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I would say so
You need credit for repairs, materials etc etc all business expenses
@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.
@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!
I would hope so. Rentals are more than 50% of my companies income lol
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!