Bank of America Business Credit Card Application

[Red1Blue]

When we fill out the Bank of America Business Credit Card application will they pull a hard inq on personal credit report? How to get a secured Business Card application from BOA ? Will it pop up an offer for Secured card if the application is declined? I have a personal BOA Credit Card. Can I ask them to change it to Business Credit Card?

[dragontears]

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@Red1Blue wrote:

When we fill out the Bank of America Business Credit Card application will they pull a hard inq on personal credit report? How to get a secured Business Card application from BOA ? Will it pop up an offer for Secured card if the application is declined? I have a personal BOA Credit Card. Can I ask them to change it to Business Credit Card?

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Yes, like all biz cards that you have to PG, they will do a HP and base the decision on your personal reports 

[Red1Blue]

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@dragontears wrote:

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Yes, like all biz cards that you have to PG, they will do a HP and base the decision on your personal reports 

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Hi @dragontears, I understand what you are saying. What I am trying to figure out is how to get a secured business credit card for my new startup. I have been BOA customer for last 15+ years. My credit scores in low 600s. Also I am in gardening mode and I do not want to add any new personal credit accounts for next 11 months until all the accounts turns 1 year old.

Most of the business secured cards BBVA and other lenders are in states that I can not apply from NH. They are limited to states they offer their cards. I thought about Wells. I am not so sure about Wells. So I am looking for some secured business cards that I can use for my business, does not affect my personal credit and willing to put security credit to establish the accounts. if BOA has to offer Secured Business Credit Card that would make it lot easier for me. I am not able to find the applicaiton for it. I'll call BOA on Tuesday and try to find out.

[Anonymous]

In order to qualify for their secured product you must first apply for a regular BIZ card and be denied. However, that does not gurantee that you will be offerd a secured product. It's hit or niss on who get the offer after a denial.

[Anonymous]

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@Red1Blue wrote:

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@dragontears wrote:

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Yes, like all biz cards that you have to PG, they will do a HP and base the decision on your personal reports 

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Hi @dragontears, I understand what you are saying. What I am trying to figure out is how to get a secured business credit card for my new startup. I have been BOA customer for last 15+ years. My credit scores in low 600s. Also I am in gardening mode and I do not want to add any new personal credit accounts for next 11 months until all the accounts turns 1 year old.

Most of the business secured cards BBVA and other lenders are in states that I can not apply from NH. They are limited to states they offer their cards. I thought about Wells. I am not so sure about Wells. So I am looking for some secured business cards that I can use for my business, does not affect my personal credit and willing to put security credit to establish the accounts. if BOA has to offer Secured Business Credit Card that would make it lot easier for me. I am not able to find the applicaiton for it. I'll call BOA on Tuesday and try to find out.

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There's no secured business cc app online for BofA since the secured app usually appears as a counteroffer for an unsecured business cc application. A pg is also required therefore you can expect a hp on the applicants credit report (usually Experian). The good news is the card doesn't report to your personal CR unless you default in payment.

If you accept the counteroffer, BofA would require you to open a CD to deposit funds used as collateral for the cc.

[Red1Blue]

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@Anonymous wrote:

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There's no secured business cc app online for BofA since the secured app usually appears as a counteroffer for an unsecured business cc application. A pg is also required therefore you can expect a hp on the applicants credit report (usually Experian). The good news is the card doesn't report to your personal CR unless you default in payment.

If you accept the counteroffer, BofA would require you to open a CD to deposit funds used as collateral for the cc.

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Hi @Anonymous Thanks for the message. I want to stay away from any thing that uses hard inq on my personal report or new account showing in my credit report. I am in the Garden Mode for next 12 months. The reason I am building Business Credit is to keep it separate. I am sure there are lot of other lenders who might be willing to extend a business credit card or business secured card. We will see.

[Red1Blue]

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@Anonymous wrote:

In order to qualify for their secured product you must first apply for a regular BIZ card and be denied. However, that does not gurantee that you will be offerd a secured product. It's hit or niss on who get the offer after a denial.

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Hi @Anonymous, Thanks for your message. I am in Garden mode and do not want any thing to impact my personal credit for next 12 months. Right now I am waiting to get 5Star Busines Mastercard and I understand this will grow in limit after use. ExxonMobile Gas Card ( Wex)  should be here next week.

Wex also has a tCheck Business Mastercard that can be used for Gas and also as a regular Mastercard. I am looking into it. That will make 3 Credit Cards reporting to D&B. I have to take a look some of the Net30 and see if I like some of them. If I add 2 more Net 30 or business charge cards and hopefully before end of this year, I should see some Paydex scores.

Right now company should start capitalizing from revenues and should become strong on its own. After 12 months I could look into getting Amex Business Charge and possibly US Bank Business Mastercard. I am sure there are lot of different options available. We will see. Brighter side startup is in a growing market and revenues should boost soon.

