What business credit cards are not attached to my personal credit?
Hello, I am trying to find out how to build my business credit without being attached to my personal credit score. I would like to know if anybody has information regarding what credit cards are available to do this. I would love any free information or links to sites that can tell me how to build my business credit. Thanks!!
Tags: anybody, attached, business credit, cards, Credit, credit cards, credit score, information, personal, personal credit, score
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June 28th, 2010 at 5:16 am
People think once they screw up their own personal credit the next thing they can do is have a business and get credit that way but it doesn’t work like that. Your personal social security number and credit rating are going to be used to extablish credit when you start out and even well beyond.
Added
Reality is as a beginning business you are NOT going to go out and secure credit using an unknown/ unestablished business name or identifying number!
June 28th, 2010 at 6:15 am
Once your business is big enough you should find a card that isn’t cosigned by the owner. I work for a large company and we don’t have any company cards except home depot and office depot, vendors give you 30 days to pay. Business is judged differently than people they go by your business’s Dun and Bradstreet score not a FICO score.
Small business is going to be guaranteed by the owners personal assets. Some of our vendors require a corporate officer to sign the credit application. It isn’t a problem because officers know if the business is going to pay the vendors.
June 28th, 2010 at 6:29 am
after your business is solidly profitable, this can be done.
until then, it can’t
banks aren’t completely stupid.
June 28th, 2010 at 6:59 am
None. I am a small business owner and had to guarantee all of my business credit cards.
June 28th, 2010 at 7:36 am
Spock is correct. Until your business has an established track record with vendors, time in business and how your business is formed, you will be held responsible for any credit your business receives.
An alternative is to check with the bank where you have your business checking account. They may give you a credit card that also has your business name on it to use for your business expenses. Understand, the bank will follow its policies on granting credit to you and yes, your credit report will be what they base your business credit limit on.
June 28th, 2010 at 8:14 am
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.
However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.
When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
June 28th, 2010 at 8:35 am
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