@Anonymous wrote:
Thanks ppland yeah just realized this would mess up my plans to get a 2nd disco it in the future. Which of those cards reports to business only, and does the Chase factor in inq's or new accounts only/subject to 5/24?
Chase 5/24 relates to accounts, not inquiries. If it's a business account that doesn't report to personal credit, it won't get factored in because it won't show up in the personal credit pull.
@Anonymous wrote:
Just got a preapproval in the mail. Just wondering if anyone knows anything on thier approval process.
I don't know anything about their approval process, but just want to caution you: this card, unlike most business cards, reports to your personal credit.
@Anonymous wrote:Thanks. I didn't know that. I rather not have a business card reporting to my personal account.
Me too. Unfortunately I presently have a business card which reports to personal... my TD Bank "Business Solutions" card. I'm looking for the right moment to get rid of that turkey.
My Mom has one of these Discover Business cards open since 2004.... Her limit is 50K.... They seem to be generous on the limits... however it reports to her credit so she hardly uses it.
@Anonymous wrote:I'm late to this conversation but I'm curious for those of us that have a small side business like myself who resell on ebay would this card really be a bad deal since it reports to personal credit? Amex cards are out since I shop at thrift stores and thrift outlets for stuff to resale online and none of them take Amex yet they do take Discover and I've had nothing but good experiences with Discover so I was looking at getting the Discover IT business card because of that. Would I be better off getting a chase Ink business card? I'm not going to hit anywhere near 3k spend on the card in three months even including purchasing product, shipping, shipping material (bubble wrap, padded envelops, etc.) and fees from paypal and ebay so that's the reason why I was looking at getting the discover it business card for my ebay side business instead of the ink business unlimited card.
My advice would be to avoid it. Yes it's bad that it reports to personal credit. Let's say for example you have a $2k credit limit, and you want to buy $1500 worth of stuff. With a regular business credit card you just go ahead and do it. But with a card like that you have to live in fear of getting stuck with 75% utilization which will wreck your FICO scores.
Yes you would be better off with a Chase card. Since your operation is small you should go for one of the cash back versions which have no annual fee. The Chase cards are the best, but not easy to get. But there are plenty of others out there. Almost all business credit cards do not report to personal credit. There are only 3 I know of which do report to personal credit: Discover, Capital One, and TD Bank.