Benefits to Having an EIN

[Anonymous]

Ok, so does that mean you used SS# on Home Depot app? As far as whether the cards report to a biz credit file, is that up the issuer or is there a law about that? Thanks

[Creditaddict]

---

@Anonymous wrote:

Ok, so does that mean you used SS# on Home Depot app? As far as whether the cards report to a biz credit file, is that up the issuer or is there a law about that? Thanks

---

yes home depot was with SS#

It is up to the lender rather they report to business credit or not.

[Anonymous]

As far as putting an EIN down on a biz app, is it people's experience that you are more likely to get approved rather than putting the SS# down?

[Creditaddict]

---

@Anonymous wrote:

As far as putting an EIN down on a biz app, is it people's experience that you are more likely to get approved rather than putting the SS# down?

---

The thing is before the credit crises, if you had established business credit, you could obtain about any store card with just EIN and no PG if you were LLC, S-corp, etc.

After the credit crisis, you have to usually be open for more than 3 years and more than 1 million in revenue before you can obtain business credit without PG... so now even with EIN and business credit you are going to have to PG

[Anonymous]

thanks for the replies.  Anybody else have insights into the pros and cons of EINs?

[Anonymous]

wanted to bump this

[Anonymous]

bump...

[Creditaddict]

---

@Anonymous wrote:

bump...

---

Any new questions? Did you get EIN yet? try applying for anything?

[Anonymous]

I haven't applied for an EIN yet.  Right now I'm trying to find a good business credit card.  Any suggestions?

[Creditaddict]

If you are going to pay in full and spend less than 5k a month - Amex Gold Business.

If spending over 5k a month and paying off - amex Plus Business

If carrying a balance - Chase Ink revolver, Us Bank

many of the business credit cards now report to personal credit too so if your going to carry a balance I would not want that - Capital One