[AzCreditGuy]

I was in the same boat as you a year ago. I applied for both personal and business credit cards. I was told it would be 2 inquires due to the departments not talking to each other. Going in I knew I had burned B of A back in late 2008 when I let all my cards go. I got denied for both cards and only 1 inq showed up on Experian. A week later I received a letter that B of A would give me a secured personal card if I applied a $99 deposit with my application. I never received anything about an offer for a secured business card.

I took the secured card offer that started at $500 CL and is now unsecured and a $3,700 CL. I started my garden phase on July 10 2019 and had the intention to not apply for any cards or have new inquires on my credit report, well that changed on June 27th 2020. I received an offer from the SBA to get an EIDL and I took it to get some personal debt that I had taken on for my business off my personal credit report and on the business credit report. That one inquiry was worth it.

Now I am getting offers from my business checking account with B of A, that I qualify for a business credit card? Do I take another inquiry, knowing if I get approved it will only show up on my business side?

I am debating due to the research I have been doing on the board, that B of A seems to act like more like a mortgage lender when approving for business credit cards.

[credit_endurance]

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@AzCreditGuy wrote:

I was in the same boat as you a year ago. I applied for both personal and business credit cards. I was told it would be 2 inquires due to the departments not talking to each other. Going in I knew I had burned B of A back in late 2008 when I let all my cards go. I got denied for both cards and only 1 inq showed up on Experian. A week later I received a letter that B of A would give me a secured personal card if I applied a $99 deposit with my application. I never received anything about an offer for a secured business card.

I took the secured card offer that started at $500 CL and is now unsecured and a $3,700 CL. I started my garden phase on July 10 2019 and had the intention to not apply for any cards or have new inquires on my credit report, well that changed on June 27th 2020. I received an offer from the SBA to get an EIDL and I took it to get some personal debt that I had taken on for my business off my personal credit report and on the business credit report. That one inquiry was worth it.

Now I am getting offers from my business checking account with B of A, that I qualify for a business credit card? Do I take another inquiry, knowing if I get approved it will only show up on my business side?

I am debating due to the research I have been doing on the board, that B of A seems to act like more like a mortgage lender when approving for business credit cards.

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I know from my experience, have received several of their offers on my dashboard to apply for cards and took the bait 2 times and was denied. Last time was in December. Tried to recon the desicion and was turned down due to not having a substantial deposit account at the time. 

My goal card is actually Premium Rewards and so I went ahead and started throwing some $ into their accounts in hope to land the card. As we speak I currently have yet another business card offer on my dashboard but, not taking the bait this time. I think majority of it is marketing. But you can also look at the terms of your offer and if there isn't a firm apr with it I would say it is strictly marketing and would most likely lead to a denial. Of course with everything YMMV.

[AzCreditGuy]

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@credit_endurance wrote:

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@AzCreditGuy wrote:

I was in the same boat as you a year ago. I applied for both personal and business credit cards. I was told it would be 2 inquires due to the departments not talking to each other. Going in I knew I had burned B of A back in late 2008 when I let all my cards go. I got denied for both cards and only 1 inq showed up on Experian. A week later I received a letter that B of A would give me a secured personal card if I applied a $99 deposit with my application. I never received anything about an offer for a secured business card.

I took the secured card offer that started at $500 CL and is now unsecured and a $3,700 CL. I started my garden phase on July 10 2019 and had the intention to not apply for any cards or have new inquires on my credit report, well that changed on June 27th 2020. I received an offer from the SBA to get an EIDL and I took it to get some personal debt that I had taken on for my business off my personal credit report and on the business credit report. That one inquiry was worth it.

Now I am getting offers from my business checking account with B of A, that I qualify for a business credit card? Do I take another inquiry, knowing if I get approved it will only show up on my business side?

I am debating due to the research I have been doing on the board, that B of A seems to act like more like a mortgage lender when approving for business credit cards.

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I know from my experience, have received several of their offers on my dashboard to apply for cards and took the bait 2 times and was denied. Last time was in December. Tried to recon the desicion and was turned down due to not having a substantial deposit account at the time. 

My goal card is actually Premium Rewards and so I went ahead and started throwing some $ into their accounts in hope to land the card. As we speak I currently have yet another business card offer on my dashboard but, not taking the bait this time. I think majority of it is marketing. But you can also look at the terms of your offer and if there isn't a firm apr with it I would say it is strictly marketing and would most likely lead to a denial. Of course with everything YMMV.

I am going to hold off as the offer disappears and reappears on my dashboard and I just dont want to waste a HP on B of A. Besides I want to see if @Red1Blue  calls to B of A are fruitful or not.

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