Hey, I have several question on applying for Business Credit Cards, when applying does one really have to give their personal social security number? I tought that you only have to provide D&B or Federal Tax ID Number? When the company is Incorporated doesn't that seperate personal and business accounts? So if the company has financial problems and the bank has your social security number won't this hurt our personal credit files? or just Business Credit File? so if the company files for Bankruptcy will it show up on personal credit report since one is garantee on such account. Can someone explain how Business credit works? And do you really have to give your personal Social Security Number when applying for Business Credit Cards?
When you apply for a major business bankcard (MC, Visa, American Express), the bank always asks for a social security number to pull your personal credit report. Business cards do not appear on your pesonal credit report as long as payment are made on time. A personal guarantee is almost always required so that if the company does not pay, you have to pay. Retail cards such as Office Depot, Staples, etc. usually do not pull personal credit reports or require guarantees.
In the last 15 years a lot of banks got burned by people opening business accounts with corporations and taking the money and running with it. There is a certain point where they won't ask for a SS# but I'm not sure where that point is.
Daveberk, I'd have to disagree with you about how business credit cards report. My supervisor just got a copy of her credit report for the first time in several years. She was surprised to see that she had almost $550,000 in available credit! After looking at her report, our corporate purchasing card, which is in her name with a $500,000 limit, shows up on her report. Maybe it shows up because its such a large limit (the balance is always zero though), but I can tell you that its not beause its has ever been paid late. Among the myriad of other things I do at work, I review all the bills that come into our office, approve payment on them, send them to corporate and make sure they're paid by our headquarters on time. I'd know if it were late. Just FYI.
No what kind of purchasing card is this were the $500,000 limit is extended. IS this a visa or mastercard etc.... Reason i ask is be cause i have only seen limits of up to $150k unless were are taking a line of credit. Also what company is offering this.
Its a Visa, its through Chase. On the top it says "Company Name Purchasing", don't know if that makes a difference. My company has over $40 billion dollars in its control, so that may have something to do with the amount of credit on the card. I just get the bills, I'm not sure how the arrangement was made. It could very well be a line of credit based on our assets, etc. Don't know. Disputer, my sup didn't tell me what her score was, but she did say she thought it should be higher and was disappointed. She and her husband just made a couple of major purchases in the past three months or so, so that could very well be messing with her score. I wasn't trying to be inciteful, just making a point that business cards can show up on your personal credit report. It does sound like the situation I've seen is much more the exception than the rule.
Anything CAN happen with credit bureaus and maybe the situation with your supervisor is proof of that but it has not been my experience. I have six business cards--three major cards and three retail. None of them show up.
Re: Re: ==Applying for Business Credit Cards== I was just denied for a Fleet Business card because of my personal ch7 5 years ago. However, I did get a $2500 corporate line of credit from Amazon.
I own/run 3 business. One is incorporated and the Visa does not show up on my report. The others are sole props. and the C/L's show up on my credit report.
Are you using your SS# on your sole prop. businesses? I 'm wondering if you had a separate tax ID if it would make a difference.
daveberk (2nd question) We need to get some business visa/mc to get this debt off our personal reports. Which cards do you recommend? I was thinking MBNA, Citi or Advanta? We have been incorporated since earlier this year but in business for 3+ years with good sales. I wondered who might be the most generous in limits - also who pulls TU (mbna pulled tu for our personal cards.) One partner already put in for the amex one. I don't know what the limit is yet. Do we have to follow the same rule for keeping below the 50% level for business cards too?
Amy, responding to your first question, I got a preapproval for a commercial home depot account but didnt't apply. The certificate of acceptance did not ask for a ss# so I assume the account would not appear on a personal credit report. As to major cards, I have Citibank, Advanta and BofA. I got the Citibank card in 2001 with a 5K limit which has never been increased even though no late pays. Cash advances and balance transfers are limited to 50% of the credit line. It seems there is always a low balance tranfer rate available. I've never charged a purchase on the card. Advanta opened in late 2000 started with 12.5K and now is at 18K. Cash advances are limited to 50% of the credit line. Sometimes Advanta offers balance transfers at low rates but typically charges a 3% transaction fee capped at $100. I opened BofA a couple of weeks ago. Initial limit 10K for purchases and cash. The teaser offer was a zero purchase rate until 12/03 IF I transfer a balance and maintain it until the end of the intro. period. The rate on balance transfers is 10 something. I don't think this is a good deal. Since none of these cards is reported, I don't see a downside to high utilization although that could affect getting additional business credit.
Re: Re: ==Applying for Business Cre How did you get a corporate line of credit from Amazon? Do you mean that you got their Visa card or is it something different? Do you have a URL for it? Do you do some kind of business with Amazon Thanks, Ioan
Re: Re: Re: ==Applying for Business Cre Not the Visa, you can apply for an Amazon line of credit here http://www.amazon.com/exec/obidos/tg/browse/-/600460/102-9097495-5017765 I don't do any kind of business with Amazon. I'm just a small graphic design firm and we needed a new laptop so I figured I'd give it a shot. They emailed me that my line limit was $2500 (standard?)and send me statements every month.
Re: Re: Re: ==Applying for Business Oh I see, so you can only use it to buy stuff from Amazon. Thanks for the answer. Is it reported on your credit report?
Re: Re: Re: Re: ==Applying for Business Yes, only Amazon, but it's a good deal for me because I get gift certificates often from doing surveys and they always have promo codes available. Couple that with reward programs and no upfront payment and it's very helpful! And no, it has not appeared on any of the 3 CRs.
Hi daveberk......found your answer about home depot. I asked about pg's because you had made the comment about retail cards not needing a pg. Anyone else you can recommend applying for besides lowe's? we use them alot! Also, do you recall who your business cards pulled? I am pretty sure b of a /mbna/chase all pulled a t.u. I myself need to spread some inquiries elsewhere. First USA /bank one pulled experian. I think First USA might have also pulled eq, I am not sure. How long is your credit history and what range do you scores fall in? I am 690s, my one partner is 720s but we have 5ish year credit histories
Amy-- what I have are Staples, Office Depot and Chevron. I don't use them much. As to the others, B of A business pulled TU, Citibank pulled EX and I don't remember who Advanta pulled. As to scores, there is no question that mine were lower when I got Citi and Advanta. Now they are 735 EX, 709 EQ and 710 TU. They took a bit of a hit due to recent applications for one business card and three personal cards. I'm going for zero percent APRs so I can move a large balance for taxes I just paid. I'm in CA.
