How to Build Business Credit Without Using Personal Credit

You need to know how to build business credit without using personal credit. It’s possible, but you have to start at the beginning and work through the process.

How to Build Business Credit Without Using Personal Credit: There is More to the Process than You May Imagine

That’s right, there is a process for how to build business credit without using personal credit. Just like any process, you can’t start in the middle. You can’t start at the end. There is no other place to start and make it work than the beginning.

How to Build Business Credit Without Using Personal Credit: Set Your Business Up to Be Fundable

The first step in how to build business credit without using personal credit is to separate your business from yourself. Until you do that, your personal credit will come into play every time. Your business has to be a separate, fundable entity all on its own. How do you make this happen?

Set Up Separate Contact Information

First, make sure your business has its own phone number, fax number, and address. That doesn’t mean you can’t run your business from your house. There are ways to separate contact information and still do that.

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In fact, you can get a business phone number and fax number that will work over the internet instead of phone lines. Also, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline.

Furthermore, you can use a virtual office for a business address. That is different than what you may think. A virtual office is a business that offers a physical address for a fee. Sometimes they even offer mail service and live receptionist services. In addition, there are some that have meeting spaces for when you need to meet a client or customer in person.

EIN

Next, you have to get an EIN. As you may know, that’s an identifying number for your business that works similar to how your SSN works for you personally. You can get one for free from the IRS.

Incorporate

Not surprisingly, incorporating your business as an LLC, S-corp, or corporation is necessary for separation. In addition, iIt lends credibility to your business as one that is legitimate. It also offers some protection from liability.

The truth is, which option you choose relates more to your budget and protection needs. In fact, the best thing to do is talk to your attorney or a tax professional when making that decision.

You Need a Separate Business Bank Account

Why? First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.

There’s more to it however. There are several types of funding you cannot get without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments. Studies show consumers tend to spend more when they can pay by credit card.

Licenses

A legitimate business has all of the necessary licenses it needs to operate legally. If it doesn’t, warning signals are going to alert lenders that there may be a problem. Make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.

Website

You might as well not exist if you don’t have a website. However, having a website that looks unprofessional or isn’t user friendly can be even worse. Often, this is the first impression you make. If it appears to be unprofessional that will be bad.

Spend the time and money necessary to ensure your website is professionally designed and works well. Pay for hosting too. Don’t use a free hosting service. Along these same lines, your business needs a dedicated business email address. Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

How to Build Business Credit Without Using Personal Credit: Get Initial Accounts Reporting

Now that your business is separate and can have its very own credit, you have to get accounts reporting. This is the crux of how to build business credit without using personal credit. There are a few ways to do it.

Ask Current Vendors to Report Payments to Credit Agencies

Vendors you already work with may be willing to extend credit without a credit check. If not, they may give you net terms on invoices. The worst they can say is no. If they say yes, ask them to report the payments to the business credit agencies.

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Ask Monthly Service Providers to Report Payments

You already pay utilities, rent, and internet each month. Ask those providers to report your payments to the business credit reporting agencies. If they say yes, make certain your accounts are set up in your business name with your business contact information. Then, those payments will help build business credit.

Work with Starter Vendors

Starter vendors are the key to how to build business credit without using personal credit. They are part of what we like to call vendor credit. These are certain retailers that will extend Net 30 terms in your business name without a credit check. Then, after you pay, they will report those payments to the business credit report agencies (CRAs).

This starts a sort of snowball effect for building business credit. They do not check your credit score, so it doesn’t matter that it may not be great. As you make these payments responsibly and they are reported, you begin to build positive business credit history.

How to Build Business Credit Without Using Personal Credit: Work Through Getting More Credit

There are actually more kinds of credit beyond vendor credit. You have to work through them in order. Once you get enough initial accounts reporting from vendor credit, you can apply for revolving store cards (AKA retail credit). These are vendors as well, but they do check your business credit.

Generally, these are credit cards limited to use at the stores that issue them. For example, Office Depot cards can only be used at Office Depot. Best Buy cards can only be used at Best Buy.

After retail credit comes fleet credit. This includes fleet credit cards that are limited to use for fuel and auto repair and maintenance costs. Examples include fleet cards issued by Shell, Fuelman, and WEX.

After this comes more universal cash credit. If you have enough accounts and you handle them responsibly, you should qualify for approval here. It includes general business credit cards that are not limited to where you can use them or what you can use them on. Often, they even have nice rewards such as cash back.

Business Credit is Just a Piece of A Much Larger Puzzle

Of course, when it comes to funding your business, business credit isn’t the only thing that makes a difference. It is arguably the biggest factor, but other things come into play as well. You need to know what those things are so you aren’t going in blind.

Other Business Data Agencies

There are other business data agencies that affect credit reports indirectly. Two examples include LexisNexis and The Small Business Finance Exchange. These two agencies collect data from various sources, including public records. That means, they could have access to information relating to automobile accidents and liens, among other things. I think you’ll agree that most business owners do not expect things like this to affect their ability to get funding. However, it can.

While you may not be able see or make changes to the data these agencies have on your business, you can make sure that any new information they receive is positive. Enough positive information can help counteract any negative information from the past.

Identification Numbers

Other than the EIN, there are identifying numbers that go along with your business credit reports. You need to be aware that these numbers exist. Some of them are assigned by the agency, like the Experian BIN. At least one, however, you have to apply to get. It is absolutely necessary that you do this.

Dun & Bradstreet is the largest and most commonly used business credit reporting agency. Every credit file in their database has a D-U-N-S number. To get a D-U-N-S number, you have to apply for one through the D&B website. If you do not, you will not have a credit report with D&B. When a lender tries to pull your business credit score from them, it will not be there, no matter how well you have paid your business accounts.

Business Information

On the surface, it seems obvious that all of your business information should be the same everywhere you use it. However, when you start changing things up, you may find that some things slip.

