How do you check for business credit card pre-approval? This question is about Business Credit Cards

How do you check for business credit card pre-approval?

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This question is about Business Credit Cards

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@WalletHub • 04/23/21 This answer was first published on 09/19/19 and it was last updated on 04/23/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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One way to check for business credit card pre-approval is to visit a local branch and ask a banker to help you with this matter. Just note that not all issuers provide this service, so best to call them before heading down to your local branch.

Aside from checking for pre-approval by visiting a local branch another option is to sit back and wait for a pre-approved business credit card offer in the mail. To respond to a mail offer after it arrives, visit the website or call the number listed in your pre-approval letter. You’ll have to provide details such as your name, address and possibly, your Social Security number (SSN). You will also need to enter the promo code included in the mailing.

None of the major credit card issuers currently provide any online tools for business credit card pre-approval, but you could always contact an issuer before applying directly or checking for in-branch pre-approval offers.

When possible, business credit card pre-approval has a lot of benefits. For example, pre-approvals typically use a soft inquiry that does not affect your credit score. When you submit a full application for a card, on the other hand, there’s a hard inquiry into your credit history that causes a temporary dip in your score.

But it’s important to note that pre-approval is never a guarantee of actual approval. It only means that your preliminary information indicates you’re a likely candidate for approval if you actually apply. In most cases, applications for pre-approved offers are ultimately approved.

Also, bear in mind that an issuer will review your personal credit history when you apply for a business card. That’s because, in almost all cases, you will be held personally responsible for repaying the balance if the business cannot.

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Easy Approval Business Credit Cards

Limited credit Capital One Spark Classic for Business
Bad credit Wells Fargo Business Secured Credit Card
Startups Brex Corporate Card for Startups
Store purchases Office Depot Business Credit Card
No credit check OpenSky® Secured Visa® Credit Card

As you can see, there are a few easy approval business credit cards available, so you shouldn’t let limited or damaged credit prevent you from getting the card your business needs. And remember, if you pay your bills on time and keep your credit utilization ratio low, your credit should steadily improve over time.

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Is it hard to get a business credit card?

It isn’t hard to get a business credit card. You can apply for one even if you have a new business without any employees, since these cards don’t require a minimum revenue or time in business for you to qualify.

Some sort of self-employment business income is enough to qualify you for a small business card.… read full answer

As long as as your personal credit score is at least good (700+) or excellent (750+) and your business is verifiable, you have a good chance of getting approved for a business credit card.

If your credit score isn’t high enough, I’d suggest applying for a secured card like the Wells Fargo Business Secured Credit Card or the BBVA Compass Business Secured Credit Card.

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What credit score is needed for a business credit card?

You need a credit score of 700 or higher to get the best business credit cards. The top business credit cards usually require at least good credit for approval, but there are still options for small business owners with fair, limited or bad credit. In other words, you can get a business credit card with pretty much any credit score, though the most attractive offers are reserved for the most creditworthy applicants.… read full answer

By the way, it’s your personal credit rating that really matters, even though you’re applying for a business credit card. The higher your score is, and the more income you have relative to your debt, the better your chances of approval will be.

Popular Business Credit Cards by Credit Score Requirement

Excellent credit: CitiBusiness® / AAdvantage® Platinum Select® Mastercard® & Costco Anywhere Visa® Business Card by Citi

Good credit: Ink Business Cash® Credit Card & Capital One® Spark® Cash for Business

Fair credit: Capital One Spark Classic for Business & Office Depot Business Credit Card

Bad credit: BBVA Compass Secured Visa® Business Credit Card

In general, good-to-excellent credit gets you access to the biggest sign-up bonuses, the highest ongoing rewards rates, and lots of options with no annual fee. People with lower scores are more likely to have to choose between low fees and other perks.

If you’re wondering why credit card companies rely on personal credit to evaluate business credit card applications, a lot has to do with personal credit histories usually being longer than the business version. Since they’re longer, they tend to be more predictive. Most credit card companies also consider a business owner’s personal finances to be intertwined with the business. That’s often true, since personal savings are the top source of start-up capital for new businesses.

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