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Info needed on business credit card approval

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cr101
Established Contributor

Info needed on business credit card approval

Are these secured with your SSN?

Any cards that don't require a pull to your personal credit?

What are the best starter business cards? (easy approval, minimal requirements, etc)

When should one start applying for business credit? (as you're starting out, after you have x amount of income, x amount of years, etc)

 

Thanks in advance!

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Info needed on business credit card approval

1. I don't have a busines credit card yet, but from what I know you need either a SSN or  EIN.

 

2. Also if it's your first card they will put a HP on your personal credit to see your history until you establish business credit. Capital one and discover business cards will report on your own personal credit.

 

3. I would like at a business card that gives the most rewards like travel credit, so I would say a chase card or AMEX.

 

4. Start right away, it's okay if you haven't earn any revenue yet. The sooner you get it, the faster you begin building business credit.

 

Like I said I don't have a card yet but I will pretty soon. If I missed anything or if I'm wrong about something please educate me.

Message 2 of 9
WayneSki
Regular Contributor

Re: Info needed on business credit card approval

When I opened my business bank account I applied for an unsecured business credit card at the same time using my SSN. It was a low amount 4k  due to being a new business,but I didn't mind. Then a few months later I got a unsecured Chase biz card and a US bank biz card.

You can check with your bank and see if they offer secured biz cards or look into banks like Wells Fargo for one.(make sure they report)

Message 3 of 9
GApeachy
Super Contributor

Re: Info needed on business credit card approval


@cr101 wrote:

Are these secured with your SSN?

Any cards that don't require a pull to your personal credit?

What are the best starter business cards? (easy approval, minimal requirements, etc)

When should one start applying for business credit? (as you're starting out, after you have x amount of income, x amount of years, etc)

 

Thanks in advance!


Due to the patriot act you will have to give your ss#.  Not all will hp; some sp.  Some pg; some no pg.  I always like to go back to the Business 101 sticky to get ideas.  It's helped me tremendously, good luck on your biz journey.

https://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

 

 

My Take Home Pay Don't Take Me Home
Message 4 of 9
Credit_Flavours
Regular Contributor

Re: Info needed on business credit card approval

+1.

 

Also, American Express in my view is by far the most, new business-friendly. Got my first card with them 4months after registering a new LLC. They require your SSN only if you're a sole proprietor and you'll need to throw in the EIN if its an LLC. No credit pull cause I already had an established relationship with them on the personal side.

 

GL on your biz credit build efforts.




Message 5 of 9
Anonymous
Not applicable

Re: Info needed on business credit card approval


@cr101 wrote:

Are these secured with your SSN? YES

Any cards that don't require a pull to your personal credit? YES, but you will not be able to get any of those as someone without years of established business credit.

What are the best starter business cards? (easy approval, minimal requirements, etc) American Express

When should one start applying for business credit? (as you're starting out, after you have x amount of income, x amount of years, etc) That depends on what kind of business credit you are looking for. If you are talking about credit cards, then you can get business credit cards immediately. They will pull your personal credit and the approval will only depend on your personal credit.  You are personally guaranteeing the debt (just like any other CC).

There is also business "only credit". They do not pull your personal, and the debt is guaranteed by the business only. Starting out you will not be able to get any of these. You will need to build up your business credit file to get one of these. For most small businesses a regular business credit card from a major bank is easy enough to get and should be good enough.

 

Thanks in advance!

 


 

Message 6 of 9
Anonymous
Not applicable

Re: Info needed on business credit card approval

What kind of business are you starting?

Message 7 of 9
WayneSki
Regular Contributor

Re: Info needed on business credit card approval


@Anonymous wrote:

@cr101 wrote:

Are these secured with your SSN? YES

Any cards that don't require a pull to your personal credit? YES, but you will not be able to get any of those as someone without years of established business credit.

What are the best starter business cards? (easy approval, minimal requirements, etc) American Express

When should one start applying for business credit? (as you're starting out, after you have x amount of income, x amount of years, etc) That depends on what kind of business credit you are looking for. If you are talking about credit cards, then you can get business credit cards immediately. They will pull your personal credit and the approval will only depend on your personal credit.  You are personally guaranteeing the debt (just like any other CC).

There is also business "only credit". They do not pull your personal, and the debt is guaranteed by the business only. Starting out you will not be able to get any of these. You will need to build up your business credit file to get one of these. For most small businesses a regular business credit card from a major bank is easy enough to get and should be good enough.

 

Thanks in advance!

 


Great Info!


 

Message 8 of 9
Anonymous
Not applicable

Re: Info needed on business credit card approval

if you have decent credit - Amex can be generous, set up an EIN first though to keep it off your personal lines

Message 9 of 9
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