Who approves new Business (LLC) Credit Card?

[Sureshot]

Good Morning everyone

i Started my Real estate investment company last year through Legal zoom. Im now in the position that i want to start building business credit for the future. Does anyone have any recommendations on where to get a apporved without using my personal credit to back the business.I Honestly dont have a clue where to start toto build business credit. I just closed my t-mobile business account that was under my business name but i dont think they report unless unpaid like most cell phone places.

[Anonymous]

First start with Vendor account (Uline, Quill, Granger) then move to store account (Sam's club, Amazon, Lowes, Office Deopt, Staples,etc). Keep getting accounts untill you have about 15 reporting before you should try for Visa, MC and Amex. stay away from Capital one as they will need your SSN and will report to your personal credit. Wells Fargo has a secured card that will reun your credit but it will only reort on the business side.

I started with Quill, Uline, Granger now I moved onto Amazon net 55, Lowes net 30, Sams Revolving, Arco Net. Next month I will try for Target, Office depot, Staples, and maybe another gas card or two. Started my buliding biz credit in March.

[Sureshot]

Thank you so much for the information because I was lost. How long after you started with vendors did you apply for amazon? And what kind of limits did they approve you for if you don’t mind me asking

[Anonymous]

I app'd at about 15 months and was approved for Amazon net55, Lowes net30 and Dell business revolving credit line.  I had been using the vendor accounts monthly.  Supply works can be used at Home Depot, but is not the same as Home Depot commercial credit card backed by Citi.  The Citi cards, Staples, Office Depot, Home Depot, Exxon, Sunoco, TSC, require 3 plus years of history.

[Anonymous]

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@Sureshot wrote:
Thank you so much for the information because I was lost. How long after you started with vendors did you apply for amazon? And what kind of limits did they approve you for if you don’t mind me asking

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I waited I think about 3 months when my Padex score got up to 90.  Amazon net 55 $3,500, Sam's  revolving $3,500 and Lowes net $2,000. 

[Anonymous]

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@Sureshot wrote:

Good Morning everyone

i Started my Real estate investment company last year through Legal zoom. Im now in the position that i want to start building business credit for the future. Does anyone have any recommendations on where to get a apporved without using my personal credit to back the business.I Honestly dont have a clue where to start toto build business credit. I just closed my t-mobile business account that was under my business name but i dont think they report unless unpaid like most cell phone places.

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It depends on what you credit needs will be. If you needs are to eventually get loans to fund your business then sure; laderring is the way to go. Starting with net vendors, then store cards then gas cards etc. If you goal is just to get business credit cards then buying a bunch of stuff you don't need to build business credit may be unnecessary. Why? Because there is only one business Visa/MC left that you can get without a personal guarantee. The Sams Club MC. Every other card, Chase, Amex, Citi, big banks, small banks, credit unions will not only check your personal credit but also you will have to personally guarantee. You can't avoid the pg if you want Visa/MC.

If you personal credit is good you can just go straight the CC without the laddering. If your credit is not you are going to have to fix it anyway because eventually you will have to pg. I think Amex has a prequal for business cards. Not sure about the others but you may want to look into it.

[Anonymous]

Morpho
Question. I have a excellent credit score. I have relationships with a couple banks (amex, discover ,and chase) Is it required to get vendor credit cards? Yesterday I apped Lowes business AmEx card and was approved for 10,000. So can I just build with the banks I have a relationship with?

[jaxstraw]

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@Anonymous wrote:
Morpho
Question. I have a excellent credit score. I have relationships with a couple banks (amex, discover ,and chase) Is it required to get vendor credit cards? Yesterday I apped Lowes business AmEx card and was approved for 10,000. So can I just build with the banks I have a relationship with?

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Yes. Just make sure the issuer doesn't report to your personal credit report.

Cap One, Discover, TD Bank and State Farm are confirmed to do that.

As long as you are under the 5/24 rule Chase is an excellent choice for biz CC's.

And Amex I believe you can apply for 2 CC's in 90 days.

Your personal credit is pulled for almost all biz CC apps so unless they have a strict rules in place about number of years in business the choices are almost unlimited.

[Anonymous]

Wish I would have known about the 90 day rule yesterday, could have saved me some embarrassment. I have 3 chase cards, so I may be past the 5/24 rule. If I go into the bank can I do it this way?? Aso, I was reading the Business 101 file and I'm confused over what address I'm suppose to use for my business.

SB: I've had my business for 5 years and never put anything into motion.

[jaxstraw]

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@Anonymous wrote:
Wish I would have known about the 90 day rule yesterday, could have saved me some embarrassment. I have 3 chase cards, so I may be past the 5/24 rule. If I go into the bank can I do it this way?? Aso, I was reading the Business 101 file and I'm confused over what address I'm suppose to use for my business.

SB: I've had my business for 5 years and never put anything into motion.

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The 5/24 rule is for all personal cards you have opened and they can see on your personal CR .

Not just Chase.

If you have opened 5 new accounts in the last 24 months on your personal credit Chase will deny until one falls off (or until under 5 if you opened more).

Not exactly sure of your address question.....use whatever addy your biz has.

For some lenders it is optimal to have a separate biz addy than personal but in the 15+ accounts for biz I have it is not a problem sharing a home address.

I have found though it is better to have a separate biz phone line they can call and confirm information if that is a requirement.