@trumpet-205 wrote:Business credit card reports to business credit report. Two business CRAs you should be aware of, D&B and Experian. When you apply business credit card both personal and business credit reports will be pulled.
I guess I'm going to need to read up on that since I'm not real familiar with it. So every time I ask for a business cc, my personal will take a hit as well? Bummer.
I was reading the other night about business cc's and seen a thread that mentioned not to apply for a D&B account and a list of reasons why. According to your statement, it sounds like you get one of these files even when you don't apply?
@trumpet-205 wrote:Yes to your first question. These days business CCs require personal gurantee. So even with LLC or Corp status, the person who apply the card is liable for the entire debt should the business goes under. That's why personal credit report is pulled along with business credit report. A few lenders, like Discover and Capital One, also reports business CC to personal credit reports.
To your second question, it sorta of depends. Some lenders report to EX Business, some to D&B, and some to both. Unlike personal CC there is no obligation for lenders to report to both D&B and EX business. I have bussiness CCs but I never bother checking D&B or EX business.
So doing a little more investigation and someone mentioned using their FEIN number instead of SS#? They never ask for our number for the business (which is actually in my husbands name). Should this number be on there somewhere?
Also when we got the cards and we got the extra "employee" card as well in my husbands name, they ask for his SS# (not FEIN). So will this also build his business credit? I mean it is actually HIS business he started and I'm just a part of it. He wants to be able to build his credit as well.
@trumpet-205 wrote:
@audia4 wrote:So doing a little more investigation and someone mentioned using their FEIN number instead of SS#? They never ask for our number for the business (which is actually in my husbands name). Should this number be on there somewhere?
Also when we got the cards and we got the extra "employee" card as well in my husbands name, they ask for his SS# (not FEIN). So will this also build his business credit? I mean it is actually HIS business he started and I'm just a part of it. He wants to be able to build his credit as well.
For the first part, EIN is not asked if you apply the card as sole proprietor (which it is if your husband put his name as business name). You can apply EIN on IRS website.
For your second part, whatever business name is on their is the one that builds the business credit. So if your husband name is on the business name then he is the one that builds business credit.
Hmm, my husbands business has a name and is a LLC (the business name is not his name, it's an acutal business with a store front). He has had an EIN for about 6 years now but it didn't ask us for any of that information, just SS numbers.