I am soon to be receiving my DUNS number through Dun & Bradstreet on my new business. My own personal credit is fair. Most of the problems were in college 4 years ago. I have a couple acct's more recent that were phone bills I didn't receive because I moved across the country from the East Coast to the West Coast. I am trying to straighten them out. Anyhow, my question is can you get a Business Credit Card (ex: Citibank, First USA, Discover) with your D.U.N.S # and not the Owner's SS #? I am wondering how to go about getting credit for my new business. Thanks.
Most banks that issue credit cards to businesses require an authorizing officer's SS # and guarantee. Unless your business has many good trade lines and some history you are probably out of luck. United National Bank out of NJ may issue a secured Visa Business card with your business number only. You can apply for unsecured after 18mos but when u do make sure your business credit report has no negatives or u will get denied!
Yes you do need a DUNS# to get a corporate credit card. D&B is what most major banks use to check a companies credit. If you look on an American Express Corporate card App it will ask you for your SSN and it will also say no EIN's. There was a time in the early 90's when people would obtain an EIN and use that as a SSN to obtain credit until word got out about this. If you have a business and you want to build credit then you should incorporate it as soon as possible. Corporations that are two years old and have good history on their D&B report can obtain corporate credit without an SSN from about 3 banks that I have heard of other wise most all other banks will always require a SSN from the CEO or President.
Another quick way to start building your corporate credit is to get your Duns number and then obtain a CD (certificate of deposit) backed loan for your business. I know US Bank does this. Since the loan is based on a CD you purchased from the bank, your personal credit is irrevelant. That way if your personal credit is rough, you can start to build corporate credit instead.
The US Bank loan will show as a positive trade entry. Your goal should be to get about 5 positive credit lines such as bank loans, business credit cards etc. The nice thing about Dun and Bradstreet is that suppliers you use in your business can also be used to build your trade lines in your business file.
It is not an overnight solution, but many people have built up business or corporate credit over a period of time that is separate from their own.
You do not need a D & B number to get corporate credit. You do need a TAX ID number. CreditWorks got credit from American Express unsecure within a year. We also got a MasterCard from Advanta. Since then our lines have grown to almost $100,000. We are less than 5 years old. We are a Limited Liability Corp.
A D&B number is not something you need to go and "get." Once you apply for any type of business credit from a financial institution or bank, D&B will create a file on you. When American Express runs a check on your company they run your personal credit as well as D&B, which will then create a file on you if one has not already been created...it's not even something most small businesses know about but you do have a file if you have corporate credit. Educating yourself on D&B will only help you out and also raise the amounts of corporate credit you can obtain. Better than corporate credit cards are lines of credit which again will be greatly based on what the bank finds on your DUNS report. I've been studying and building corporate credit with my C-Corp for almost 3 years now and have only found 3 banks willing to give real master/visa cards with no PG (Personal Guarantee). If Steve or someone from credit works knows something I don't then please share the names of these banks? Every business App will ask for an EIN (which does not have record of how your company pays it's bills) but they also require a SSN if Iā??m not mistaken. Also Experian business reports are starting to be used by more and more banks these days in what has always been a D&B dominated area.
United National bank reports to D&B and Experian Business, it does not show on ones personal report. The last time they did an inquiry on me it was with Experian. Finally, all business credit is linked with your Corporate Tax ID #.
Can you tell me where and who to talk to about getting a secured Amex Business card with only a Tax ID #...I called and Amex stated they have NO SECURED BUSINESS CARD. I appreciate if you can verify this, thanks :)