I contacted BofA on their Platinum Business card. They advised they need a Tax ID# to process the account. I actually do have a small business, but it's a SP and I don't have a Tax ID#. Can I give them my SSN instead? That is my actual tax ID number since I'm a sole proprietor. Any advice would be greatly appreciated.
Did you ask them if they are pulling an inq? This may be repetetive but just ask them. If it's a sp that's the only tax id you should need.
My other question for b of a would be that one small (less than 20%) principal of our corp. has a 8 yo bk but they wanted the socials of all the principals. We were waiting to get an offer from them to apply so no, I haven't asked them lol
We own a biz, we are sole proprietorship. We have employees, therefore we have a tax ID #. You only have a tax ID# if you are withholding taxes. Do you pay yourself? Then you need a tax ID number. My CPA told me to apply for a tax ID# even if you don't have employees at first. Some companies may deem you a fly-by-night company if you don't have employees.
I have a business card with Citibank. It is under by business tax id (37-xxxxxxx) and not my personal ss #. This card does not appear on my personal credit report. Therefore I assume that all business cards not under your ss# are not used in computing a personal FICO score and that inquiries made to open a business card do not show up on my individual credit report and FICO score. Can anyone verify that is correct or not?
Most business cc accounts require a personal guarantor and in that case there would be an inquiry on your personal report, which would potentially impact your score. If they don't need a PG, then there should be no inquiry on your personal report. It has been our experience that even if we are PGs on our business accounts, they still do not report account activity to the CRAs. (Some report to DnB, but most don't seem to report at all.) DemPooches
