Changing credit lines from Sole Proprietor to S Corp

[Anonymous]

Hello, I am new to the forum.  It's been about 6 months since i changed my business to an S Corp, and last week I called up Capital One/Spark about adding my EIN number to my credit card info (instead of just SSN).  I was advised that since I disclosed that my business structure changed they will close my account in 60 days and that I have to re-apply on-line with my EIN as their sales department is closed due to COVID-19.  This is not what I wanted to hear.  After the call I went online to apply and I was declined because of too many recent hard inquiries on my report (mortgage/ppp/eidl- my credit score is typically between 760 and 820).  This was not the outcome I expected and I figured that was the end of my relationship with Capital One Spark (my preferred business card-- 2% cash back).  2 days later someone from CapitalOne calls me and said they were auditing the cancellation and that if I could prove i was the 100% owner of the S Corp that they could change the card without another hard inquiry.  I've uploaded them the necessary documents and still waiting for a response.

I also have a US Bank and a Chase Saphire business credit card that I would like to update with my EIN.  I am reluctant to call them for fear they may cancel my credit cards.

Does anyone have any experience with this?  Also, I would like to establish some Net 30 credit lines (I've seen Uline mentioned a lot on this forum) to build my credit but I can't take one more HP maybe for a year or more.  Will Uline ask for my social security number or just my EIN?  HP?  

Thanks in advance for your help.

[Anonymous]

Follow up:  I called my other two credit card companies and didn't have a problem updating my EIN/business structure- I just need to provide documentation.  The key phrase when talking to customer service for me was to add that the new structure is a "Single-member LLC"

[DapprD]

Hello @Anonymous 

If you are looking to add NET 30 accounts such as Uline or Quill, you can fill out the application and if it asks for your SS# just leave that area blank, they will just try to approve the account without a PG and if not they will reach out to you to ask for your SS# and at that point, you can decline if you don't want your Personal Credit pulled.

Hope this answers your question.

[Anonymous]

Follow up #2:  I had no problem getting a small net 30 trade account for Grainger.com and Uline.com-- they did not ask for EIN or SSN, and no hard or soft credit pulls.  I think they found/find record of my LLC somehow...

[Flexfanatic]

I was just going to post about this same type of situation this morning but glad I saw this post. I currently have a Sole Proprietor that Iooking to "change" to a single member LLC but have been holding off until I got some clarification.

I setup the Sole Proprietor about a year ago and have four business credit cards (actually 5 but I don't use it becuase it reports usage and balances to personal credit bureau's). These CC's range anywhere from $15k to $30K in limits so I don't want to lose them so the plan is for me to perform the following:

• Register a single member LLC in my state of Maryland where I reside (I checked and my business name does not exist)
• See if its possible to change my business information through my credit card portals and if not call the lenders (American Express, Flagstar, Capital One, and Chase) 

Hopefully I don't run into issues as I'm in good standing with them and a few I have taken and paid back business loans.

[DoogieBall]

I've recently changed from Sole Proprietor using my SSN to Single Member LLC with a new EIN.  I posted a few months ago about this and if anyone is interested, here is the thread.

https://ficoforums.myfico.com/t5/Business-Credit/From-Sole-Proprietor-to-Single-Member-LLC-What-happ...

My only experience is with Amex.  When I called them to add my EIN to my existing business profile, I was told by the CSR that it was required that I apply for a new CC.  The Simply Cash Plus card that had been my first Amex Business card was no longer offered so I applied for the Blue Business Cash and was approved.

Most of the DP says that a new profile will be created with the EIN.  There was a few people that said their business structure changes were all combined into the same profile.