This is a problem. A ton of loan applications are turned down each year due to fraud concerns because things do not match up. Maybe your business licenses have your personal address but now you have a separate business address. Change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?

The key to this piece of the business fundability is to monitor your reports regularly.

Financial Statements

This encompasses a broad spectrum of things. First, there is the obvious. Both your personal and business tax returns need to be in order. Not only that, but you need to be paying your taxes, both business and personal.

Business Financials

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared each year.

Personal Financials

Often tax returns for the previous three years will suffice. Get a tax professional to prepare them. This is the bare minimum you will need. Other information you may need could include check stubs and bank statements, among other things.

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about. Everyone knows about FICO. Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit along with business credit.

In addition to FICO reporting personal credit, there is ChexSystems. In the simplest terms, they keep up with bad check activity. This makes a difference when it comes to your bank score. If you have too many bad checks, you will not be able to open a bank account. That will cause serious fundability issues.

Everything is fair game. Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record? How about liens or UCC filings? All of this can and will affect the fundability of your business.

Personal Credit History

Even once you know how to build business credit without using personal credit, your personal credit score matters. It has to be in order because it will definitely affect the fundability of your business. Work on improving it while you’re building business credit without it. The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time.

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported.

Application

Consider the timing of the application. Is your business currently fundable? If not, do some work first to increase fundability. Next, ensure that your business name, business address, and ownership status are all verifiable. Lenders will check into it. Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs? Choosing the right product to apply for can make all the difference.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

How to Build Business Credit Without Using Personal Credit: It Is Possible

You need to know how to build business credit without using personal credit, especially if your personal credit is bad. However, you cannot just ignore personal credit. It affects the fundability of your business as well as many other factors. Take the time to improve your personal credit and evaluate the other pieces of your complete fundability picture while building business credit. Then, you will always be able to get the funding you need.

The post How to Build Business Credit Without Using Personal Credit appeared first on Credit Suite.

How to Build Business Credit Without Using Personal Credit

You need to know how to build business credit without using personal credit. It’s possible, but you have to start at the beginning and work through the process. How to Build Business Credit Without Using Personal Credit: There is More to the Process than You May Imagine That’s right, there is a process for how … Continue reading How to Build Business Credit Without Using Personal Credit

How to Successfully Reinvent Your Career & Personal Growth During and Post-Pandemic

With unemployment rates soaring in the US, the fallout from the pandemic has left many families struggling with the question: What do we do next? Both moms and dads lie awake at night, wondering what … The post How to Successfully Reinvent Your Career & Personal Growth During and Post-Pandemic appeared first on Paper.li blog.

How to Successfully Reinvent Your Career & Personal Growth During and Post-Pandemic

The post How to Successfully Reinvent Your Career & Personal Growth During and Post-Pandemic appeared first on Paper.li blog.

Your Debt Management Options – Consider A Personal Debt Consolidation Loan

If you’ve remained in the procedure of functioning to establish a purposeful financial obligation monitoring program, you might be questioning what numerous alternatives are offered to you as well as you might be questioning what components you will certainly desire consisted of in a total financial debt monitoring strategy. The demand for a financial obligation combination program that functions might have ended up being crucial if you’ve discovered that your financial obligation is coming to be extra as well as much more out of control.

With this post you will certainly be offered with a summary of just how an individual financial obligation combination car loan can be a vital component of a thorough financial debt monitoring program or financial obligation monitoring strategy. Equipped with this details you will certainly be much better able to identify whether an individual financial obligation loan consolidation car loan is the ideal selection for you and also exactly how you can make an individual financial obligation loan consolidation car loan a significant component of an extensive financial debt monitoring program.

Exactly How a Personal Debt Consolidation Loan Works for You

An individual financial obligation loan consolidation finance permits you the capacity to integrate all of your present financial obligation right into one finance. There are lots of strong advantages that are linked with an individual financial debt loan consolidation funding.

You additionally conserve a good deal of cash with an individual financial debt loan consolidation finance. When you get an individual financial debt combination finance, you will certainly no much longer be tormented with greater passion prices, late charges and also charges. Over the program of the life time of the individual financial obligation loan consolidation financing, you will certainly recognize a considerable cost savings and also place even more cash back right into your pocket.

Components of a Comprehensive Debt Management Plan

You require to bear in mind that an individual financial obligation combination funding will certainly not per se fix your monetary troubles for the long-term. While an individual financial obligation combination lending can be an essential aspect in a general financial debt administration program, you require to consist of various other aspects.

In enhancement to an individual financial obligation combination car loan, if you desire a reliable financial obligation monitoring strategy, you will certainly desire to make particular that you establish a liable and also significant budget plan. A spending plan has to be a significant part of any type of financial obligation administration strategy if you truly intend to make progression in bring back order to your economic home … not just today yet right into the future.

Second, regrettably lots of people acquire an individual financial obligation loan consolidation car loan and afterwards remove and also accumulate much more financial debt. It shows up that these individuals really feel that they have breathing space as well as can tackle even more financial debt.

The issue is that by getting an individual financial obligation combination car loan and after that tackling even more financial obligation, you in fact are making your monetary circumstance much, much even worse. You should be sensible with your financial obligation and also credit score use right into the future or your individual financial debt loan consolidation lending truly will offer no purposeful objective in all.

An individual financial obligation combination car loan enables you the capacity to incorporate all of your existing financial obligation right into one financing. You additionally conserve a wonderful bargain of cash via an individual financial debt loan consolidation lending. You will certainly no much longer be afflicted with greater rate of interest prices, late charges as well as fines when you acquire an individual financial obligation loan consolidation lending. Over the program of the life time of the individual financial debt loan consolidation car loan, you will certainly recognize a substantial cost savings as well as place even more cash back right into your pocket.

The post Your Debt Management Options – Consider A Personal Debt Consolidation Loan appeared first on ROI Credit Builders.

