topic Re: Business Credit Card in Business Credit

Business Credit Card

Uncle_Money — Thu, 07 Aug 2008 02:12:03 GMT

Calling all business credit card gurus

Does anyone know of a bank that issues a business credit card without a personal guarantee? I heard of Key Bank, however they require a personal guarantee from what I read on their application. I currently have the Professional Card from Citi, but I had to personally guarantee it AND they only report on my personal credit report, not business.

Stats:

- S Corporation in business for approximately 4 years.

- Staples revolving credit card

Re: Business Credit Card

Red1Blue — Thu, 07 Aug 2008 02:38:54 GMT

You can get the Key Bank Biz Card with out PG. Just put X on the PG section and fax it to them. You might get a smaller CL with out PG but they can help you get started with Biz card with out PG. Homdepot Biz MasterCard also you can get with out PG. But it is hard to get.

Re: Business Credit Card

Uncle_Money — Thu, 07 Aug 2008 02:51:20 GMT

Hi concorduser,

Interesting. Thanks for the info. I'm going to apply for this tomorrow. I'll post the results.

Re: Business Credit Card

Creditaddict — Thu, 07 Aug 2008 03:01:25 GMT

ya I have been declined for home depot mastercard 2 without pg. but got keybank

Re: Business Credit Card

Uncle_Money — Sat, 09 Aug 2008 05:30:50 GMT

Hey Concord, I took your advice and applied for the Key Bank business mastercard. I faxed in the application yesterday and I called up today to check the status. To my delight, the credit department informed me I was approved and would receive the card within 10 days!! I would have never discovered Key Bank as virtually every application I came across required a pg. I can't believe it as this is my very first business credit card. Now I can begin building my business credit. I want to give a huge thanks to you and this forum. There is a WEALTH of knowledge to be learned here. Again, thank you! Uncle Money

Re: Business Credit Card

Anonymous — Sat, 09 Aug 2008 06:20:19 GMT

Uncle_Money wrote:
Hey Concord, I took your advice and applied for the Key Bank business mastercard. I faxed in the application yesterday and I called up today to check the status. To my delight, the credit department informed me I was approved and would receive the card within 10 days!! I would have never discovered Key Bank as virtually every application I came across required a pg. I can't believe it as this is my very first business credit card. Now I can begin building my business credit. I want to give a huge thanks to you and this forum. There is a WEALTH of knowledge to be learned here. Again, thank you! Uncle Money

Who does keybank report to? I've been looking for a business credit card with no pg as well.

Re: Business Credit Card

Red1Blue — Sat, 09 Aug 2008 15:02:52 GMT

Key Bank does not report to any credit reporting agencies, either personal or business.

UpUpUp wrote:

Who does keybank report to? I've been looking for a business credit card with no pg as well.

Re: Business Credit Card

Red1Blue — Sat, 09 Aug 2008 15:04:31 GMT

Glad you are apporved. Take good care of the card. It is issued by Citi and they are very generous with Credit Limit Increase. If you keep it in good standing and never exceed the limits and pay it on time, you'll get credit limit increase in 6 months. After that you are on your way to be able to acquire other cards that are backed my Citi with out PG.

Uncle_Money wrote:
Hey Concord, I took your advice and applied for the Key Bank business mastercard. I faxed in the application yesterday and I called up today to check the status. To my delight, the credit department informed me I was approved and would receive the card within 10 days!! I would have never discovered Key Bank as virtually every application I came across required a pg. I can't believe it as this is my very first business credit card. Now I can begin building my business credit. I want to give a huge thanks to you and this forum. There is a WEALTH of knowledge to be learned here. Again, thank you! Uncle Money

Re: Business Credit Card

Anonymous — Sat, 09 Aug 2008 15:38:27 GMT

Hmm, so I guess if you are still trying to establish your business credit, this isn't going to help much then.

concorduser wrote:
Key Bank does not report to any credit reporting agencies, either personal or business.
UpUpUp wrote:

Who does keybank report to? I've been looking for a business credit card with no pg as well.

Re: Business Credit Card

Red1Blue — Sat, 09 Aug 2008 15:43:35 GMT

None of the Citi backed biz cards report to either personal or biz credit reports. I have 9 citi backed biz cards and none of them report. That is I am starting building biz credit all over again.

Re: Business Credit Card

Anonymous — Sat, 09 Aug 2008 15:44:30 GMT

concorduser wrote:
None of the Citi backed biz cards report to either personal or biz credit reports. I have 9 citi backed biz cards and none of them report. That is I am starting building biz credit all over again.

Thanks so much for that info. now I know what to stay away from.

Re: Business Credit Card

Red1Blue — Sat, 09 Aug 2008 15:46:30 GMT

Dont stay away from them. Get them and use them. Just keep in mind they dont report. They are real cards and will be extremely helpful. They range all the way from gas cards to store cards to platinum cards. They keep track of the accounts internally and will help you getting other cards with them.

