i need to obtain a business credit card for a business i have started and incorporated. tin/ein is in place. business account is open. what is the best way to establish and build business credit? what is the best way to apply for a business card? when an application ask for an authorizing officer should i use my ssn? i am currently re-building my personal credit and if i use my ssn i will probably be denied. any advice is welcome. thanks, knowlimit.
When you apply for a business credit card, your personal credit report will be pulled. If your credit is less than good, you may want to have another corporate officer make the application. If you are talking about applying for credit cards or credit lines from a bank, the individual making the application will probably be required to give a personal guarantee. In the event of default, the bank will look to that person for repayment. Business cards do not appear on individual credit reports unless there is a default.
Since it is a business start-up they will pull your credit report, however, I was told by a loan officer at my that usually after a couple years of the company being established and you can document a good financial history, the tax id number is all that is needed. I also believe DUN and Bradstreet is the credit reporting agency for companies, but I am not familiar with their standards. but I agree with the previous poster, try to get and officer in the company that can guarantee the card for the company. Good Luck! Cypri