How to Get a Business Credit Card with Bad Personal Credit

Trying to find out how to get a business credit card with bad personal credit? Despite COVID-19?

How to Get a Business Credit Card with Bad Personal Credit

We researched a bunch of company credit cards for you. So, here are our top picks.

Per the SBA, small business credit card limits are a whopping 10 — 100 times that of consumer credit cards!

This shows you can get a lot more cash with business credit. And it also shows you can have personal credit cards at stores. So, you would now have an extra card at the same shops for your business.

And you will not need collateral, cash flow, or financials to get business credit. But you do need to be fundable. And this is even truer as we seem to be sliding right into a recession.

Company Credit Card Benefits

Benefits can differ. So, make certain to pick the benefit you would prefer from this selection of alternatives. Some of our choices call for better to exceptional credit. So, take this time, as we pause and reflect, to improve your credit.

Be Fundable to Get a Business Credit Card with Bad Personal Credit

The best way to get a business credit card with bad personal credit is to build fundability. But what does it mean to be fundable?

Fundable: of or capable of being funded; deserving of being funded. Fundable also suggests – able to be funded by a lending institution or a credit issuer.

Lenders and credit providers want to see if your corporation is a good credit risk. Firms which are fronting your business cash, they wish to know that you can pay them back. They want to be sure you’re not committing fraud. It all starts with your industry.

Industry

Some industries are believed to be high risk or restricted. These industries, by definition, are going to have a more difficult time getting financing of any kind. There may be high risks of injury at work. Or the industry might engage in a lot of cash transactions.

Industry Aligned on All Records

This is the idea of congruency, and it turns up repeatedly. Business credit reporting bureaus and lenders will analyze your corporation carefully. Among the major ways they do this is by strictly looking for matching records.

Because of this, if your records do not all match, it will show up as if they are missing. Missing records will trigger a rejection, as a loan provider will assume fraud on its face.

Therefore, it is crucial to make sure that every record, anywhere, is identical.

Copy/paste this info; do not chance it with retyping.

Business Name

Including a risky business type in your corporate name will cause funding rejections. Listed corporate ownership must be the same any place you list it. It is best practices to keep a record of every place where your corporation has a listing.

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Website and Email

A business needs a professional-looking site. And it must have site hosting from a provider like GoDaddy. Do not use Weebly or Wix. It needs to be your domain, not domain.wix.com. Use Upwork to employ people who can help you get set up. Get a professional logo from Fiverr. Email must be on your domain.

Business Address and Phone Number

A business address must be a real brick and mortar building. Hence it must be a deliverable physical address. This can never be a home address or a PO Box. Do not use UPS mailing addresses.

Never use a home address on your application.

Your corporation must have its own phone number. Do not give a personal cell or residential phone as a business telephone number. But VOIP (voice over internet protocol) is fine.

Also, your corporate telephone number must be toll-free. This is 800 exchange or such.

You must list your company phone number on 411. You can do so on http://www.listyourself.net. Your phone number has to have a 411 listing for most credit issuers, lenders, vendors, and even insurance companies to approve you. Check your record to see if you’re listed. Make sure your information is accurate.

Time in Business

Incorporation date, the business license issue date, and the date you opened your business bank account all matter.

Business Bank Account

You need a business bank account, to keep funds separate from personal accounts. Keep a good, positive balance and avoid NSFs.

Business Entity

This defines issues of liability, and it makes a difference when it comes to taxes. The best business entity for fundability is a corporation.

Corporations are legally distinct from their owners. Whether you pick a C-corporation, an S-corporation, or an LLC is your choice.

A sole proprietorship means the business owner is it when it pertains to liability and tax obligations. Nobody else is responsible. Incorporating fixes this.

Any complete company name must include any recorded DBA filing you use. This necessary for document congruency.

But no matter what, if you run a small business as a sole proprietor, the best thing to do is to incorporate. If you have already filed a DBA, you will still need to move onto a corporate business entity. You ought to only look at a DBA as an interim step on the way to incorporation.

Check with your Secretary of State to guarantee they have all the needed details for your business. Make certain that you are in good standing with them, and that your entity is active. You must submit annual reports and pay a fee each year to stay active.

EIN #

Go to the IRS website and get a free EIN for your business. This is also where you choose a business entity like corporation, LLC, etc. To open a business bank account, and file business taxes, you need an EIN, so get this out of the way first.

Business Licenses

A corporation must have all of the licenses necessary for running. These licenses all must be in the perfect, accurate name of the business. And they must have the same corporate address and telephone numbers.

This means not only state licenses, but potentially also city licenses. Check with your Secretary of State’s office.

Business Credit Bureaus

The biggest and best-known business credit reporting agencies (also called CRAs or bureaus) are D&B, Experian, and Equifax.

Business Data Agencies

These companies collect data and offer it to the business CRAs.

CreditSafe provides alternative credit, where they base some of their scoring on utility and rent payments. These payments are typically not considered by other CRAs unless they’re late. CreditSafe reports these payments whether positive or negative. Third-party payments like Credit Suite, CRM, and software can be included.

LexisNexis is where a number of lenders get their info from. They furnish info on likelihood to pay, or not. If the application and LexisNexis do not match, then loan providers will deny you funding. They will see the disparity as fraud.

The SBFE collects data on small businesses from its members, which are lending institutions. Lenders use this information to make credit decisions.

FICO uses its SBSS (Small Business Scoring Service) Score to combine consumer bureau, monetary, application, and business bureau information.

Business credit providers and the SBA use the FICO SBSS score as a tool to decide whether they should authorize a loan to your business.

Identification Numbers

CRAs use identification numbers to designate your business.

Experian’s BizSource assigns a BIN (Business Identification Number).

Begin at the D&B website and get a free D-U-N-S number. If there is no D-U-N-S number, then there is no record and no PAYDEX score. Your D-U-N-S plus three payment experiences gets you a PAYDEX score.

