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I am looking for a business only credit card that you only have to supply your FEIN for. I have... |
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Date:
January 9, 2009, 8:43 am |
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I am looking for a business only credit card that you only have to supply your FEIN for. I have excellent personal credit, but want a true business card to establish business credit. I have had a very hard time finding one.
Jeremy M. |
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Answer:
Unfortunately, our website only features small business credit cards that do help distinguish between personal and business expenses but do not establish a separate business credit file. What you need is to look for so-called trade credit which does no require personal guarantee and does not look at your credit scores. Trade credit allows you to start a separate professional business file. Its is natural that you've had hard time finding trade credit offers because most card companies won't issue a line of credit without personal check or personal guarantee. To qualify for trade credit, you are supposed to have a reliable business already which you need to register with the credit bureau involved with establishing business profile and collecting information about your financial operations. You may check with Experian and Equifax for special divisions or contact Dunn and Bradstreet Small Business Solutions Center or Business Credit USA. Dunn and Bradstreet helps build a separate business credit file indispensable for sound financial development and healthy relationship with other companies. After you register with any, or better all, of these credit reporting agencies, you need to find a lender working with them that will issue you a true business credit card (look for them in the interned by entering "strong business credit" in commas). Note that most banks require a significant ownership in corporation as a guarantee for a business line of credit. |
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