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28 Replies Last post: Mar 10, 2008 7:57 PM by creditguy

Secured credit card!?

Nov 29, 2007 3:44 PM

Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
Hi...
I am a foreigner, and i opened a C Corp in California. My corporate have EIN number. I have a physical office, land line phone number. I want pay many thing by internet or other saler, so i need a credit card. I cant get credit card because a dont have garentor for my corporate, however i want a secured credit card for my business. Any body know how can i get a Secured credit card for my corporate?
Thank you
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
1. Re: Secured credit card!? Nov 29, 2007 3:57 PM
Dereshki, You are off to a good start. Opening a C Corp and getting an EIN number is great.
Having an office and a land line also helps to establish you. Do you have an Accountant?? or a Lawyer??
Have you opened a checking account at your bank?? Maybe your bank
or Bank of America, should be able to help you get the Secured credit card that you want.
Also if you google "Secured credit card" Capital one and Visa and others appear.
Be careful, Good luck, LUCKIEST
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
2. Re: Secured credit card!? Nov 29, 2007 4:00 PM
As Luckiest asked, have you opened a business checking account yet?
Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
3. Re: Secured credit card!? Nov 29, 2007 4:01 PM
Dereshki, You appear to be off to a good start. Opening a C Corp and getting a EIN number is great.
Having a office and phone also helps. Do you have an Accountant??, Lawyer??
Have you opened a checking account?? Maybe your bank or Bank of America can help.
If you google "Secured credit card" Capital One, Visa and others come up.
BE careful, Good luck, LUCKIEST
Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
4. Re: Secured credit card!? Nov 29, 2007 4:01 PM
Thank you
I am going to open an account, but i must wait until 12 dec. ( i am in switzerland, and come for 3 days to L.A. to open a chcking account. I hope BofA will make it for me. However when i tryed on google, i see many website, but when i try to apply i have some troble. You dont know any body who had a secured credit card for corporate?
Thanks
Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
5. Re: Secured credit card!? Nov 29, 2007 4:06 PM
I have a checking account for myself on BofA. However i want this card in the name of my corporate, to build the credit of my corporate. When i lookup on BofA for myself he asked me ITIN number. I dont have it yet, and i cant apply for it online... However i have a swiss bank credit card (VISA) but i want US secured credit card, for me and my corporate. I prefer for my corporate secured credit card.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
6. Re: Secured credit card!? Nov 29, 2007 5:17 PM

Before you apply for a credit card in your corporate name, you must have a federal Employer ID Number (which you do) and a bank account in the corporate name. Bank websites say that you can open a new business account on-line, but that's rarely true (even within the U.S.).

Most banks offer a newly formed corporation a business credit card on the day the business account is opened (with a credit limit based on the initial deposit). So when you meet with your banker to open the new corporate account, inquire about applying for a corporate credit card. If you are unable to do that, ask the banker why not and let us know the answer you receive. We can offer more advice at that time, if necessary.

Good luck!
Click to view Ed O'Gee's profile Mogul Ed O'Gee 215 posts since
Oct 25, 2007
7. Re: Secured credit card!? Nov 30, 2007 9:32 AM
Should be pretty easy for you to get a card once you have an EIN number and open a business checking account. I'd also see if your bank, BofA or otherwise would approve you for a non secured card.
Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
8. Re: Secured credit card!? Dec 18, 2007 12:44 AM
Hi
I opened a checking account with Bank of America. But he dont have secured credit card for small business. I see west fargo get secured credit card, but for opening business account you must have social securety number! So i dont know how can i get secured credit card for a business in USA! I find this case very interesseting, but may be without solution...
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
9. Re: Secured credit card!? Dec 19, 2007 1:58 AM
in response to: Dereshki

It sounds like the solution is to apply for a social security card. (I wrote that in a different post awhile back, same situation, and was "corrected" by someone saying a foreigner can't apply for a social security card -- but you can if you're in the country legally). Even if you're in the U.S. on a travel visa only, you can apply for a social security card (though it may say "not valid for employment" when issued). If for some reason you can't get a social security number quickly enough, apply for an ITIN (Individual Taxpayer Identification Number) instead -- which would give the bank the business-to-person link (which is what they really want anyway). Hope this helps. Best wishes.
Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
10. Re: Secured credit card!? Dec 20, 2007 6:33 PM
Yeas, but if i got SSN i dont need to secured credit card for corporate, i can have non secure credit card! The administration dont give easley SSN, i dont know why, but that's the rules. I can get ITIN number, but with ITIN number i can apply for secured credit card for myself, not for my corporate... I am foreigner, and find USA very interessting country for businessman, because it's very easy to do corporate and making business, however when you are foreigner, without SSN, it's a challenge! Every where he ask me SSN! Fortunately when i go to restroom, he dont ask me that....:-D
I know Switzerland have Treatery with USA, and i can get may be an E visa, ( E1, or other E...)
With E visa i can apply for SSN. I hope i will get my E1 visa.
Thank you guys!
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
11. Re: Secured credit card!? Dec 20, 2007 7:01 PM
in response to: Dereshki
Yes, the ITIN number in lieu of an SNN will provide BoA with what they need, which is a way to link your personal identity to the business entity under which your business account was opened, and for which you are seeking a secured corporate credit card. I think the minimum balance in your business account is $500, and your business credit line will equal the account balance.
Click to view barbnett's profile Start-up barbnett 6 posts since
Dec 19, 2007
12. Re: Secured credit card!? Dec 28, 2007 6:02 PM
Dereshki, most banks want the following items to open an account. Your EIN from the IRS, Articles from the State, Business licenses, and Trade Registration papers. When you open the account ask for a line of credit at that point. When I open my account with Bank Of America, I only had to provide the EIN paper from the IRS and my Articles from the State. You have a good start. Do everything in your business name using you EIN. Most companies will want you to use your personal profile if your company is under 2 years but there are some that will not. Example, Staples is one that only uses your EIN not your S.S. number your personal profile is not involved at all with Staples. Try www.b2bcredit.com I hope this information will help you. Be Blessed.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
13. Re: Secured credit card!? Dec 28, 2007 6:38 PM
in response to: barbnett
barb, very helpful info, especially about Staples being one that only uses your EIN.
Thanks, LUCKIEST
Click to view Dereshki's profile Mogul Dereshki 44 posts since
Nov 29, 2007
14. Re: Secured credit card!? Dec 29, 2007 9:54 AM
Thank you for your reply... I contacted a corporate who establish business credit. The matter is i need VISA card or some credit card. I need off curse credit from wholesale, but i need credit card, to buy some things. However in USA you cant do many thing without SSN. If i had SSN i can have a line of credit about 200k from BofA. But without 0. :-D
I contacted http://www.businesscreditbuilder.com/clientsonly/ and he doing my business credit.
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