Home: Message List - What is the purpose of using an EIN vs. Social Security number for charge card?

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

dtominus — Fri, 06 Jun 2008 04:46:48 GMT

What type of business are you in, Imay be able to give you a loan for
cash flow
stocking

email me at dtominus@yahoo.com or 727-545-9530

Thanks
David Tominus

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

CorpCons08 — Tue, 11 Dec 2007 20:48:45 GMT

Precisely, however, you must understand that almost all business credit cards have a personal guarantee requirement which means reports will be made to your personal credit as well if you miss payments or default on the card.

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

CorpCons08 — Tue, 11 Dec 2007 20:48:03 GMT

You are very welcome Nat.

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

majones — Tue, 11 Dec 2007 20:45:17 GMT

It's basically the difference between identifying yourself (social security number) or the corporation (employer ID number). When you use the EIN of the corporation, you allow the corporation to build its own credit and stand alone as a business entity. Whenever you use your SSN, it's tied to you individually, not the corporation.
-M

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

NatOnline — Tue, 11 Dec 2007 20:42:56 GMT

Great info thanks CorpoCons08

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

CorpCons08 — Tue, 11 Dec 2007 20:33:11 GMT

It often times depends on the creditor.
Most will report to the business credit to help build a stronger credit history for you.
If you are late or default, then you best realize that your personal credit will be hit too.

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

NatOnline — Tue, 11 Dec 2007 20:27:45 GMT

So would the account report to just your business credit report, or also your personal credit report?

Re: What is the purpose of using an EIN vs. Social Security number for charge card?

CorpCons08 — Tue, 11 Dec 2007 19:38:01 GMT

Using your EIN allows for you to continue to build business credit; that is why the recommendation.
It has nothing to do with approval, as that will still be based off of your personal credit history.

Regards,
CorpCons08

What is the purpose of using an EIN vs. Social Security number for charge card?

Excellent — Tue, 11 Dec 2007 19:35:46 GMT

My business is an LLC and I was told that when I apply for a company charge card that I should use my EIN rather than my social security number. What is the difference between using either of them when applying for a company credit card?