Business Credit History

Your company credit history is the single most important driver of your business credit scores. In turn, this influences fundability profoundly.

Late repayments will impact your business credit score for years. If you pay your business financial obligations off, as swiftly as possible and as completely as possible, you can make a very real difference in your credit scores.

UCC Filings

If the business owner has poor personal credit, lenders will typically secure a UCC blanket lien if they give your company a loan.

This is a note on your credit report. It says the financial institution has an interest in all your corporation’s assets till you pay off the loan in full. Therefore, there may be dire consequences if you default.

UCC filings are a matter of public record. Lenders and credit providers take them into consideration when determining if your business is fundable.

Judgments, Liens, and Bankruptcies

These are all a matter of public record, and they can all negatively impact fundability.

Together with UCC blanket liens are any other liens against your corporate assets. A lien is a credit provider’s right to retain possession of property belonging to until the debt owned by that person or business is discharged.

A lien isn’t quite the same thing as collateral – it’s the property which is subject to the lien is the collateral.

Total number of trade accounts and highest credit limit

These come from credit issuers which give you starter credit when you have none. Terms are usually Net 30, versus revolving.

The more trade accounts, the better. But in general, a few high credit limit accounts do more to enhance business fundability than a large number of very low credit limit accounts.

By getting trade credit ASAP, your trade accounts are as aged as they can be.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Find out how to get a business credit card with bad personal credit and more.

Financial data

Opening and responsibly using business credit accounts can help you increase your available credit and boost your credit rating. The key is to use your credit.

Closing accounts has a direct impact on overall credit history. If a card is closed and is in good standing, it will fall off a credit report at some point. And once it’s gone, the history which accompanied it is gone, too.

By closing accounts, you are tanking the average age of your accounts. It’s a part of fundability over which you have control — simply use your credit and pay it back quickly. In this way, your providers will not feel the need to close accounts for non-use.

Financial Statements

Financial statements include business tax returns. It’s best if these are prepared by an accountant or an accounting company, or at least audited by them.

Tax returns should be complete and up to date. Reported income and expenses should be commensurate with those anticipated from a corporation of your size, age, and industry.

Personal Financials

In particular for newer businesses, credit issuers and lenders will want to see personal financials. This includes taxes and reported income and expenses. Banks will even look at child support and criminal records.

Just like there are business credit reporting agencies, there are CRAs for personal credit. In addition to reporting on business credit, Experian and Equifax also report on personal credit. TransUnion only reports on personal credit.

Data Agencies

There are companies which collect data and provide it to the personal credit reporting agencies. Some banks and other credit issuers use ChexSystems to get more information on your personal credit habits. They also report on insufficient funds, closed accounts, and overdrafts.

Lenders use LexisNexis information to cross-check loan applications. Your FICO score comes from your payment history, amounts of owed, length of credit history, credit mix, and new credit.

Personal Credit History

Much like your business credit history matters for calculating fundability, so does personal credit history. Data points like accounts over limit, authorized users, and short sales loom large.

Lenders are looking at settled debt, foreclosures and late payments. They are checking opened accounts and history length. They want to see if there are any bankruptcies in your past.

More than two recent inquiries will be seen as proof of credit shopping. Credit Utilization Rate also matters. Credit Utilization Rate is credit in use, divided by total available credit. Keep this ratio at about 30% or less. Experian checks utilization rate both overall and per credit card.

Application Process

Even the process of applying can have an impact on your fundability. This includes time, negotiations, and whether your application is being made in person. Choosing a lender familiar with your industry makes a positive difference.

Fundability, on Balance

Keep all records consistent to ensure fundability. Set up your business legitimately, with a domain, phone numbers, an address, and more. Get all ID numbers and register with the IRS. Set up your business bank account for fundability. Keep all business financials organized and have them prepared by a competent professional. Get your personal credit ‘house’ in order.

Being fundable means your business can get financing from a credit provider or lender.

How to Get a Business Credit Card with Bad Personal Credit

Capital One® Spark® Classic for Business

Take a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your business, without any minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. However if you can pay promptly, and in full, then it’s a bargain.

So find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

How to Get a Business Credit Card with Bad Personal Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Also, there are some industries they will not work with, and others where they want more paperwork. Now for a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. So get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

Plus you can have bad credit (even a 300 FICO) to qualify.

And find it here: https://brex.com/lp/startups-higher-limits/

How to Get a Business Credit Card with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client suppers for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

But you will need good to outstanding credit scores to qualify.

Afterwards, find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also take a look at the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash instead of points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

Yet you will need good to outstanding credit to qualify.

So find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

How to Get a Business Credit Card with Bad Personal Credit for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the first year. Afterwards, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem any time with no minimums.

But you will need good to superb credit scores to qualify.

After that, find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. So it has no yearly fee. There is an introductory APR of 0% on purchases for 12 months. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. Yet there is no minimum spend requirement.

You can download transactions conveniently to Quicken, QuickBooks, and Excel. Note: you will need good to outstanding credit to get this card.

And you can find it here: https://www.discover.com/credit-cards/business/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Find out how to get a business credit card with bad personal credit and more.

How to Get a Business Credit Card with Bad Personal Credit for Jackpot Rewards

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And get a one-time $200 cash bonus once you spend $3,000 on purchases in the first three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to excellent credit to qualify.

But you can find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Flexible Financing Credit Cards – Have A Look at Your Options!

The Plum Card® from American Express

Take a look at the Plum Card® from American Express. It has an introductory annual fee of $0 for the first year. After that, pay $250 annually.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to outstanding credit to qualify.

But you can find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

How to Get a Business Credit Card with Bad Personal Credit for Luxurious Travel Points

Ink Business Preferred℠ Credit Card

For a fantastic sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 toward travel rewards if you redeem through Chase Ultimate Rewards.

