Citi leaving the Business Credit arena?
A while back Dell business credit was backed by CIT and more recently they have been backed by Citi. I applied for a business credit account from them today and low and behold they are backed by CIT again. This bothers me because a number of things are happening in the business credit world that does not look right.
First HSBC leaves the scene and leaves us without Office Max and Bestbuy business credit accounts. BestBuy only has net 30 accounts now and it seems that office depot is using Bill me later. Then we see that staples’ belt is really tight, denying a 4 year old corp with a great 80 paydex. Now citi leaves dell and I hear talk of them leaving Key Bank next year and US bank picking up Key Bank. What next?
I do not know Key Bank to be business credit friendly (ie. no pg friendly) but we can only cross our fingers. I also got denied by sears with a 4 year old corp and good trades, so I am not sure what is going on. Let’s simply build strong business credit so that it will be hard to be denied. If there is anytime to get business credit it is NOW.
Marc
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