Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
0

Does having rental property count as business?

I would think it does and I'm the sole proprietor, right?

Just curious about the possibility of an Ink card in the future. Also, thinking about doing other side jobs as well since my full time job allows for so much time off.
| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Community Leader
Senior Contributor
Posts: 30,010
Registered: ‎02-07-2013
0

Re: Does having rental property count as business?

I would say so 

You need credit for repairs, materials etc etc all business expenses 

This point should be stressed more here an app spree should not be encouraged because its not for every profile
A thick file will support more apps at one time while a thin file may see negative reaction to this process

IMHO 4+ at one time is to many for a new file and it should be kept to 1-3 a year but we get caught up sometimes in seeing the little wheel spin and the words approved
Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
0

Re: Does having rental property count as business?

I was thinking it would be justifiable if asked. I may go for a business card sometime either later this year or next year.

Are approvals based off personal credit seeing how I would just enter my SSN for sole proprietor?
| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Super Contributor
Posts: 7,852
Registered: ‎10-03-2008
0

Re: Does having rental property count as business?

The nice part about the Business Card is breaking out your expenses clearly from personal. Also, many cards do not report regularly to the credit bureaus. Love that feature.
Starting Score: 815
Current Score: 842
Goal Score: 850


Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Does having rental property count as business?


j_casteel wrote:
I was thinking it would be justifiable if asked. I may go for a business card sometime either later this year or next year.

Are approvals based off personal credit seeing how I would just enter my SSN for sole proprietor?

I believe you can turn rental property into a business.

 

However, if you're going to get a business CC for this purpose, you may be asked for proof that the business actually exists.  I'd be prepared to produce various documents like business checking statements, tax returns, profit/loss statements, licenses, permits, state and local filings, etc.  Many of these things are required or make sense whether you're a sole proprietor, LLC, S corporation, or regular corporation.

 

Small business CCs are typically based on personal credit, whether you have EINs or just an SSN.  I have both an EIN for a specific business, and an "owner EIN" that is separate from any business, but I still am required to personally guarantee the credit for my Chase Ink and Citibusiness cards.

 

Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
0

Re: Does having rental property count as business?


user5387 wrote:

j_casteel wrote:
I was thinking it would be justifiable if asked. I may go for a business card sometime either later this year or next year.

Are approvals based off personal credit seeing how I would just enter my SSN for sole proprietor?

I believe you can turn rental property into a business.

 

However, if you're going to get a business CC for this purpose, you may be asked for proof that the business actually exists.  I'd be prepared to produce various documents like business checking statements, tax returns, profit/loss statements, licenses, permits, state and local filings, etc.  Many of these things are required or make sense whether you're a sole proprietor, LLC, S corporation, or regular corporation.

 

Small business CCs are typically based on personal credit, whether you have EINs or just an SSN.  I have both an EIN for a specific business, and an "owner EIN" that is separate from any business, but I still am required to personally guarantee the credit for my Chase Ink and Citibusiness cards.

 


Thanks for the great info!

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Frequent Contributor
Posts: 269
Registered: ‎08-18-2013
0

Re: Does having rental property count as business?

I would hope so. Rentals are more than 50% of my companies income lol

Amex Platinum NPSL (with option to carry) I Citi Prestige World E 35k I USAA World MasterCard 35K I Chase Sapphire Preferred 25k I Barclays Arrival World Mc 25k I Barclays Arrival+ World E 25k I Southwest Chase 24K I PenFed Visa Sig 23k I Target Visa 12k I Chase Freedom 10,100 I Discover IT 10k I Lowes 42k
Edward Jones LOC 762k (limit varies depending on market) @3.49 I (rate by assets in control) BB&T HELOC 250k @ 3.25
Chase Jumbo Mortgage Approved@ 4.6% 3/10/14!!!
Member
Posts: 12
Registered: ‎06-06-2014
0

Re: Does having rental property count as business?

I applied for a business card with the intent of using my rental property as my "business". I researched before applying and even asked people's opinion on whether or not I would get accepted if I put down my property as a business. One person warned me that when you tell a lender that the business is a rental property, prepared to get grilled. Were they ever right! I was grilled to what seemed like no end, but I answered everything truthfully. In the end I got declined. And I had clean reports and a 760 score to boot!

Highlighted
Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
0

Re: Does having rental property count as business?

Thanks
| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.