Business Credit Card For LLC

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Business Credit Card For LLC

Postby jfr » Sun Feb 27, 2011 8:23 pm

Question: What is the process and requirements for getting a business credit card for my recently formed LLC (Limited Liability Company). The LLC was formed last October in California and we have a D&B number issued. What is the next step? Will it be too soon for the LLC to qualify and be approved for a credit card?

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Postby DoingHomework » Mon Feb 28, 2011 11:58 am

I was offered a credit card on an LLC I formed right away...but they wanted a personal guarantee so that does not really count unless you are willing to do that. Otherwise they will want to see 2-3 years financial statements and get references from trade credit sources. This is not necessarily difficult. Just try to do business with several vendors that give good trade creditor references.

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Postby Mogul of Pineapples » Fri Mar 04, 2011 9:50 pm

DH hit the nail on the head. Getting a business credit card for a LLC, corporation, partnership or any other business for that matter is easy but the big catch is that a personal guarantee is a required.

If you want to get a card solely under the LLC's EIN then it will take 2 or 3 years of solid credit history and revenue numbers. The requirements are not easy to meet right now- someone on here mentioned a gas station credit card that was requiring $5M annual revenue for no personal guarantee and that is preposterous if you ask me. I don't recall the gas station chain but it was one of the biggies.
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Postby CCG » Mon Mar 07, 2011 10:55 am

If you choose to apply for a business credit card for your LLC using a personal guarantee in order to build credit, then I would highly recommend Chase Ink. This website does advertise that card but there are many other business cards advertised here as well so that is not why I am recommending it. To see why I believe its best for building business credit check out this Chase Ink review.

Good luck!

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