UpUpUp wrote:

concorduser wrote:
None of the Citi backed biz cards report to either personal or biz credit reports. I have 9 citi backed biz cards and none of them report. That is I am starting building biz credit all over again.

Thanks so much for that info. now I know what to stay away from.

Re: Business Credit Card

Anonymous — Sat, 09 Aug 2008 15:53:17 GMT

That's true. I was just in the mindset of trying to establish credit for the business, but it's not really needed. So, if it's not needed, I'd rather get something that reports, since that is what the goal was. Do any of the business cards have a rewards program? That would make me want to use it!

concorduser wrote:
Dont stay away from them. Get them and use them. Just keep in mind they dont report. They are real cards and will be extremely helpful. They range all the way from gas cards to store cards to platinum cards. They keep track of the accounts internally and will help you getting other cards with them.
UpUpUp wrote:

concorduser wrote:
None of the Citi backed biz cards report to either personal or biz credit reports. I have 9 citi backed biz cards and none of them report. That is I am starting building biz credit all over again.

Thanks so much for that info. now I know what to stay away from.

Re: Business Credit Card

Uncle_Money — Mon, 11 Aug 2008 03:48:23 GMT

Thanks, concord.

Perhaps my Staples business cc and my Citi Professional card played a role in approval?

So now I understand Key doesn't report? I know Citi Professional reports to personal, as I had to pg it. Do you think the Amex business cards are harder to get an approval than their personal cards? I had my eyes on the Plum for a while now but never took the plunge. Once my utilization dips to around 20% or less, I was thinking of applying.

Re: Business Credit Card

Creditaddict — Mon, 11 Aug 2008 03:50:48 GMT

just because you PG for a card, does not mean it will be on your personal credit. Business Credit only reports to personal credit if you default on the account and you PG'd for it.

I have heard the plum is the hardest of the business cards to get, but I think the Gold is the same as the gold personal, one of there easier ones

Re: Business Credit Card

Uncle_Money — Mon, 11 Aug 2008 04:09:08 GMT

The Citi Professional Card reports to my EX CR every month. Then again, I didn't even have to enter my tax id to apply. Their terms do state that the card is to be used for business purposes only, though. Strange that they wouldn't even ask! I have heard the same about the Plum so I'm a little skeptic to apply just yet. The last thing I need is another hard pull on EX. Looks like a solid card from what I can tell.

Re: Business Credit Card

Red1Blue — Mon, 11 Aug 2008 04:26:49 GMT

Some report to personal and some dont. For instance, I got biz loan from my CU with PG. It does report to my personal CR as joint account. It is hard to tell. As far as I know none of the citi backed cards report to personal cr. If it is bothering you, you can call Citi and ask them to stop reporting to your personal CR. As per Amex it is a different animal and follows their own set of rules which keep changing by minute. My suggestion, if you have low inq's and scores at least 680-700 on EX apply for Amex Biz Gold. If they approve it, use it for 6 months and then ask for Plum. Asking for Plum right away chances could be less to get it. It all depends on your scores and inq's.

Uncle_Money wrote:
The Citi Professional Card reports to my EX CR every month. Then again, I didn't even have to enter my tax id to apply. Their terms do state that the card is to be used for business purposes only, though. Strange that they wouldn't even ask! I have heard the same about the Plum so I'm a little skeptic to apply just yet. The last thing I need is another hard pull on EX. Looks like a solid card from what I can tell.

Re: Business Credit Card

Uncle_Money — Mon, 11 Aug 2008 05:15:38 GMT

All good points. I think you're correct about the Plum. Let me ask you this. I've heard one of the easier cards to get from Amex is their preferred rewards green card, which is personal. If I apply for the Green, do you think I would be able to call and ask to switch me to a biz card? At the end of Aug, I will have 7 inquiries counting for 2007 and my Ex score will be in the 714 range, according to the Fico simulator. At this point my utilization will also be around 20% and zero baddies on the report.

Re: Business Credit Card

Red1Blue — Mon, 11 Aug 2008 05:29:42 GMT

If you dont mind risking a hard inq and if you dont have any thing negative, I would say go for Amex Biz Gold Charge Card. You might get it if you have scores of high 600's on EX
Uncle_Money wrote:
All good points. I think you're correct about the Plum. Let me ask you this. I've heard one of the easier cards to get from Amex is their preferred rewards green card, which is personal. If I apply for the Green, do you think I would be able to call and ask to switch me to a biz card? At the end of Aug, I will have 7 inquiries counting for 2007 and my Ex score will be in the 714 range, according to the Fico simulator. At this point my utilization will also be around 20% and zero baddies on the report.

Re: Business Credit Card

cfletch123 — Thu, 02 Oct 2008 22:29:57 GMT

Try Staples and Fed Ex Kinko's. There are others but I can't think of them right now. I will look it up when I get home.