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Business Credit Cards for New Business

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Hi guys:  Been a long time reader of this forum but first time poster.

 

I have a 800 score and am wanting some business credit cards for my new business that I just incorporated in May.  Thing is I don't have tax returns but our bank statements are super healthy.  

 

I did an application with Chase Ink and got a $15K approval

Bank of America Business Cash Rewards is pending and I'm applying for US Bank business Platinum.

 

Who else should I go after?  I saw that some of you got multiple credit cards for chase and Bank of America.  Should I go ahead and reapply for more products or should I call in?

 

Just a little confused

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On 11/19/2019 at 1:32 PM, HankHome1016 said:

Hi guys:  Been a long time reader of this forum but first time poster.

 

I have a 800 score and am wanting some business credit cards for my new business that I just incorporated in May.  Thing is I don't have tax returns but our bank statements are super healthy.  

 

I did an application with Chase Ink and got a $15K approval

Bank of America Business Cash Rewards is pending and I'm applying for US Bank business Platinum.

 

Who else should I go after?  I saw that some of you got multiple credit cards for chase and Bank of America.  Should I go ahead and reapply for more products or should I call in?

 

Just a little confused

Although these are solid credit lines that you can use for your business, these will not report on time payments on your business credit profile. I would apply to a few vendor accounts to build up a credit profile so that you can then qualify for some higher limit accounts.

 

Start with companies like Quill.com, WEX Fleet, Exxon Mobil gas card. These will give you some trade lines reporting on the 3 major reporting agencies.

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On 11/20/2019 at 5:39 PM, LiquidityCreations said:

Although these are solid credit lines that you can use for your business, these will not report on time payments on your business credit profile. I would apply to a few vendor accounts to build up a credit profile so that you can then qualify for some higher limit accounts.

 

Start with companies like Quill.com, WEX Fleet, Exxon Mobil gas card. These will give you some trade lines reporting on the 3 major reporting agencies.

Hello Hankhome1016.

 

Some things to consider:

 

What is your goal? Are you trying to build business credit or get a bunch of credit cards? If you are trying to build business credit, I recommend the following:

 

Make sure your business is set up correctly. Does your business have the following:

 

1. an EIN

2. a DUNS number

3. a business license

4. a street address that is not your home address

5. a business telephone number

6. a business fax number

7. a website

8. a business email address (not Gmail or Yahoo)

9. a 411 listing

10. a business bank account?

 

These are all items that creditors will consider. If you answered "Yes" to all of the above, then you are good to go to build business credit. There is a difference between building business credit with your EIN versus building business credit with a personal guarantee. If you can build business credit with your EIN, you may not be personally liable for any business debt you create, depending on how you incorporated.

 

Building business credit does not require a lot of time but it is crucial to follow the right steps. Once you have a good foundation, you should apply for Net 30 accounts. Some I can recommend from my own experience: Quill, Uline and Grainger. While Quill and Uline are easy to get, Grainger requires that you have been in business for at least 3 months.

 

Hope this helps. There is a lot more to learn but I am trying to keep this short.

 

Best of luck!

 

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1 hour ago, payitforward said:

Hello Hankhome1016.

 

Some things to consider:

 

What is your goal? Are you trying to build business credit or get a bunch of credit cards? If you are trying to build business credit, I recommend the following:

 

Make sure your business is set up correctly. Does your business have the following:

 

1. an EIN

2. a DUNS number

3. a business license

4. a street address that is not your home address

5. a business telephone number

6. a business fax number

7. a website

8. a business email address (not Gmail or Yahoo)

9. a 411 listing

10. a business bank account?

 

These are all items that creditors will consider. If you answered "Yes" to all of the above, then you are good to go to build business credit. There is a difference between building business credit with your EIN versus building business credit with a personal guarantee. If you can build business credit with your EIN, you may not be personally liable for any business debt you create, depending on how you incorporated.

 

Building business credit does not require a lot of time but it is crucial to follow the right steps. Once you have a good foundation, you should apply for Net 30 accounts. Some I can recommend from my own experience: Quill, Uline and Grainger. While Quill and Uline are easy to get, Grainger requires that you have been in business for at least 3 months.

 

Hope this helps. There is a lot more to learn but I am trying to keep this short.

 

Best of luck!

 

Great first post! and Welcome to CB!  :)

 

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Capital 1 reports to all three business credit companies.  The down part is it also reports to personal. If you have good credit you could apply for a few of these cards and get the trade lines reporting asap.

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On 11/23/2019 at 9:12 PM, Kat58 said:

Great first post! and Welcome to CB!  :)

 

Question about 5 and 6.. can you use an internet fax number and can you get a secondary number purchased by godaddy that goes to your phone?

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52 minutes ago, IvyMgmt said:

Question about 5 and 6.. can you use an internet fax number and can you get a secondary number purchased by godaddy that goes to your phone?

I don’t think this matters too much anymore. Gone are the days where the bank made a rationale about how a wire attached to a wall that goes ring ring somehow makes them more likely to pay. I say get a virtual number that also allows facing. Cheapest option is the best. I don’t have a fax number—I use whatever’s free online. 
 

I use TD Ameritrade brokerage account for my checking.  I can deposit checks, get a free debit card and checks for my LLC brokerage account and of course I receive interest and can buy stocks that pay dividends which shows revenue. 

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I don’t think this matters too much anymore. Gone are the days where the bank made a rationale about how a wire attached to a wall that goes ring ring somehow makes them more likely to pay. I say get a virtual number that also allows facing. Cheapest option is the best. I don’t have a fax number—I use whatever’s free online. 
 
I use TD Ameritrade brokerage account for my checking.  I can deposit checks, get a free debit card and checks for my LLC brokerage account and of course I receive interest and can buy stocks that pay dividends which shows revenue. 


I didn’t think so. I just read a list in a post here of something’s I did know. But in the digital world I didn’t think mattered much anymore.


Sent from my iPhone using Tapatalk

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On 1/20/2020 at 10:38 PM, IvyMgmt said:

 


I didn’t think so. I just read a list in a post here of something’s I did know. But in the digital world I didn’t think mattered much anymore.


Sent from my iPhone using Tapatalk

 

Well some of that old logic still holds true. But they really want to see a number they can reach some body who runs the company. This assuming your a small company. You can be ok with a cell number, this is fairly recent shift. But if you say you have or do have a company with 30 employees, you’re going to have a decorated office line. For most lenders it’s all about it making sense. Do phone numbers and addresses you put on  app match what they find? Do you have a website? Does your company have reviews? These can make a big difference.

 

As far as the OP, if you’re starting out with PG’ing everything your probably not overly concerned with building business credit.

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