and apply for the credit card after 90 days of seasoning your account.

With these steps, you can secure a business credit card and grow your business.

Frequently Asked Questions