topic Re: Can I get a business credit card if I don't have a business but work as if i did? in Business Credit

Can I get a business credit card if I don't have a business but work as if i did?

Girac — Mon, 31 Jul 2017 03:18:05 GMT

I work from home as a consultant and travel to and from client sites. some of these expenses are reimbursable and some are not. I do have to pay for all home office expenses.

I do not operate as an LLC but classified as a W2 employee for my main consulting job and a 1099 for my part time consulting gig nor do I do not have an EIN number. I would like to eventually branch off and do more independent consulting as some point.

So, Q for now, can I get a business credit card or do I need LLC and EIN to do so?

My scored are in the mid 700s.if that makes any difference.

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Mon, 31 Jul 2017 06:08:17 GMT

If the pt is 1099 then yes you can.

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Mon, 31 Jul 2017 06:32:41 GMT

It'll likely be a lot harder to get one without an EIN, I would say try to get one it costed us I think like $200 total between the state, Feds, and LLC fee.

Without it you might be eligible for CapOne Spark, but wouldn't expect Chase or Amex to give you a Business card with no EIN or Business Credit History.

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Mon, 31 Jul 2017 09:26:02 GMT

@Anonymous wrote:
It'll likely be a lot harder to get one without an EIN, I would say try to get one it costed us I think like $200 total between the state, Feds, and LLC fee.

Without it you might be eligible for CapOne Spark, but wouldn't expect Chase or Amex to give you a Business card with no EIN or Business Credit History.

That's not true at all Matt. I don't have an EIN and applied as as a SP with SSN alone and have business credit cards with limits of $35K, $25K, $17K, and $21,500K from Chase, Amex and BoA. Also have a smaller limit one from Citi. There is absolutely no advantage to getting an EIN in his situation. Business credit cards from the major creditors are almost solely based on your personal credit and they do not care if you apply with an EIN or SSN. And Chase gave me the $35K and Amex the $25K without an EIN or any business credit history whatsoever. That's why we must be careful in our responses because it can be misleading to others that arent familiar with business credit.

And @Girac. I'm a consultant as well. With your scores you shouldnt have any issues. No need to get an EIN and certainly not form a LLC.

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Mon, 31 Jul 2017 12:36:39 GMT

"That's not true at all Matt. I don't have an EIN and applied as as a SP with SSN alone and have business credit cards with limits of $35K, $25K, $17K, and $21,500K from Chase, Amex and BoA. Also have a smaller limit one from Citi. There is absolutely no advantage to getting an EIN in his situation. Business credit cards from the major creditors are almost solely based on your personal credit and they do not care if you apply with an EIN or SSN. And Chase gave me the $35K and Amex the $25K without an EIN or any business credit history whatsoever. That's why we must be careful in our responses because it can be misleading to others that arent familiar with business credit.

And @Girac. I'm a consultant as well. With your scores you shouldnt have any issues. No need to get an EIN and certainly not form a LLC. "

+1

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Tue, 01 Aug 2017 12:35:56 GMT

I second Irish.

My business as it were is that i repair / resell things on eBay as a hobby. Amex has given me 3 business cards, US Bank one so far and I have no EIN. Applied with my SSN and honest info about typical revenue (generally 10k or less) and have had no trouble at all.

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Tue, 01 Aug 2017 14:02:36 GMT

Irish is correct;

What he said +1.

One thing to be aware of, is that the T+Cs of the business cards are different and offer less "consumer protections" than consumer cards. I am a consultant as well and use Amex business cards for my consulting related expenses. I use my biz platinum card ONLY for business items and expenses, and sometimes use my personal cards for business if its advantageous - just keep good records.. There has been lots of talk about AMEX's terms on business use, but the consensus that is boiler plate CYA copy. I do however, only use my business card for purchases involved in my consulting to keep things clean.

The major advantage I have found with business cards and particularly Amex, is the transaction reporting, detailed statements, and Receipt Match app. VERY useful come April...

Re: Can I get a business credit card if I don't have a business but work as if i did?

Girac — Tue, 01 Aug 2017 18:52:11 GMT

Thanks for your replies.

I applied for the Chase Business Preferred Ink. Went through the online application and clicked submit. got a 30 day message. I figure they needed verification. A few hours later they called me and asked me some questions.

They come back a few minutes later with an approval for 12K.

From what I understand this will remain separate from my consumer credit file unless it goes into delinquency? Will this inquiry show up as being business or are these separate?

Re: Can I get a business credit card if I don't have a business but work as if i did?

Anonymous — Tue, 01 Aug 2017 19:31:55 GMT

@Girac wrote:
Thanks for your replies.

I applied for the Chase Business Preferred Ink. Went through the online application and clicked submit. got a 30 day message. I figure they needed verification. A few hours later they called me and asked me some questions.

They come back a few minutes later with an approval for 12K.

From what I understand this will remain separate from my consumer credit file unless it goes into delinquency? Will this inquiry show up as being business or are these separate?

congrats!

Yes it will not report on your personal credit reports unless you don't keep it in good standing. As far as an inquiry, they are just Hard or Soft, and it will be a Hard Inquiry almost certainly.