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Which Business Card Accepts EIN Only?




Getting a credit card is an important part of growing your business. Lenders, however may not always be enthusiastic about extending lines of credit to companies that are not already established. The Catch 22 logic of credit-building applies just as much to businesses as it does to individuals. When you apply for a credit card for your business, you will often be required to provide your EIN as well as your personal social security number.

Applying for an EIN or Employer Identification Number with the IRS is not necessary if your business is a sole proprietorship, but is certainly allowable. This EIN (also known as a Federal Tax Identification Number) is a nine-digit identification number that the IRS attaches to you your business. It works in much the same way as a social security number works for an individual. For many small business owners, getting a credit card for their business involves making themselves personally financially responsible for the businesses credit. This is especially true if you are just starting out. When you apply for a credit card for your business, nine times out of ten, you will need to provide your own personal information as guarantor for the business. This may cause undesirable changes to your own personal credit score.

Many question which business card accepts EIN only, or if any do at all. While getting a credit card for your business using only an EIN is possible, it is by no means a simple way of getting around your own credit issues, or avoiding financial responsibility. Just like building personal credit, it will always take time. Simple steps, such as forming a legal business entity, signing up for a Dunn and Bradstreet account (this organization, used by over a hundred million businesses, keeps tabs on company's reputations in terms of its business transactions. ), establishing responsible business relationships with vendors (this can help with your D and B ratings, as well as allow you to request reverences as they are needed by the credit card companies), apply for your free EIN through the IRS, and maintain a good relationship with your bank. This may be the best place to begin to establish credit for your business, as your bank will be able to look at your record of good standing, and may be more willing to accept an EIN on a credit application.

Having said all that, it is always a good idea to call your potential lenders and ask what kind of information they require for getting a credit card. Ask about the EIN and whether you will need to also provide your personal social security number. Dell Computers has been historically shown to be a company accepting of EIN-only applications. This may be a good place to start if you are looking to establish your new business credit.

About the Author:
Paul Basco Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card Offers online. At GettintingaCreditCard.com, we offer gas credit cards, low apr credit cards, travel rewards credit cards and much more.









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FICO Credit Scores

A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.

What is a Credit Score?

A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.

Credit Score Facts

  1. Credit Scores range from 300-850, the higher the better.
  2. Most lenders base approval on your credit score.
  3. Higher Scores mean lower payments and better deals.
  4. Higher Scores mean Lower interest rates.
  5. Scores are determined by 5 main categories:
    • Payment History
    • Amounts Owed
    • Length of Credit History
    • Type of Credit Used
    • New Credit

Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.

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