topic Business credit card with no EIN: still separate from consumer report? in Business Credit

Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 16 Jun 2021 12:30:19 GMT

Hi everyone. I've learned that there are banks that don't report business credit cards to personal credit bureaus but do report to business credit bureaus. Does this apply to those who get the business credit card using their social security only, or must the card be applied for using an EIN?

I don't want it to be reported to consumer credit bureaus (I do want reporting to business bureaus), but I don't want to get an EIN number because that will require at least $150 annually for maintaining an LLC, since EIN must be assigned to an LLC only.

Re: Business credit card with no EIN: still separate from consumer report?

pizzadude — Wed, 16 Jun 2021 14:18:00 GMT

You can obtain an EIN as a sole proprieter, it's not exclusively used for incorporated business entities.

I don't think applying with your SSN would result in a biz card showing on your personal credit report.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 16 Jun 2021 16:02:47 GMT

@pizzadude wrote:

You can obtain an EIN as a sole proprieter, it's not exclusively used for incorporated business entities.

I don't think applying with your SSN would result in a biz card showing on your personal credit report.

Thank you. Can anyone else confirm that, please?

Re: Business credit card with no EIN: still separate from consumer report?

Red1Blue — Wed, 16 Jun 2021 14:40:30 GMT

@Anonymous wrote:
Thank you. Can anyone else confirm that, please?

Nothing to conform. You can get EIN number using your SSN. Goto IRS Website and apply it will give you details.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 16 Jun 2021 15:06:14 GMT

But everything I've read about applying for an EIN says that it's given only after an LLC is formed and named...

Are there any business credit cards users here that have the card on SSN without EIN who can confirm that its not reported on personal report?

Re: Business credit card with no EIN: still separate from consumer report?

FinStar — Wed, 16 Jun 2021 16:05:44 GMT

@Anonymous wrote:
But everything I've read about applying for an EIN says that it's given only after an LLC is formed and named...

Are there any business credit cards users here that have the card on SSN without EIN who can confirm that its not reported on personal report?

There are some lenders whose business cards report to personal CRs. Examples include Capital One (although one of their recent 2% business products does not), TD Bank, Discover, etc. In the past State Farm business cards reported to personal, but since they were absorbed by US Bank, I believe they do not any longer.

Re: Business credit card with no EIN: still separate from consumer report?

pizzadude — Wed, 16 Jun 2021 16:10:50 GMT

IRS guidance: https://www.irs.gov/faqs/small-business-self-employed-other-business/form-ss-4-and-employer-identification-number-ein/form-ss-4-employer-identification-number-ein-1

I'll defer to others to comment on applying for biz credit with SSN

Re: Business credit card with no EIN: still separate from consumer report?

randomguy1 — Wed, 16 Jun 2021 16:18:06 GMT

Reporting to your personal credit profile has nothing to do with using an EIN or SSN. It depends on the credit card issuer if they do that or not. You can obtain an EIN without a LLC. I have several credit business cards and can attest to all of this (see: Chase, BoA, US Bank, and Barclays). AMEX won't report to your personal account either.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 16 Jun 2021 16:22:01 GMT

The IRS link says that I don't need an EIN as a sole proprietary without employees. But doesn't clarify whether I can get an EIN without an LLC...

It still would be still great if business credit card users who don't have EIN have their cards reported to personal by banks which are known not to report otherwise.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 16 Jun 2021 16:26:34 GMT

@randomguy1 wrote:
Reporting to your personal credit I have several credit business cards and can attest to all of this (see: Chase, BoA, US Bank, and Barclays). AMEX won't report to your personal account either.

Are all those cards of yours opened without an EIN?

Re: Business credit card with no EIN: still separate from consumer report?

randomguy1 — Wed, 16 Jun 2021 16:38:17 GMT

@Anonymous wrote:
@randomguy1 wrote:
Reporting to your personal credit I have several credit business cards and can attest to all of this (see: Chase, BoA, US Bank, and Barclays). AMEX won't report to your personal account either.
Are all those cards of yours opened without an EIN?

