@Creditaddict wrote:
@scenery_guy wrote:
@BackInTheSaddleAgain wrote:Hmmmmm! Really CreditAddict? Not sure I've ever heard of such a thing. I realize for NEW businesses the credit card companies will use your personal credit to qualify and/or as a guarantee in issuing you a card. But I find it hard to believe they would actually issue a business credit card in a business name by using a social security number ONLY. Wouldn't they have to validate the formal existence of the business and who its principles are?. Otherwise, any of us could open up a major credit card in HP, or GM or Apple, or some other existing businness name without authority. What's to keep employess from opening up credit cards in their employer's business?
What do I know? I could be wrong, obviously, and learn new stuff everyday
Then you must be new to this game
. Sole proprietors generally operate under one's own name. Most of them don't have a Federal EIN and just use SSN. To the IRS it does not matter as long as the income is reported. You seem to be stuck on other entities like C Corp, S Corp and LLC types that are d/b/a under a fictitious name. Those typically need fictitious name filings and registrations with the state. In Florida d/b/a requires fictitious name registration even as a sole proprietor. That's why I am a sole proprietor using my own name (but registered as d/b/a my own name as well for other reasons).
To the OP: yes, get the Federal EIN before applying. Use last year's sales. Put 5 years as business age (it's true even though she will be new owner). Try Chase Ink cards (Ink Cash offers nice cash back opportunities). DOn't forget about an AMEX if it fits in your reward options. Either should offer nice limits. If they have questions about the business they will ask. That's the underwriters job - and they do it well, especially at Chase. It's nice talking with the business underwriters.no confusion here... I just know what banks and credit cards could careless about the business other than that it is a business... after that the credit being given is being given because of my credit file not the business!
but yes I agree, use 5 years and the income as it is last year and projected if needed.
how thin of a file does she have?
Amex charge will be easiest, but chase ink might be better.
capital one spark is always easier option.
Just for info purposes Amex and Chase are in fact checking before issuing any CC's to business and have been for over a year or more..
The system was being abused by people getting personal CC's for bonuses and then turning around and doing the same for business CC's
When I applied for Amex they pulled my personal and business CR's (dun & brad)
They also double checked.......... 2 days after approval they pull a 2nd business CR
Which really didn't bother me because INQ's don't carry wieght in business scoring like they do in Fico scoring
In most cases now a days you will not see an instant approval for business cards why because they are checking and double checking in some cases
I guess I was one of the lucky ones as I was an instant approval but still had to call in to verify SS# and business address YMMV