Get 3 points per dollar of the initial $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel with Chase Ultimate Rewards. But you will need a good to superb FICO score to qualify.

But you can find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred

How to Get a Business Credit Card with Bad Personal Credit for You

The way how to get a business credit card with bad personal credit will hinge on your credit history and scores.

Only you can pick which features you want and need. So, be sure to do your homework. What is outstanding for you could be catastrophic for other people.

And, as always, make certain to build credit in the recommended order for the best, speediest benefits. The COVID-19 situation will not last forever.

The post How to Get a Business Credit Card with Bad Personal Credit appeared first on Credit Suite.

How to Build Your Personal Brand Using Content Marketing

Building a personal brand is not a quick process. It takes time, effort and consistency and even once it has been established it will inevitably evolve over time. How you manage that evolution and grow …

The post How to Build Your Personal Brand Using Content Marketing appeared first on Paper.li blog.

Get Business Credit Cards with no Personal Guarantee in a Business Recession

Get Business Credit Cards with no Personal Guarantee and Beat the Business Recession

Do you know how to beat the business recession? You get business credit cards with no personal guarantee? We do, and we are here to show you how. This method will work no matter what is happening with COVID-19.

Normally, getting credit isn’t easy.

You know what I’m talking about. You looked around the big banks, and then the medium-sized banks and then the small ones. And you tried the banks where you do business. And you also tried the others suggested by your friends or business associates. But after your long quest, you were unable to acquire any kind of a small business credit card without a personal guarantee.

Recession Period Funding

The number of American banks as well as thrifts has been decreasing slowly for 25 years. This is from consolidation in the marketplace as well as deregulation in the 1990s, lowering barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger banks is problematic for small business proprietors. Big financial institutions are much less likely to make small loans. Economic declines mean banks become extra careful with lending. Fortunately, business credit does not count on financial institutions.

The Baddish News – in the Business Recession and Beyond

There are over 500 distinct business credit cards around but less than fifty of them grant credit to companies in the absence of a personal guarantee. Complicating matters, these cards are not marketed or granted to all interested clients.

You can identify with the banks’ viewpoint. They don’t like risk so they attempt to diminish it by securing a business credit card. They accomplish this by asking you, the business owner, to guarantee payments from your private finances. So, this is in the event of business default.

If worst comes to worst, and as a guarantor or co-signer you are not able to pay the financial obligation, then your individual assets will be executed. If you provide a personal guarantee and don’t pay your business credit card bills, the bank can seize your accounts, your vehicle, your residential property, and your stocks.

And they can seize whatever else you may have used to guarantee that card.

But your standpoint, of course, is that you need to have this card to run your company better.

Get Business Credit Cards with no Personal Guarantee in a Business Recession: What You Can Do

The first thing you can do, and it’s easier said than done, is to have patience, and grow creditworthiness for your small business in the same manner that you have established your personal credit history. For most companies, this means paying your debts punctually, plus staying in business for a while, to develop a record of creditworthiness.

To get rid of the sticking point of a personal guarantee, you will have to demonstrate to the bank that your small business is solid. And you have to show that it can produce consistent earnings, and it has a substantial cash flow.

And the business needs to have a flawless payment history. If all the above can be shown, it will be a lot easier to find small business credit cards with no personal guarantee.

This is how to start establishing business credit without personal guarantee.

Get Business Credit Cards with no Personal Guarantee in a Business Recession: Here are Measures You Can Take:

Get Business Credit Cards with no Personal Guarantee in a Business Recession: Step 1

Set apart yourself from your company. This means you can help your cause by incorporating or becoming a limited liability company (LLC). This is a separate entity from the owner(s). And it means you must register for a separate identification number with Internal Revenue Service.

If your business is already an LLC you can skip this step altogether.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Get Business Credit Cards with no Personal Guarantee in a Business Recession: Step 2

Get several company credit cards with personal guarantees. The ones with high spending limits will be better. This is because they are the only ones reported to the business credit agencies. And you definitely want business credit cards that do not report to personal credit.

Make sure when you buy these products, they have the personal guarantee removal feature baked right in. Keep your credit utilization at one third of your credit limit or less. Pay in a timely manner every time.

Make sure to use these small business credit cards to make your business’s large orders. These purchases, in combination with a low revolving debt and of course on time payment will all help.

These actions will demonstrate to the bank that your company can control its financial resources well. It will also persuasively show that the profit your business yields is enough to take care of financial obligations and more.

This can lead to an unsecured business credit card no personal guarantee.

Details

Make certain that your personal credit history stays spotless. Eventually, you can file a personal guarantee removal request for these preexisting business credit cards. So, this is normally six months to one year.

The financial institution will hold an account review. But they could also consider your private credit report. If the bank approves your request then you have met your goal. If the bank says no, don’t lose hope. Just go to the next step.

No personal guarantee business credit cards can be yours.

Get Business Credit Cards with no Personal Guarantee in a Business Recession: Step 3

You can elect to make an application for third-party guaranteed lending. For example, this could be an SBA loan, for financing. Settling such a loan will help you develop your business credit score.

You can also make an application for a small business credit card from a particular retailer. These retail credit cards often do not require a personal guarantee. Chose a store where your company makes purchases often. And by all means do not forget about those prompt payments!

These retail credit cards, along with an SBA loan will raise your PAYDEX score from Dun and Bradstreet. If you are unfamiliar with the term, the quick version is that PAYDEX is for businesses what FICO is for people.

Retail credit cards will give you an extra advantage from the start. This is because they will decrease your personal liability for your company debt. These are business credit cards for new businesses without personal guarantee.

Ask the financial institution again to take off the personal guarantee clause. Or apply for new business credit cards without any personal guarantee. Yes, new business credit cards without personal guarantee are possible.