Some without and some with. Like I said though, it does not matter. You should stop focusing on the EIN.

Re: Business credit card with no EIN: still separate from consumer report?

Red1Blue — Wed, 16 Jun 2021 23:36:22 GMT

@Anonymous wrote:
The IRS link says that I don't need an EIN as a sole proprietary without employees. But doesn't clarify whether I can get an EIN without an LLC...

It still would be still great if business credit card users who don't have EIN have their cards reported to personal by banks which are known not to report otherwise.

You might be better off talking to one of your local CPA about the EIN and Business and other things. The reason to have the business account is to establish the credit under business name and protect your self if the business goes under. Also if personal credit is bad use business credit while restablishing the personal credit. I have no idea what you are trying to accomplish. If you want a credit card then get it in what ever format you get it. If you want to build a business then focus on establishing and build the business. I would not be too much worried about paying the AF for the corporation or LLC. You have to decide first what you are trying to establish and your goals.

Re: Business credit card with no EIN: still separate from consumer report?

gingerflower — Thu, 17 Jun 2021 06:34:50 GMT

@Anonymous

Yes I can confirm I applied as a Sole proprietorship with my SSN for my Business Blue Cash and Business Gold Amx it does not report on personal reports.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Thu, 17 Jun 2021 13:07:38 GMT

Thanks all. Looks like they don't report even without EIN.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Mon, 21 Jun 2021 17:47:46 GMT

So, let's say I apply for business credit cards with an EIN as a sole proprietary with no LLC, and establish business credit on that EIN.

Moving forward, if I apply for for business credit cards on that EIN 2-3-5 years layer, will they keep pulling my SSN forever, or will they pull my business credit report on that EIN?

Will there be a switch to EIN pulling instead of SSN pulling?

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 23 Jun 2021 01:06:46 GMT

@Anonymous wrote:
So, let's say I apply for business credit cards with an EIN as a sole proprietary with no LLC, and establish business credit on that EIN.

Moving forward, if I apply for for business credit cards on that EIN 2-3-5 years layer, will they keep pulling my SSN forever, or will they pull my business credit report on that EIN?

Will there be a switch to EIN pulling instead of SSN pulling?

Anyone, please?

Re: Business credit card with no EIN: still separate from consumer report?

601flyguy — Wed, 23 Jun 2021 18:29:39 GMT

Look into a single member LLC. If you are serious about business and plan on doing this for years to come, building credit, banking relationships, etc, skip the whole sole prop with an EIN idea and get a llc now. A sole prop isn't even viewed as a real business by most creditors, financial institutions, etc, with or without an EIN.

What do you mean about switching from pulling SSN to EIN? With a LLC they use your EIN, not your SSN. They might still ask for SSN but that's usually for verification or if a personal guarantee is required.

Re: Business credit card with no EIN: still separate from consumer report?

Anonymous — Wed, 23 Jun 2021 18:51:48 GMT

@601flyguy wrote:
With a LLC they use your EIN, not your SSN. They might still ask for SSN but that's usually for verification or if a personal guarantee is required.

Does the same apply to Sole Proprietorship ?

If I don't have a LLC, but have an EIN under Sole Proprietary and have business credit cards issued on that EIN so the business credit history is established after several years. And later I want to apply for additional business credit cards, will the pull my SSN (personal credit history) or business credit history linked to my EIN?

Re: Business credit card with no EIN: still separate from consumer report?

GatorGuy — Thu, 24 Jun 2021 12:13:41 GMT

@Anonymous wrote:
@601flyguy wrote:
With a LLC they use your EIN, not your SSN. They might still ask for SSN but that's usually for verification or if a personal guarantee is required.

Does the same apply to Sole Proprietorship ?
If I don't have a LLC, but have an EIN under Sole Proprietary and have business credit cards issued on that EIN so the business credit history is established after several years. And later I want to apply for additional business credit cards, will the pull my SSN (personal credit history) or business credit history linked to my EIN?

Your question has already been answered. If that is your concern, you need a LLC. A sole proprietorship and an individual is viewed as one and the same by almost all financial institutions and the IRS.