Karen Moroz, WalletHub Mortgage Analyst
@nycKaren
Yes, secured business cards build business credit. Some of the best secured business cards currently available report information to business credit bureaus, helping you build business credit. These cards include the Business Advantage Unlimited Cash Rewards Secured credit card and the First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card.
Building business credit is different than building personal credit. The major business credit bureaus - Dun & Bradstreet, Experian, and Equifax - compile information about businesses differently than credit bureaus do about consumers. So, there may be additional steps to take in order to build business credit, such as opening a business bureau credit file for your business, or encouraging your vendors to report your payment information to business bureaus.
It’s worth noting that business credit scores aren’t nearly as important as personal credit scores as far as getting approved for business funding, trade credit accounts and credit cards. Fortunately, some business credit cards report to both business and consumer credit bureaus.
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People also ask
How do I get a business credit card with bad personal credit?
To get a business credit card with bad personal credit, you will have to shop around for either secured business credit cards or unsecured personal cards for bad credit and apply for the offer with the lowest fees. Your options may be limited when you have a bad credit score, so comparing offers is key.
Lenders hold business cardholders personally liable for any unpaid business debt, so when you apply, the lender will review your personal credit history. This is done to project your ability to pay back any business debt. If...
read full answer by WalletHub, Financial CompanyDoes Wells Fargo Business Secured report to the business credit bureaus?
The Wells Fargo Business Secured reports to the business bureaus. It's actually the only secured business credit card that reports to D&B.
How can I get my secured credit card deposit refunded?
You can get your secured credit card deposit refunded when you close your credit card account after paying the balance in full. Alternatively, you may also receive your refund back when the issuer upgrades you to one of their unsecured credit cards. Secured credit card issuers will eventually return your security deposit by sending the funds to your bank account, issuing a check, or providing a statement credit.
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read full answer by Benny Joseph, WalletHub AnalystDid we answer your question?
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