American Express Business Credit Cards or Other Card

[cyrusvalentino]

So just found out today that the business credit now is rated as a 85 based on IntelliScore V2 from Experian. My question is while the business has great credit I myself do not (working on a recovery). Would the business qualify for an Amex based solely on the IntelliScore since they pull Experian or would I as the personal guarantor cause a denial? If this is the case, who would you recommend that uses the IntelliScore but doesn't require a personal guarantor.

[Red1Blue]

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@cyrusvalentino wrote:

So just found out today that the business credit now is rated as a 85 based on IntelliScore V2 from Experian. My question is while the business has great credit I myself do not (working on a recovery). Would the business qualify for an Amex based solely on the IntelliScore since they pull Experian or would I as the personal guarantor cause a denial? If this is the case, who would you recommend that uses the IntelliScore but doesn't require a personal guarantor.

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I do not know about Amex. If you personal credit is bad you can try to build business credit with out your personal guarantee. For that you setup a business as a corporation or llc. They look for D&B number ( Duns) register with Duns and get DUNS number. It is good to Register with Experian Business also. They establish net 30 accounts like Quill, Staples and then start climbing up in to major cards. Search forum for the links on business credit and how to establish it. It is always good to have it. I have built 3 business and sold 2. One of it was when my credit was very poor.

[cyrusvalentino]

@Red1Blue - Thank you so much for the prompt response. So far we have U-Line, Nav, and one other vendor reporting on our Experian profile under the DUNS number associated with the business that is registered as a LLC. The business itself has been a registered LLC and in operation since February of 2016 with an annual revenue volume exceeding $250,000 and growing an average of 20-60% per year (including this year even with Covid because of Federal Contracting).

Just not sure what to start with or the next step now that I've got the profile started and in a good place what we should do to further expand the credit profile. Does Staples require a personal guarantor? Also, we should have our EIDL Loan reporting in the next 30 days to all 3 business credit reports and I've been told that could also help. Thank you again @Red1Blue and anyone else who can help or give advice.

[Red1Blue]

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@cyrusvalentino wrote:

@Red1Blue - Thank you so much for the prompt response. So far we have U-Line, Nav, and one other vendor reporting on our Experian profile under the DUNS number associated with the business that is registered as a LLC. The business itself has been a registered LLC and in operation since February of 2016 with an annual revenue volume exceeding $250,000 and growing an average of 20-60% per year (including this year even with Covid because of Federal Contracting).

Just not sure what to start with or the next step now that I've got the profile started and in a good place what we should do to further expand the credit profile. Does Staples require a personal guarantor? Also, we should have our EIDL Loan reporting in the next 30 days to all 3 business credit reports and I've been told that could also help. Thank you again @Red1Blue and anyone else who can help or give advice.

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I beleive Staples is provided by Citi. You can waive the personal guarantee. On the application they might ask, Just tell them no. You can puruse Amazon, Staples and many other companies with out the PG. Gas companies you can get. There are so many companies you can get. Most of them might ask for PG. Just decline the PG. Key Bank is another company you can pursue. It is been a while that I posted, there might is a sticky that I posted with the information about several companies. Feel free to send me PM.

[ToughFistFight]

I hate to be the bearer of bad news, but really, getting your personal credit in shape is the best thing you can do for your business credit.  Even though I have truck loans for just under 200k with Hitachi Capital and Toyota, and have a great Experian Business whatever, they STILL pull my personal report.  These loans dont report to any business credit reports.  But they pull my Experian Business and my Experian Personal.  They are not a pg either. 

There arent that many cc for biz that dont require a personal guarantee. 

[Red1Blue]

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@ToughFistFight wrote:

I hate to be the bearer of bad news, but really, getting your personal credit in shape is the best thing you can do for your business credit.  Even though I have truck loans for just under 200k with Hitachi Capital and Toyota, and have a great Experian Business whatever, they STILL pull my personal report.  These loans dont report to any business credit reports.  But they pull my Experian Business and my Experian Personal.  They are not a pg either. 

There arent that many cc for biz that dont require a personal guarantee. 

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I agree it is good to improve your personal credit. Some times there is no choice when some ones credit is bad people have to resort to business credit to get things going. Another advantage of having Business credit with out PG is if business goes under one can walk away with out having to worry about the obligations becoming personal. It is a good idea to build buiness credit. it is a good idea to improve presonal credit.