You can try this once you have gotten an 80 PAYDEX score under the above conditions. This is when your opportunity to get such credit cards will increase exponentially.

Another Technique to Get a Business Credit Card with no Personal Guarantee in a Business Recession

You can instead apply directly for those very few small business credit cards with no personal guarantees. You should apply for business credit card no personal guarantee. For example you can opt for Sam’s Club® Business MasterCard® or the Bremer Bank Visa® Signature Business Company Card.

Each specific card of this type asks you, the business owner, to satisfy a set of conditions. But these conditions will differ from one card to another. For a Sam’s Club ® Business MasterCard ® you need your business to bring in over $5 million in yearly sales.

The Bremer Bank Visa ® Signature Business Company Card is available for businesses with annual revenues between $1 million and $10 million. But at the same time other company credit cards with no personal guarantee attached call for an open Dun & Bradstreet file. Plus there can be other requirements to be met.

Be sure to consult the card issuer. And read through all the specifics of the promotion carefully.

Business Credit Cards with no Personal Guarantee in a Business Recession: Build Business Credit

Increase your chances big time by building business credit!

Small business credit is credit in a business’s name. It doesn’t link to an owner’s individual credit, not even if the owner is a sole proprietor and the solitary employee of the company.

Accordingly, a business owner’s business and consumer credit scores can be very different.

The Advantages

Considering that small business credit is distinct from individual, it helps to protect a small business owner’s personal assets, in case of legal action or business insolvency.

Also, with two distinct credit scores, a business owner can get two different cards from the same merchant. This effectively doubles buying power.

Another benefit is that even new ventures can do this. Visiting a bank for a business loan can be a formula for frustration. But building company credit, when done properly, is a plan for success.

Individual credit scores rely on payments but also additional components like credit usage percentages.

But for business credit, the scores actually only hinge on whether a small business pays its debts promptly.

The Process

Establishing business credit is a process, and it does not happen automatically. A small business will need to actively work to develop small business credit.

Having said that, it can be done easily and quickly, and it is much speedier than establishing personal credit scores.

Merchants are a big part of this process.

Carrying out the steps out of sequence will cause repetitive denials. Nobody can start at the top with small business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Starting with vendors is how to get easy business credit cards no personal guarantee.

Company Fundability

A business must be fundable to loan providers and merchants.

Hence, a company will need a professional-looking website and e-mail address. And it needs to have website hosting from a company like GoDaddy.

Plus, company telephone and fax numbers ought to have a listing on 411.com.

In addition, the company telephone number should be toll-free (800 exchange or the like).

A small business will also need a bank account dedicated strictly to it, and it needs to have every one of the licenses essential for running.

Licenses

These licenses all must be in the correct, appropriate name of the small business. And they need to have the same business address and phone numbers.

So keep in mind, that this means not just state licenses, but potentially also city licenses.

Working with the Internal Revenue Service

Visit the Internal Revenue Service website and obtain an EIN for the small business. They’re totally free. Select a business entity like corporation, LLC, etc.

A company can start off as a sole proprietor. But they will probably wish to switch to a kind of corporation or an LLC.

This is in order to minimize risk. And it will make the most of tax benefits.

A business entity will matter when it involves tax obligations and liability in case of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and tax obligations. No one else is responsible.

A corporate business card will be in the corporate name. Yes, that even includes corporate credit cards without personal guarantee. And it can even mean start up business credit cards without personal guarantee. This is how to get a credit card without credit.

Setting off the Business Credit Reporting Process

Begin at the D&B website and obtain a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a business in their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

In this way, Experian and Equifax will have something to report on.

Start with business credit cards without personal credit.

Vendor Credit

First you ought to build trade lines that report. This is also referred to as vendor credit. Then you will have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get retail and cash credit.

These kinds of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are often Net 30, instead of revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Soon, these will be business credit cards that do not require a personal guarantee.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Accounts That Don’t Report

Non-Reporting Trade Accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. And also credit accounts of any sort should help you to better even out business expenditures, thus making financial planning simpler. These are providers like PayPal Credit, T-Mobile, and Best Buy.

These won’t start out as small business credit cards without personal guarantee. But in time, they can be credit cards for businesses with no personal guarantee.

Retail Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move to retail credit. These are businesses like Office Depot and Staples.

Fleet Credit

Are there more accounts reporting? Then move onto fleet credit. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to fix, and maintain vehicles. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply for business credit card no personal guarantee using the small business’s EIN.

By now, you’ll get a business credit card no personal credit check.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Cash Credit

Have you been responsibly handling the credit you’ve up to this point? Then move onto more universal cash credit. These are companies like Visa and MasterCard. Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are normally MasterCard credit cards. If you have more trade accounts reporting, then these are doable.

Make sure to use the business EIN to apply for business credit card without personal guarantee. Then you will get a business credit card no personal guarantee.

A Word about Business Credit Building in a Business Recession

Always use credit sensibly! Never borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying in a timely manner and fully will do more to boost business credit scores than almost anything else.

Establishing small business credit pays off. Excellent business credit scores can help a business get a business loan no personal guarantee. Your lending institution knows the business can pay its financial obligations. They recognize the small business is authentic.

The company’s EIN links to high scores and loan providers won’t feel the need to request a personal guarantee.

Business credit is an asset which can help your business for many years to come. It’s really the only way to get a business credit card no personal guarantee required.

Get Business Credit Cards with no Personal Guarantee in a Business Recession – These Could be Yours

With patience and over time, you can get business credit cards with no personal guarantee. All you need to have is what the banks ask. That is, a dependable small business generating consistent profit, with a strong cash flow. And then, you will have what it takes.

This is how to get business credit card without personal guarantee. The COVID-19 situation will not last forever!

The post Get Business Credit Cards with no Personal Guarantee in a Business Recession appeared first on Credit Suite.

Business Credit Card That Doesn’t Require Personal Guarantee

Are you looking for a business credit card that doesn’t require personal guarantee?

