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    27 Replies Latest reply on Mar 10, 2008 7:57 PM by creditguy

    Secured credit card!?

    Dereshki Adventurer
      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
        • Re: Secured credit card!?
          LUCKIEST Guide
          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
          • Re: Secured credit card!?
            Lighthouse24 Ranger
            As Luckiest asked, have you opened a business checking account yet?
            • Re: Secured credit card!?
              Dereshki Adventurer
              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
              • Re: Secured credit card!?
                Dereshki Adventurer
                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.
                • Re: Secured credit card!?
                  Lighthouse24 Ranger

                  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!
                  • Re: Secured credit card!?
                    Ed O'Gee Adventurer
                    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.
                    • Re: Secured credit card!?
                      Dereshki Adventurer
                      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...
                        • Re: Secured credit card!?
                          Lighthouse24 Ranger

                          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.
                        • Re: Secured credit card!?
                          Dereshki Adventurer
                          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!
                            • Re: Secured credit card!?
                              Lighthouse24 Ranger
                              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.
                            • Re: Secured credit card!?
                              barbnett Newbie
                              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.
                              • Re: Secured credit card!?
                                Dereshki Adventurer
                                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.
                                  • Re: Secured credit card!?
                                    Lighthouse24 Ranger
                                    Dereshki, I think this will involve completing three or four programs, each with a fee, over the course of two or more years. In your case (where there seems to be some language and/or distance obstacles that partially prevent you from following the free guidance offered here), maybe working through a fee-based service like that would be a better option for you. I hope you'll keep us posted on the results you get through businesscreditbuilder.com. Good luck.
                                  • Re: Secured credit card!?
                                    Dereshki Adventurer
                                    For sure! That's the idea if FORUM. I started this service from 3 months. I can say to you for the moment, you must make real business. The owner of a corporate must show he make a real busniss and it's not a facke business. For exemple you need for sure have a physical address! That's the begining of a business. If you use Virtual office or some thing like that, it could be dont work! So start to have a real physical adress. That's normale thing if you make a business.
                                    • Re: Secured credit card!?
                                      creditguy Newbie

                                      You can be the guarantor for your corporate card, even as a non-resident alien. If you are incorporated in Nevada, you can even be the President or other officer of the corporation as well.

                                      You will need a US mailing address for yourself individually, and it must be a place where you can truly receive mail and have it forwarded to you. I recommend postnet or UPSstore for this. Then you will need to give this address as your address for the purpose of issuing the card requested.

                                      One of the best cards for this is the debit Mastercard issued by Paypal.com. If you set up a US based paypal account for your business, then request the debit Mastercard they issue, making sure you use all the proper US addresses and an email address designated for that account, you should be able to get the card. You will want to connect the card to the bank account of the company in order to raise the limits, but you need not be the bank account signer in order to do this - you just need definitive knowledge of the bank transactions so that you can verify the account according to Paypal's system.

                                      You can also establish real credit history for your company in the U.S. as a non-resident alien. Your business can borrow large amounts ($25k or more) with no personal guarantee, without even a credit check, if you agree to hold the proceeds of the loan on deposit. Then you can make monthly interest payments for a while before returning the deposited loan proceeds to repay the loan. If you pay down the loan balance in the US with USD you make at your US company, those funds will be available on your paypal card.

                                      This builds business credit in real dollar amounts because it can be done and reported to Dun & Bradstreet and Experian Business Credit. You can have more than one account at a time. You can do the same thing with your personal credit, and have it reported to Experian, Trans Union and PRBC.com.

                                      Also, in both cases, the lender will give you the option of refinancing their loan to you, using a BofA or other bank loan or bank line of credit. To get it done, the original lender will post an amount equal to your deposited funds as collateral with the bank. Now you become the source of a big deposit and a cash-secured loan or line of credit for bofa or another bank, a big leg up. See http://www.creditloader.com/