How To Qualify For a Business Credit Card

To qualify for a business credit card, you will likely need to become the guarantor for your business. When trying to qualify for a business card through your bank, they will likely underwrite the card using all of your personal information, making you liable for anything that happens down the line.

In order to finish the process, the bank must perform a hard pull on your credit.
If the business fails and you can’t pay off your card, you will be personally responsible for any debt. Of course, there are ways in which you can make this process much easier.

Build Your Credit

A bank will likely want to take a look at your personal credit, even if they do not plan on making you a guarantor of your card. Your chances of getting a high-quality credit card for your business are much higher if you have better credit, which is why we always recommend that you have the best credit possible before trying to apply for a card.

Allow Your Business To Grow First

If your business looks risky, you will likely have to pay much higher interest rates with a lower cap on your spending limit. In terms of the information that the bank needs to process your new business credit card, it differs from bank to bank. However, if you have an old business with a high monthly cash flow, you will have a better chance at securing a good credit card.

Register Your Business

Most banks require you have a registered business before applying, meaning you might have a difficult time getting a business credit card if you are a freelancer or sole proprietor. We recommend registering your business sooner than later.

How To Qualify For a Business Credit Card

Build Credit Through Your Business

It can be quite difficult to build credit through a business, though getting a credit card is a great way to start. Another way to build credit through a business is with a small business loan. Your credit history will continue growing and the credit offerings will slowly become more and more available for you.

Final Thoughts – When Tradelines Can Help

If you’re planning on growing your business, you will often have to let your personal credit history take a hit. If you are looking to get business loans or credit cards in the future, allowing for this hit might eventually come back to haunt you.

If you want to dilute any derogatory marks on your credit score, you might consider using tradelines. Tradelines are great for those who are looking to lengthen their credit history or reduce their overall credit utilization ratio.

If you are looking to purchase tradelines, or you just want to know a bit more about what tradelines can do for you, make sure to get in contact with us here at Personal Tradelines so that we can help! We look forward to helping you take the next steps towards your financial future.