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greendude

Applying for Business Credit Card

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Posted (edited)

I have a 8 yr old 1-person consultancy LLC. Its registered in WA but I live in CA. I have a co-working office space address on google places, got my Freedom Voice number listed on Super Pages and ListYourself.net, have a company website with the Freedom Voice number and co-working space address.  The address with WA Secretary of State is a registered Agent who manages my LLC registration to meet WA state's in-state agent requirements. If someone does a business search on my company on WA State site, the address they will see is the Registered Agent address. 

 

I want to apply for business credit cards. Chase is asking for the "Mailing Address" for the business and my personal address separately. Given the above, what address should I provide as the Mailing Address in the card application ? Will they ask for any more supporting address verification documents like utilities etc for the business because I won't have any. 

 

 

 

Edited by greendude

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You are filing for a business card, not a personal card. It seems that Chase wants you to be a personal guarantor for the credit card. So, really it's not a business credit card. I would not put any of my personal information (that includes home address) if I am not trying to be personally responsible to the business.

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I don't mind giving PG for these apps. The product is termed a Business Credit Card and does not report to your personal credit file which is what I'm after.

 

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Give them any address you feel comfortable with. If it is denied you can explain it on a recon call. Should not be an issue. 

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Posted (edited)
10 hours ago, FirstStop01 said:

You are filing for a business card, not a personal card. It seems that Chase wants you to be a personal guarantor for the credit card. So, really it's not a business credit card. I would not put any of my personal information (that includes home address) if I am not trying to be personally responsible to the business.

 

Very few business cards do NOT demand a personal guaranty.  And it's not like you have any choice in the matter.  

Edited by PotO

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I just want to give the the address they'll be looking for without the app getting stalled or asking for messy explanations of addresses. 

 

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2 hours ago, greendude said:

I just want to give the the address they'll be looking for without the app getting stalled or asking for messy explanations of addresses. 

 

Does the filing with the secretary of state show a mailing address? If it does i'd say use that one or the address that where you receive  the business' mail. Like IRS tax letters and stuff like that. Then for for the personal address look at your personal credit reports and make sure you're address is there as that's the way they'll check to see if that address matches. 

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3 hours ago, GudinoHarvesting said:

Does the filing with the secretary of state show a mailing address? If it does i'd say use that one or the address that where you receive  the business' mail. Like IRS tax letters and stuff like that. Then for for the personal address look at your personal credit reports and make sure you're address is there as that's the way they'll check to see if that address matches. 

Sec of State shows the Registration Agent's address, which is different from my business address. 

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15 hours ago, greendude said:

Sec of State shows the Registration Agent's address, which is different from my business address. 

They don't care about your mailing address.  

 

You have to provide personal guaranty.  They only care about your residential address.  

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Posted (edited)

Awesome, thanks.

 

Putting my first business card apps in...Here we go. 

Edited by greendude

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Company still not showing up on DNB even though its 7 yrs old. I requested a DNB number but they are saying it will take 30 days. But if you pay $899 for some package it will show up right now :) . I'm ofc not paying. Ok to go ahead with app with DNB not showing yet ? Or wait ? 

 

 

 

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so have you established any kind of credit accts in the years that your company has existed? 

 

and also, can you find your company listed on experian or equifax?

 

 

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3 hours ago, Ace_TX said:

so have you established any kind of credit accts in the years that your company has existed? 

 

and also, can you find your company listed on experian or equifax?

 

 

No I don't have any credit established for it. I can find it on Experian. 

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Posted (edited)

Amex Blue Business Plus approved for 13k.

Chase Ink asked for docs on FEIN, State, proof of business Address. 

 

Edited by greendude

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Posted (edited)

BTW, Amex could not verify the physical address. They asked me for other addresses. I gave the Registration company's address and that went through.

 

Gonna send Chase the docs they want. 

 

US Bank declined. Haven't seen their reasons yet. 

 

Edited by greendude

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Just an update 

 

Chase - 2 business cards approved 16.5K, 22K. They asked for same docs both times - proof of FEIN and Business physical address. Acceptable Proof of business physical address is  utlilty bills, FEIN doc having same address etc. I gave them my home electricity bill which was in company's name. Took one month for all the docs to be sent, recd, processed. 

 

Amex - 2 cards approved 13.5k, 13.5k , no HP (used SP from personal). No docs needed. 3rd denied. Said too many Amex cards in given period. 2 possible every 90 days. 

