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Discussion in 'Credit Talk' started by biznessgal, Oct 20, 2000.
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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!
A EIN IS NEEDED NOT A DUNS
The 2 places I know of that will give you a business credit card are Centurian Bank (Amex) and United National.
These 2 require a EIN # not a Duns.
they are also both secured cards.
As for reporting I don't know so you have to ask them!
RE: A EIN IS NEEDED NOT A DUNS
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.
RE: BUILDING CORP CREDIT WITH
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.
RE: A EIN IS NEEDED NOT A DUNS
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.
RE: Business Credit
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 Iâ??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 reports to D&a
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 #.
To Michael, RE: Centurian Bank
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
RE: To Michael, RE: Centurian
ASKE THE REP TO TRANSFER YOU TO THE SECURED OPTIMA DEPT. AT CENTURIAN BANK.
THIS DEPT. ALWAYS KNOWS THE LATEST. LAST TIME I CALLED OPTIMA THE RECORDING TO CHECK ON NEW ACCOUNTS DID INCLUDE THE SECURED CORP. CARD!
You are correct that the majority of applications do require the SS# as well as the EIN#, and the duns # is created and not manditory.
I replied to the question in this manner as he obviously posed the question as a novice virgin to business credit.
IN HIS SITUATION he will also need to get the EIN # (I'm sure we both will agree on this).
Now as I stated before both Amex and United National do not require SS#'s so it is an excelent way of starting business credit.
You mention some 4 banks, could you please share them with us, and tell us about the requirements.
RE: Business Credit
I know about D & B. I have a consulting firm that has a number and has to report to them yearly. CreditWorks has not been contacted by D & B and we have been around for over 4 years. Advanta gave us a Master Card with a line of $5,000 after a year in business, they have increased the line to $17,000+. Amex gave us a line, plus we have an Optima business card. We have very close to $100,000 in unsecure credit. Never reported to D & B.
when appying for credit is it just the duns # you put in the place where it states tax id or is it a seperate place for duns number all together for all application newbie here thanks in adavance
this thread is 8 years old things can change in that time.
Getting credit with a DUN #
How can I get a line of credit with a DUN#? I have a pretty high paydex score.Where can I go?
You'd do better to start a new post with your questions instead of bumping some 8-year old post that most people will ignore.