March 25th, 2008
Don’t Have A Business Credit Card Yet? What Are You Waiting For?!?
Business credit cards are great. They allow another opportunity to earn points/miles for opening a credit card, and best of all they do not affect your personal credit score!
Unlike on a personal card where you should be very careful to never utilize too much of the total available credit, you can utilize a greater percentage on a business card because it won’t count against your personal credit score.
Another advantage of a business card is when you sign up for cards that have just the first year fee-free. On a personal card you may negatively impact your credit score when you cancel the card because your total available credit goes down (unless you move the credit to another card) On a business card you can cancel the card without any worries as it won’t affect your personal credit score!
You do not actually need a business to apply for a business credit card!
Here is what you should fill out on the application form: (This is all 100% legal as confirmed with credit card CS agents.)
-Business Type: Sole-Proprietorship
-Business Name: You can just enter your exact name as the business name!
-Tax ID number: Most forms (including AMEX) allow you to leave this blank. Alternatively you can enter your SSN, as that is the tax ID number for sole-proprietors.
Here are some business card apps that you can try out!
You can check the status of an AMEX application by using the AMEX Status Checker
AMEX Business Gold Rewards Linky
AMEX Blue For Business (15 Months no interest on purchases)
Good luck!
March 25th, 2008 at 4:27 am
How can you leave the tax id empty, how can they check on your creditworthiness and if you submit your ss# does that affect your credit?
March 25th, 2008 at 7:50 am
how about when you sign up for a business card does that affect your credit?
March 25th, 2008 at 9:34 am
Dan, Did you not write the AAadvantge card for a reason?
March 25th, 2008 at 9:53 am
So your saying i can sign up with my ss as the tax id, and it wont hurt my personal credit? So then what do thy base it on to approve me, on my credit or on no credit?
March 25th, 2008 at 10:39 am
how do you move your available credit to another card ?
March 25th, 2008 at 11:31 am
they just slashed my credit line on a amex blue for bussiness card from 22,000 to 12,500 for noreaseon actually after I did make a big payment
March 25th, 2008 at 12:50 pm
duved:
Although you can leave the Tax ID field blank, you must submit your SSN in the SSN field so they check your creditworthiness. However because it is for a business card it will not affect your credit score.
c:
Opening a business card will not affect your personal credit score
levi:
Because of Citi’s method of applying for credit, there are literally dozens of offers for the AAdvantage card out there. I may cover them in a future posting…
Scrable :
It is based on your personal credit, but it won’t have any affect on it.
e:
I’ll make a post on transferring credit lines in the future, iy”h.
levi:
Welcome to the liquidity crisis of 2008, banks everywhere are looking to limit exposure.
March 25th, 2008 at 12:59 pm
Of course it does slightly lower your score when they pull you credit. And it counts towards how many pulls you have in the last 12 months.
March 25th, 2008 at 1:12 pm
From what I’ve seen,pulls for a business line of credit should have no affect on your personal score.
At any rate with Fico ‘08 credit pulls make up a very small percentage of your credit score.
March 25th, 2008 at 1:33 pm
Are you saying that a person can max out a business card, not pay it and it will not effect their credit score??? I dont think thats accurate.
March 25th, 2008 at 2:20 pm
It will affect your business credit score, but not your personal credit score.
Of course if you don’t pay it back they will sue you to pay back the money owed, which will find its way onto your personal credit report…
March 25th, 2008 at 3:12 pm
dan is there anyway to get them to waive the anuall fee on the spg business I was just charged after having the card for a yaer and when i called to cancel the most they offered me is a 25 dollar credit,
i suppose you will answer just apply again and get the points again if so how long should i wait till reapplying?
March 25th, 2008 at 4:01 pm
Is there any way at all to get points with a balance transfer?
March 25th, 2008 at 4:13 pm
how often can you churn the business continental card?
March 25th, 2008 at 5:56 pm
Can business Credit Cards on United, COntinental and AA still be churned, or are they keeping track of old accounts?
March 25th, 2008 at 6:03 pm
Whats the best way to use 46000 AE rewards points?
March 25th, 2008 at 9:26 pm
To sign up for multiple starwoods business cards, do you have to close one before opening another? I imagine they won’t let you open 4 cards on the same information.
March 25th, 2008 at 10:45 pm
citi bank ays if you dont pay for sixty days they will report it on your personal credit card
March 25th, 2008 at 10:53 pm
Makes sense, be sure to always pay on time!
March 25th, 2008 at 11:38 pm
what i meant is: if you dont pay on your business card for sixty days they will report it on your personal credit report
March 26th, 2008 at 12:08 am
to citi:
again Makes sense, be sure to always pay on time!!
March 26th, 2008 at 12:23 am
Dan, I’d also like to hear the best way to use American Express MR points. Thanks.
March 26th, 2008 at 2:37 am
Dan
Can you explain what exactly ‘churning’ means?
I understand that its extra mileage in one account, though it comes from multiple cards?
April 28th, 2008 at 1:34 pm
>>You do not actually need a business to apply for a business credit card!<<
Ok, but what do you do when they ask for your annual revenue (which most business credit card applications now do)
May 1st, 2008 at 2:01 am
Put down “0″/$1-25k(ex:Starwood Bus),for u are a starter bus & ur not expected to make much in yr 1/2(or to just break even). Pls correct me if Iam wrong Dan. W/ AMEX, if u have enough cards w/ them they will send u to the “short sheet” anyway w/out u having to worry about the rest.
May 9th, 2008 at 10:51 am
Dan.
Does the late payment get recorded on you’re credit score by amex as well or that applies to citi only?
June 26th, 2008 at 10:56 am
Why is it that if I had a few late payments on my credit history from three years ago AMEX denies me a card every time? I have good standing on all the rest of my cards and always pay on time (not always in full just leaving a small carry balance for the next month). I have applied 6 months ago and just again today, and they have declined me both times!