 

Bofa - 3 cards approved 3.5k x 3. One HP for all apps. No docs needed. 

 

Citi - 1 approved 8k. no docs. Nothing moved on doc for 1 week then boom. 

 

US Bank - Denied :)

 

 

 

 

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Also, Barclays denied. On recon they denied again, they said credits ok but reason for denial was "Too many recent inquiries shows aggressive credit seeking" 

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7 hours ago, greendude said:

Also, Barclays denied. On recon they denied again, they said credits ok but reason for denial was "Too many recent inquiries shows aggressive credit seeking" 

 

Typical Barclays.

 

Translation:  "Your credit profile isn't strong enough for us to not be concerned about a lot of inquiries."

 

There hasn't been a time I've had less than 15 - 20 inquiries on TU when Barclays has approved me.  Hell, there hasn't been a time with under 15 - 20 on each CRA in the past several years, and it's rare for me to get declined.  

 

Inquiries don't mean squat.  

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3 hours ago, PotO said:

 

Typical Barclays.

 

Translation:  "Your credit profile isn't strong enough for us to not be concerned about a lot of inquiries."

 

There hasn't been a time I've had less than 15 - 20 inquiries on TU when Barclays has approved me.  Hell, there hasn't been a time with under 15 - 20 on each CRA in the past several years, and it's rare for me to get declined.  

 

Inquiries don't mean squat.  

 

Very interesting, I didn't know that they meant so little if the rest of the profile is strong enough. 

 

Simulation does not show anything making a difference other than waiting for the next 18 mths when a late payment falls off so I don't think I could do anything to make it stronger. 

 

 

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38 minutes ago, greendude said:

 

Very interesting, I didn't know that they meant so little if the rest of the profile is strong enough. 

 

Simulation does not show anything making a difference other than waiting for the next 18 mths when a late payment falls off so I don't think I could do anything to make it stronger. 

 

 

 

I would never say never, but I don't think there's ever been a case seen here on CB where Inquiries were the real reason for a denial.  

 

What's generally the case is that there are a combination of factors, but the creditor just finds it easier to say "too many inquiries" instead of "there's a late payment, average age of accounts under 3 years, high balances, presence of a consumer finance account, 3 inquiries and a partridge in a pear tree."  

 

My wife applied for a Barclays Uber card about 6 months ago.  She's got very good credit, but had 17 inquiries on TransUnion, 8 within the past 4 months.  Approved.  She didn't like the limit of $15k they gave her, so she called recon.  They said, "You've got a number of inquiries, eh?  Oh, wait a minute ... you were our customer many years ago with our Barnes & Nobel MasterCard.  Your requesting $30k now?  No problem!"   Assuming your credit profile and hers are the same, you didn't get shot down for inquiries.  You got shot down because you never had a Barclays product before."

 

Then there are turd lenders who are lying sacks of shite.  TD Bank comes to mind.  They shoot you down and in the adverse action letter they send they use the verbiage word for word from the "FICO - What's hurting your sore?" on your credit report.  

 

-- Lack of recent installment loan information

 

No credit card lender on this planet declines an applicant because their credit reports shows installment loans PIF and none currently active. Not one.

 

CFPB complaint and they stood by their decision.  Wife's company lawyer writes them a letter threatening to sue them into bankruptcy, they fold like a cheap accordion in 24 hours.  

 

Lenders either through stupidity, laziness or outright malice pull shite out of their ass all the time.  Inquiries are the easiest for them, yet the most difficult for you to fight.  

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Well, screw Barclays. But the US Bank denial hurt. They cited the late from 6 yrs ago as the only reason. Thats the only negative on my profile. Average Age isnt great - 5.5 yrs, Oldest 12.5. 

 

US Bank Platinum is the best BT and 0% APR business card around.

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Posted (edited)
11 hours ago, greendude said:

Well, screw Barclays. But the US Bank denial hurt. They cited the late from 6 yrs ago as the only reason. Thats the only negative on my profile. Average Age isnt great - 5.5 yrs, Oldest 12.5. 

 

US Bank Platinum is the best BT and 0% APR business card around.

 

I've never had a US Bank card so can't say how good they are in that aspect, but in regular banking they are a giant piece of Shite (notice the capital "S").  They are scientific proof that Neanderthals have yet to go extinct.  