Get a Business Credit Card That Doesn’t Require a Personal Guarantee

We researched a ton of company credit cards for you. So, here are our top picks.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This shows you can get a lot more funds with business credit. And it also shows you can have personal credit cards at retail stores. So, you would now have an additional card at the same shops for your small business.

And you will not need collateral, cash flow, or financial data to get small business credit.

Business Credit Card That Doesn’t Require a Personal Guarantee: Advantages

Benefits can differ. So, make certain to choose the benefit you would prefer from this choice of options.

Business Credit Card That Doesn’t Require a Personal Guarantee: 0% APR – Pay Nothing!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel via the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 in the initial 60 days of starting the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They additionally get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

JetBlue Plus Card

Consider the JetBlue Plus Card for an additional offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the first 90 days and pay the annual fee. So, then you can earn 40,000 bonus points. New cardholders receive a 12-month, 0% initial APR on balance transfers made within 45 days of account opening.

Thereafter, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 annual fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Outstanding Business Credit Cards with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.

So, this includes retailers and subscription services such as Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly in the app.

By spending a minimum of $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 per year are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber expects most of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. So the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll need to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This credit card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash ℠ Credit Card. Companies can get cash back with every purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable.

The card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver.

Also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Starwood Preferred Guest® Business Credit Card from American Express

Another alternative is the Starwood Preferred Guest Business Credit Card from American Express.

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at American restaurants, American filling stations, and on US purchases for shipping.

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.

Details

Get 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Get Business Credit Card That Doesn’t Require a Personal Guarantee for Average Credit

Capital One® Spark® Classic for Business

For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Business Credit Card That Doesn’t Require a Personal Guarantee for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Have a look at the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For every dollar spent at participating IHG hotels, get 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.

Plus, all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card offers a free one-night hotel stay each year. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The most significant issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep

Marriott Rewards® Premier Plus Credit Card

This credit card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.

Spend $3,000 in the initial three months from account opening and get two free night awards (each valued up to 35,000 points).

Cardholders get access to perks including a free one-night stay yearly after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. Additionally, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.

Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply

Get a Low APR/Balance Transfer Business Credit Card That Doesn’t Require a Personal Guarantee

Discover it® Cash Back

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Additionally, automatically get unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Get a Business Credit Card That Doesn’t Require a Personal Guarantee With a Credit Builder Option

Discover it® Student Cash Back

Make sure to have a look at the Discover it® Student Cash Back card. It has no annual fee. The credit card also has a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One distinct feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit annually. So, this is for up to five years.

Details

Use this card to build personal credit. While this is a personal credit card versus a company card, for new credit users, their FICO scores will be vital. And this credit card offers an outstanding way to raise FICO. This is while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com. So, that’s up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.

In the first year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And even though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Get a Business Credit Card That Doesn’t Require a Personal Guarantee for Cash Back

SimplyCash Plus Business Credit Card from American Express

Consider the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases. So this is for the first 15 months an account is open.

But when the introductory period ends, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from American service providers. But this applies to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending. Then, you earn 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it applies if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Capital One® Quicksilver® Card

Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards which cardholders can earn. Also, the card has a $0 yearly fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is on offer for those who make at least $500 in purchases within 3 months of account opening.

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Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Secured Business Credit Card That Doesn’t Require a Personal Guarantee

Wells Fargo Business Secured Credit Card

Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000). And it is designed to help cardholders set up or rebuild their credit.

Select this credit card if you wish to get 1.5% per dollar in purchases without any limits. Or earn one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

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Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Grab a Business Credit Card That Doesn’t Require a Personal Guarantee for Jackpot Rewards

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

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Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Best Business Credit Card That Doesn’t Require a Personal Guarantee for You

Your absolute best business credit card that doesn’t require a personal guarantee will hinge on your credit history and scores.

Only you can select which features you want and need. So, be sure to do your homework. What is outstanding for you could be catastrophic for other people.

And, as always, be sure to develop credit in the recommended order for the best, quickest benefits.

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How to Build Business Credit with Bad Personal Credit

You don’t have to let bad personal credit destroy your dreams of starting your own business. It may take a little longer to get started, but it is possible. The key is business credit. However, you do need to know how to build business credit with bad personal credit.

Start a Business by Learning How to Build Business Credit with Bad Personal Credit

The thing you have to understand when it comes to how to build business credit with bad personal credit, is it is a process. It takes some time. You have to actually climb the mountain to get to the top. There is no helicopter ride. However, once you are there, all you have to do is stay there. What you learn on the climb will make staying there much easier.

How to Build Business Credit with Bad Personal Credit: Set Up Your Business to Be Separate

Most do not realize that you can’t even start building business credit until your business is set up properly. Until then, any accounts you have are just reporting to your personal credit, even if they are called business accounts. How do you fix that? You have to set up your business as a fundable entity separate from you as the owner.

Get our business credit building checklist and build business credit the fast and easy way.

Separate Contact Information

Your business has its own phone number, fax number, and address. That doesn’t mean you have to get a separate phone line, or even a separate location. You can even still run your business from your home or on your computer if that is what you want. You don’t even have to have a fax machine.

EIN

You also have to get an EIN. This is an identifying number for your business that works like how your SSN works for you personally. You can get one for free from the IRS.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is vital. It lends credibility to your business as one that is legitimate. It also offers some protection from liability.

Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. What is going to happen is that you are going to lose the time in business that you have. When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated.

This is why you have to incorporate as soon as possible. Not only is it necessary for fundability and for building business credit, but so is time in business. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, regardless of when you actually started doing business.

Business Bank Account

You have to open a separate, dedicated business bank account. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.

Furthermore, there are several types of funding you cannot get without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments. Studies show consumers tend to spend more when they can pay by credit card.

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run. If it doesn’t, warnings are going to go up at every turn. Do the research you need to do to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.

