I opened a business account at Washington Mutual, which has been my bank for 10 years and I've always been happy with them. As usual, the person I worked with was very friendly and helpful, even though she had missed her lunch and had a line of customers waiting for her. She took the time to answer my questions and since I already had a personal account, it was a snap to open a business account.
Then she asked, "Would you like to open a line of credit?"
"A what?" I stared at her blankly. I had already agreed to apply for a business credit card because that seemed the best way to keep track of purchases. Put it all on the card, pay it off as quickly as possible, preferably the same month. So what's this line of credit thing?
"You can borrow up to $75,000.00 simply by using your checking account. If you need to make a purchase that would make your account overdrawn, you can write the check and that would tap into your line of credit."
$75,0000? Honey, do you know what kind of business I have? It's a publishing company, a small, sole proprietorship, with two books, maybe three, published per year. Most presses barely make a dime and I'll be lucky if I break even. Why in God's name would anyone want to loan a book publisher THAT much money?
But my brain just grabbed onto that amount and began spinning visions of the new laptop I needed for my business and a top of the line color laser printer, plus a new desk, a fax machine, a cell phone that took pictures, and a car, because a business person can't drive around town in a beat up Honda Mini-Van.
"I'll think about it," I said.
The next day, the bank called to let me know the credit card application was approved and had I decided on the line of credit? Kissing my dreams of a fax machine goodbye, I told her I thought it was a good idea, but I only needed $10,000.00 as my limit. She said she'd get that paperwork done asap.
Oh well, maybe next year I'll buy a cell phone that takes pictures. Like one of those IPhones. That would be cool.