 

US Bank likes to say how military friendly they are.  Well, that's a crock of shite.  They were booted off Marine Corps recruit depots after once being approved to solicit new recruits to open accounts.  Every new recruit must -- without virtually no exception -- get their pay via direct deposit.  They should have this squared away prior to reaching basic training, but very few do.  So they have a number of approved banks that are allowed to set up stands and recruits pick one and open an account.  At one time approved banks were: Chase, USAA, Navy Federal CU, Bank of America and, Armed Forces Bank (another giant turd).  US Bank bitched and moaned that they deserved a spot at the trough and were let in.  Their claim to fame was that they waived (almost) all fees for military personnel and had no minimum balance requirements -- which was a lie.

 

The way it was set up then was that recruits might not even get their first direct deposit for a month and often before US Bank's statement date.  And all would get hit with an overdraft fee.  US Bank would charge the monthly fee, there'd be no balance so the account would be overdrawn, hit with a NSF fee, and the monthly fee then refunded.  The NSF fee stuck.  There was a shitnami.  People.  Were.  Pissed.   There was actual physical violence against US Bank staff, and this was at MCRD San Diego where the Hollywood Marines were pretty mild.  But they straightened out the problem.  Not.  

 

Their solution was to not charge the monthly fee for the first few months.  

 

So what would then happen is not surprising. Recruits would get their direct deposit and give the ATM card to their family members -- usually parents.  The folks would take money out to pay from the kid's car insurance or whatever, often leaving a very small balance.  So let's say you left a $15 balance and end of the month came.  US Bank would charge their $25 monthly fee leaving you in the hole for $10.  A NSF fee.  Then they give you back the monthly fee.  The NSF sticks.  Shitnami, Version II.

 

US Bank was evicted from their little hut.  Their personnel banned from entering the base.  Their was one meeting between a VP of the bank and the Recruit Training Regiment CO.  There was no violence, but I still aspire to be the mean bastard that the CO was that day to the US Bank VP.  

 

It's difficult to believe they would hold a 6-year late against you, but each lender has their quirks.  Have you checked Credit Pulls?  

 

Are you a US Bank banking customer?  It's been stated that they are more likely to overlook issues if you bank with them.  My wife and I have applied several times and have never been able to get an approval.  They always pull absurd excuses out of their ass such as, "No recent installment loans" or "No mortgage account reporting" or "Balance on installment loan too high" ($75 out of $20,000).  So, determined now to screw them out of at least two SUBs, I opened a checking account (see paragraph one). I'll let it marinate for a while, wait for all my inquiries to hit the one-year mark, get all my new accounts to the 2-year mark and then make my move.  

Edited by PotO

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23 hours ago, PotO said:

 

I've never had a US Bank card so can't say how good they are in that aspect, but in regular banking they are a giant piece of Shite (notice the capital "S").  They are scientific proof that Neanderthals have yet to go extinct.  

 

LOL. Yep they're junk in customer service. I was their banking customer very long ago but that mustve dropped off the records now. 

 

Good BT and purchase terms are hard to come by on Business cards that don't report to personal and they're just that. Now after this denial I do want to screw them over for SUBs at some point, they'll be in my sights lol 

 

 

 

 

 

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Posted (edited)
18 minutes ago, greendude said:

LOL. Yep they're junk in customer service. I was their banking customer very long ago but that mustve dropped off the records now. 

 

Good BT and purchase terms are hard to come by on Business cards that don't report to personal and they're just that. Now after this denial I do want to screw them over for SUBs at some point, they'll be in my sights lol 

 

 

 

 

 

 

Yup!  Don't get mad, get even.  :rofl:

 

Seriously.  

Edited by PotO

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On 5/25/2019 at 6:51 PM, greendude said:

Just an update 

 

Chase - 2 business cards approved 16.5K, 22K. They asked for same docs both times - proof of FEIN and Business physical address. Acceptable Proof of business physical address is  utlilty bills, FEIN doc having same address etc. I gave them my home electricity bill which was in company's name. Took one month for all the docs to be sent, recd, processed. 

 

Amex - 2 cards approved 13.5k, 13.5k , no HP (used SP from personal). No docs needed. 3rd denied. Said too many Amex cards in given period. 2 possible every 90 days. 

 

Bofa - 3 cards approved 3.5k x 3. One HP for all apps. No docs needed. 

 

Citi - 1 approved 8k. no docs. Nothing moved on doc for 1 week then boom. 

 

US Bank - Denied :)

 

 

 

 

Did you call Amex to apply? Or did you apply online?

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