What are the easiest business credit cards to get approved for?

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MKhan
 
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What are the easiest business credit cards to get approved for?

Postby MKhan » Wed Dec 29, 2010 12:03 am

My business just started and I, myself, have a very limited credit history. My TransUnion credit score is 705. What do you recommend as the easiest business credit cards to get in my situation?

I would prefer some AMEX card as well as a VISA.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Jan 02, 2011 1:39 am

I don't know if 705 will make the cut but I could be wrong. All I know is that banks tightened up big time on business credit cards after the recession.

Without a doubt you will likely have to apply under your personal credit to get approved, a new business can't qualify by itself. Was that what you were planning to do?
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MKhan
 
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Postby MKhan » Thu Jan 06, 2011 7:25 pm

Yes. Screw AMEX, they already denied me. What is the easiest business credit card in general?

DoingHomework
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Postby DoingHomework » Fri Jan 07, 2011 12:54 pm

Almost no one will approve credit for a new business without a personal guarantee. You will need credit from trade associates (suppliers) in teh name of your business for at least a couple of years before anyone will give you credit. Beyond that, AMEX, visa, and mastercard are roughly equally easy to get. AMEX targets small business so they might be easiest depending on what your business is. You should also make sure you have bank accounts in teh business name and that you maintain adequate balances consistent with the nature of your business. In other words, if you have employees you should have at least a couple months payroll in cash (which is teh law in some areas). A real business also maintains adequate working capital reserves. You'll need to be prepared to show you have those as well. That is, if your turnover is $100000/yr and you can't show a cash balance of at least $20000 you will not be a good risk.

Salvinti
 
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Postby Salvinti » Fri Jan 14, 2011 2:39 pm

Before applying for a business credit card it's important to have a bank account registered under the business. Adequate balances must be shown in order for credit card approval such as payroll cash. Working capital must also be shown in order for approval. The aim is to show that you have at least 20% of your capital available.

Aungst
 
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Postby Aungst » Tue Jan 18, 2011 4:25 am

You can do a secured credit card. They give them to anyone. Its kinda like a pre paid credit card, only they report them to the credit agencies.

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Postby CCG » Tue Jan 18, 2011 9:47 pm

A secured card is not an option for businesses. Those are not offered however secured business loans using cash or CDs are easy to get if your security deposit matches the loan amount.

Almost no one will approve credit for a new business without a personal guarantee. You will need credit from trade associates (suppliers) in teh name of your business for at least a couple of years before anyone will give you credit. Beyond that, AMEX, visa, and mastercard are roughly equally easy to get.
This is true. Advanta was the only business credit card issuer that would accept newer businesses without a personal guarantee but that company went under during the financial collapse a couple years ago.

Regarding what are the easiest business credit cards to get approved for, if a personal guarantee is given most will have comparable requirements, with the exception of the American Express Platinum Business Card which is more strict.

Credit Card Forum maintains a sponsored ranking of the best business credit cards that I would recommend checking out. It also discusses the personal guarantee issue.

Compare the best business credit cards

Good luck,
CreditCardGuru



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