Question about business credit card in my personal name...

[Anonymous]

I have a personal banking account with b of a , and  i opened a few business credit cards in my own personal name and I just put a generic name under the name of business used my personal social, I got them for the cash back rewards. But I just got a letter from b of a saying they need my llc docs or business license or could close my accounts. I am assuming they mean the buisness credit cards they gave me? I logged into my personal banking/savings everything is ok, but i'm worried about my money in the savins/checkings account udner my personal name. Could they do anything to it? Like freeze it? I hope not, I'm just going to call them on Monday and tell them I made a mistake and to close my business credit cards. Any tips?

[steelers1]

If you obtained the business cards by lying about a company that doesn't exist thats fraud.

I'm not trying to be nasty but thats what it is.

If you owe anything on the cards you should pay them off immediately and close them.

I know the rewards are great and all that but you lied on the application and if they find out then that could ruin a future relationship with them.

You don't have to make up a "Company Name" to have a business card. There are a lot of self employed individuals that use their own name and run as a sole proprietor.

There are folks that sell items on e-bay, drive for uber or do consulting that are truly self employed without a company name and they have "business cards".

[steelers1]

ALSO...

DO NOT tell them you made a mistake!!!

Just simply close them.

[Revelate]

You don't have any ability to claim anything but Sole Proprietor if you used your TIN.  You can try to state it DBA style (your name DBA generic name) but a LLC or S/C corp would have their own TIN as an independent entity.  You can't provide that, almost assuredly didn't register with the state, so forget that route.

Probably your best bet is to just close the accounts and walk away as others have suggested.  If you marked LLC on the application, absolutely do that.  If the business type wasn't named then you can try screaming SP for all it's worth but YMMV.

[Anonymous]

I have to agree with what others have said... unfortunately you were not completely honest and it seems karma has come back to you for it.

For my business card, I applied with my name as the business name because there is no separate company - I do some minor side-business things simply as myself.

[BronzeTrader]

It really depends on the situation. If you form a business, say a LLC, and have your EIN, then you are a real business. But if you are a realtor, you do not need to form a LLC, but you do need your license to justify that you have a "business".

Also, the activities with the accounts should be related to your business activities. You may get a laptop and some office supplies for your realtor business, but grocery and clothes do not belong there. 

If this is purely person, do not open a business account. It is still in your personal credit profile and you do not gain anything.