Business Credit

[hoang817]

With my personal status with no business status...I dont know why i can not apply (approved) for any Business CC??

please help

[Aiman]

No business status ? not sure what you mean !

[hoang817]

meaning i have not apply for anything under my business name nor EIN

[llecs]

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hoang817 wrote:
meaning i have not apply for anything under my business name nor EIN

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You can certainly do so. Now virtually every creditor now requires a personal guarantee so you'll have to include your name, SSN, etc. But each business app offers you the chance to enter your EIN so as to get credit building in your business name and increases the odds of building a DnB file, Experian Biz credit report file, and so on.

[Aiman]

Oh. Of course start with vendors that report to business credit. Just because they ask for SS# does not mean thet are running your personal credit. Net 30 accounts usually do not. The SS# is mainly for patriot act reasons. Applying for unsecured cash credit later on - well- they might run your personal credit but that comes later. Most these days will run yoru personal credit but as with all loans, some banks are conservative and some not.  If you do have a great business credit file (D&B, Experian etc) than the personal will matter less.

I honestly feel that this is the time to start building business credit (bad times). Ones the tide turns even a little than you will be a head of the pack. Times will change even if they take 10 more years lol. Please - this is just my opinion and I have experience in this.

[SRG11]

I agree with you here aiman. Lending standards will loosen up once there's an economic recovery..

[Aiman]

yeah - being prepared is all we can really do. What is that saying "when preparation meets......."

[Hold_the_cheese_plz]

You might try gas cards. I was in the same place 2 years ago.