Apply for a credit card

Friday, November 16, 2007

Business Credit Card

1)Does Business Credit Card helps in building my credit score?

As the Business credit cards are basically in the name of the company whether it is on your name or not so the whole of the responsibility of the credit card depends upon your occupation but not personal. As this business credit card has no link with your personal credit hence it doesn't helps in building up your personal credit score. But if you had taken this credit card for personal use then it can affect your credit.

2)Is it possible to apply for the unsecured business credit card having no personal guarantee?

Business credit card is given to you only if you have an Employer Identification Number(EIN). If you are the only owner of your business then whole of the responsibility of your credit card is upon you. So, better will be first apply for the business credit card and then take responsibility of your credit card.

3) Can i apply for the Business credit card even with bad credit?

Nop, it's not possible to apply for the business credit card. You must have a good credit score before getting it. Better will be apply for any other credit card that has lowest APR and that can helps in building your credit and after having the good credit limit apply for the business credit card.

4)Is it safe on my part to use my business credit card for personal purposes?

If you use you will have lot of problems when you audit your company accounts and pay taxes. Speak to your  accounts department and tax adviser.

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