Website

Of course, you are wondering how a business website can affect funding. Here’s how. These days, you do not exist if you do not have a website. But, having a poorly put together website can be even worse. It’s a first impression, and if it appears to be unprofessional it will not be good.

How to Build Business Credit with Bad Personal Credit: Get Accounts Reporting

This is the part that a lot of business owners don’t get. It isn’t easy to get credit in the name of your business when you don’t have credit to begin with. There are a few hacks that can help you jump over this hurdle however. Once you break down the need credit to get credit wall, you can work your way up through the credit tiers.

The other piece of this puzzle that is missed by many business owners is that you have to have a D-U-N-S number for it to work. Dun & Bradstreet is the largest and most commonly used business credit reporting agency. If you do not have a D-U-N-S number, you do not have a file with them. If payments are reporting to them and there is no corresponding D-U-N-S, the payments will not count. To build business credit you absolutely have to have this number.

Now, how do you get accounts reporting without your personal credit coming into play?

Ask Vendors You Already Work with to Report Payments to Credit Agencies

Vendors you already have a relationship with may be willing to extend credit without a credit check. If not, they may offer net 30 terms on invoices. They don’t have to, so you will have to ask. The worst that can happen is they say no. If they say yes, ask them to report the payments to the business credit agencies.

Talk to Utility Providers about Reporting Payments

You pay things like utilities, rent, and internet each month anyway. Ask those companies to report payments to the business credit reporting agencies. Again, the worst they can say is no.

Use Starter Vendors in the Vendor Credit Tier

This is a little-known secret of how to build business credit with bad personal credit. Many are unaware of starter vendors. They are part of what we like to call the vendor credit tier. Certain retailers will extend Net 30 terms in your business name without a credit check. Then, after you pay, they will report those payments to the business credit reporting agencies (CRAs).

Get our business credit building checklist and build business credit the fast and easy way.

This is how you can get the ball rolling with business credit. They do not check either your business or personal credit score. Of course, they do have other risk reducing guards in place. These vary by vendor. When you ask yourself “how do I build business credit,” starter vendors are the answer. Here are a few to help you start the process.

Quill Office Supplies

Quill sells office supplies as well as cleaning and packaging supplies. Products range from office furniture to office supplies and more.

They report to D&B. If you do not already have a PAYDEX score, you will have to place an initial order first. Generally speaking, they establish a 90-day prepay schedule, and if you order each month for three months, they will most often approve you for a Net 30 account.

Uline

Uline sells shipping, packing, and industrial supplies. Also, they report to Dun & Bradstreet. This means you must have a D-U-N-S number.

In addition, they ask for 2 references and a bank reference. The first few orders might need to be paid in advance to get approval for Net 30 terms.

Grainger Industrial Supply

Grainger sells power tools, pumps, hardware and other things. In addition, they can handle maintenance of your auto fleet. You need a business license and EIN to quality, as well as a D-U-N-S number.

You can apply by fax or over the phone. If you need less than $1,000 in credit, you only need a business license for approval. For over $1,000, you will need trade and bank references.

If you are just starting out and do not have references, the $1,000 is plenty to get you started building your business credit.

Behalf.com

Behalf is a way of getting paid through an app, but they also offer funding. The more you have your customers pay you through Behalf, the more likely Behalf is to offer you favorable terms when it comes to funding.

Funding can be through purchase financing or a virtual MasterCard option. Terms run from Net 30 to 180 days, and they report to Dun & Bradstreet, Experian, and Equifax. This fact alone, that they report to all the major credit reporting agencies, makes them an extremely valuable tool in building business credit.

The Other Credit Tiers

After you have 8 or so of these types of accounts reporting payments to your business credit report, you should have a strong enough score to move on to the next tier. We call this the retail credit tier. They are retailers as well, but offer more traditional credit. These are credit cards for use at specific stores such as Office Depot or Lowe’s. It is also sometimes referred to as store credit.

After you have several of these store credit account reporting, you can apply for cards in the fleet credit tier. These are gas cards with companies such as Shell and Fuelman. They can be used for fuel and auto repair and maintenance only.

Lastly, with accounts reporting from all these tiers, you should have a score strong enough to apply for cards from what we call the cash credit tier. Of course, that is only if you have been making payments consistently on time.

These are traditional credit cards that are not attached to a specific store or tied down to certain types of purchases. They can be used for anything and everything. In addition, they often have better interest rates and nice rewards programs.

How to Build Business Credit with Bad Personal Credit: Business Credit Monitoring

It is important to keep an eye on your business credit as it grows. A business credit monitoring service can help. Not only will you be able to see your score, but you can also see which accounts are reporting. This will help you know when to move on to the next tier. In addition, you’ll be able to catch mistakes and have them corrected before they can cause too many problems.

How to Build Business Credit with Bad Personal Credit: Fix Your Personal Credit

Just because you now know how to build business credit with bad personal credit, you shouldn’t let your personal credit stay bad. Get a free copy of your credit report and take a look at what’s on there. If there are mistakes, fix them. Then, make payments on time. This is the number one way to build strong credit, both business and personal.

Get our business credit building checklist and build business credit the fast and easy way.

How to Build Business Credit with Bad Personal Credit: It Is Possible

If you set up your business to be a separate fundable entity and utilize the vendor credit tier properly, you can definitely build business credit despite bad personal credit. However, you cannot let your personal credit remain bad. Business credit is great, but many lenders still require a personal guarantee. Most of those will absolutely check personal credit as well. By having both strong personal and business credit, you open doors to so many more business funding options. In this way, your personal credit is just as much a part of business fundability as business credit is.

You also need to take some time, while building business credit, to figure out what else affects the fundability of your business. For example, in addition to how your business is set up, something as simple as a parking ticket or a lien can even affect the fundability of your business. You may be surprised at what else you find out.

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