cancel
Showing results for 
Search instead for 
Did you mean: 

When to apply for AMEX BBP

tag
citymunky
Established Contributor

When to apply for AMEX BBP

I'm in the beginning stages for starting an online business, and I'm trying to figure out when would be the best to apply for the AMEX BBP? Option 1) Apply now as a sole proprietorship, and utilize some the CL for start up cost. Option 2) File for LLC and EIN, than apply?  If I go with option 1, is possible to switch a BIZ AMEX account for Sole Proprietor to LLC? Does it even matter?

 

 

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper (Jul21-Jul 2022), Sable {Secured} (Jan22-Jun23), CreditOne Platinum (Jul21-Aug23)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 1 of 8
7 REPLIES 7
JoeRockhead
Senior Contributor

Re: When to apply for AMEX BBP

Just my .02, but if you are trying to establish business credit and trade lines for your new business in order to eventually get away from offering a PG, then I would go ahead and form your LLC and get your EIN so you're all set right out of the gate. Getting almost anything changed on a Business CR can prove to be rather difficult (depending on the CRA) compared to personal CRs.. Being you don't have any current business history won't matter as they will look at your intended industry and your personal profile when making a decision on extending you an approval or not.

Message 2 of 8
FinStar
Moderator Emeritus

Re: When to apply for AMEX BBP


@citymunky wrote:

I'm in the beginning stages for starting an online business, and I'm trying to figure out when would be the best to apply for the AMEX BBP? Option 1) Apply now as a sole proprietorship, and utilize some the CL for start up cost. Option 2) File for LLC and EIN, than apply?  If I go with option 1, is possible to switch a BIZ AMEX account for Sole Proprietor to LLC? Does it even matter?

 


Only you can determine your business plan and strategy as far as how soon you want to get the ball rolling and which business structure makes sense depending upon your state's registration requirements, licensing, business taxes, etc.

 

Just keep in mind, regardless which direction you go with, American Express cards are PG. They are also non-transferrable between business structures or entities. You can apply for multiple of the same biz cards under different business structures.

Message 3 of 8
Lou-natic
Established Contributor

Re: When to apply for AMEX BBP

Personally I would get it sooner rather than later if you can use it. No reason to hold yourself back on this IMHO.




3/3/24
Message 4 of 8
citymunky
Established Contributor

Re: When to apply for AMEX BBP

EDIT: I just when ahead and pulled the trigger, and was approved. As I form my e-commerce LLC, I will apply for another after I complete the sub.

 

 

 

Thanks to everyone who replied, but I should have added more info. So currently, I'm forming a Wyoming LLC (partnership) as my holding company (I used my personal card to pay for the filing fees and registered agent fees). Once the LLC is formed, I will then form my operating LLC(s) using the Wyoming LLC as the organizer and member, but I than will have to paid for filing fees and registered agent fees in my local state. Than moving on to buy the required software to run the business, accounting software, sellers fees, and buying inventory to sell. While I can cover all these cost out of pocket, I rather leverage some sort of credit if I can sooner than later. 

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper (Jul21-Jul 2022), Sable {Secured} (Jan22-Jun23), CreditOne Platinum (Jul21-Aug23)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 5 of 8
pizzadude
Credit Mentor

Re: When to apply for AMEX BBP

Congrats on the approval !  What credit limit did they give you ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 8
cashorcharge
Community Leader
Super Contributor

Re: When to apply for AMEX BBP

WooHoo!! Congratulations on your AMEX Approval!!👏🏼🍾🥂

Message 7 of 8
citymunky
Established Contributor

Re: When to apply for AMEX BBP

@pizzadude just $2k, but I was honest on the app and put an estimated low amount of projected monthly spending. I don't want to get too high of limit and be in the hole for more than I feel comfortable being personally responsible for if the business was to fail. I could easily pay back $2k out of my HYS account, no problem

 

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper (Jul21-Jul 2022), Sable {Secured} (Jan22-Jun23), CreditOne Platinum (Jul21-Aug23)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.