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    7 Replies Latest reply on Jun 27, 2008 1:58 AM by thetoygiant

    Recomendations for a company's first credit card?

    xenopod Adventurer
      I think the subject more or less explains it.

      The company was formed in August 2007. We have our EIN and are an S-Corp. We have company accounts with BoA. When we opened the accounts we tried applying for a credit card then (at the banker's recommendation) we were denied. Since then we have not applied for credit anywhere for the company.

      What else would you need to know to make a reasonable recomendation or are there any general resources that can be utilized? We do not need a very large line of credit something actually pretty small (by small I mean simply a few hundred dollars to maybe one or two thousand dollars) would be a nice starting point. We would simply like the chance to prove some creditworthiness.

      As always I appreciate reading your comments and ideas so thank you for taking your time in reading mine.
        • Re: Recomendations for a company's first credit card?
          LUCKIEST Guide
          X, When you said that " we tried applying for a credit card" in the company NAME?? right??
          There have been posts last month where business have opened credit cards accounts with just their EIN number. Stapes and Home Depot come to mind. By applying for other credit cards in the company name and using them and paying off the balances each month, the company will establish a good credit history so that next time the company applies to the bank, the company should get approved for the credit card.
          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Recomendations for a company's first credit card?
              xenopod Adventurer
              Luckiest:

              Thank you for taking the time to quickly get back to me. I appreciate it a lot.

              Yes I meant in the company's name.

              I will try signing up for a Staples one today. How long should I wait between trying to open accounts? Aside from Staples and Home Depot, do you have a recomendation for a specific gas card or business credit card? I am having to have to undertake a lot of travel recently to meet with clients and that trend is seemingly persistant so it would be nice if I could stop using my personal bank accounts to fund that and use company credit. Even if it had a small limit to start that could be used for general business related expenses (instead of just things I can buy at Staples) it would be really helpful.

              Please let me know if you have any other thoughts.
            • Re: Recomendations for a company's first credit card?
              moogrdotcom Wayfarer
              What you need is a Paydex Score and or an experian business file and the best way to get that is to get a combination of new revolving accounts, telephone and some Net-30s.

              1. Make sure you have a business phone
              2. Make sure that business phone is in directory services/411 - can you call the operator and ask for your business by name.
              3. Get your DUNS number and if you don't have one request one. Do NOT i repeat do NOT by the "Creditbuilder" just tell them you want a DUNS number so you can big or take part in government contracts.

              4. Once you have your business phone in 411 and your duns number, go and apply for a STAPLES and OFFICE DEPOT card. Make sure you use your EIN, DUNS (if asked) and your business address you want on file when requesting these cards. YOu will usually get 500-1k in instant credit from either one of them. Order some pens/pencils and PIF (pay in full) or whatever immediate affordable supplies you need from either of them.
              5. Get a Net-30 from "Reliable.com" office supplies. Just call and ask for Net30 terms office supplies products. Again, order something cheap and PIF
              6. Get a Net-30 from "RapidForms.com" - i ordered ink stamps for check deposits, new checks and other business necessities and paid as soon as i got my invoice.
              7. Get a Net-30 from a company like uline.com - order some boxes, labels, packing slips - pay in full.

              Now here is where patience is a virtue. Wait 1-3 months for these credit lines to mature and show up on your Duns and Experian business reports. Be sure you PIF everything so you don't have any balances do - the idea is to boost your score with tradelines.

              Once those accounts have matured try and get a Shell/Exxon/Mobile gas card - net30 account is fine. This is usually the final type of card/credit line you need to boost your business to some maturity in your credit report file.

              Once that is done and everythig has been paid you can try for Home Depot/Lowes credit cards... usually pretty lenient on small/new business. Many people have had GREAT luck with KeyBank Mastercard. I was able to get Chase Small Business, Citi Platinum Plus, Chase Amazon.com business and Amazon.com net 30 accounts pretty quickly after getting my file established. I went through a similar process and have been able to buildup 100k+ credit lines in less than 1 year.

              PATIENCE, Consistency and RELIABILITY are the keys to getting business credit. Some other net-30's that are good to get - Nebs.com, Grainger, US Plastics, Quill, Wearmark, Labor Ready and any local business who will offer you verified net30's that report.
              • Re: Recomendations for a company's first credit card?
                DomainDiva Ranger
                Call Citibank, they have an offer right now 12 months interest free on all purchases. They will key from your personal credit score but set it up as business so it does not get reported on the personal side.
                1 of 1 people found this helpful
                • Re: Recomendations for a company's first credit card?
                  dstiel Newbie
                  Don't forget to try Advanta. They specialize in small business credit cards. I have an AMEX Card that has worked well for us. Last recourse might be a prepaid Visa Card from Circle K or Green Dot.
                  1 of 1 people found this helpful
                  • Re: Recomendations for a company's first credit card?
                    creditkards Newbie
                    I think moogrdotcom said it best.
                    "PATIENCE, Consistency and RELIABILITY are the keys to getting business credit."

                    You can apply for a DUNS number at: http://www.dnb.com/US/duns_update/index.h
                    tml
                    You can also check out various businiess credit card offers at: http://www.creditcards.com/business.php

                    They key is waiting for your good account activity to show up on your DUNS business report (as moogrdotcom said also).
                    And also be aware of the "special rewards" being offered by banks for the highly competitive business credit card sector.
                    You can pick up some great perks if you do a little research.
                    Good luck