Chip Lupo, Credit Card Writer
@CLoop
No, you don’t need good personal credit to get a business credit card, as business credit cards are available to applicants with credit scores ranging from bad to excellent. The best business credit cards typically do require a good personal credit score, however, which means you need a credit score of 700+ to qualify.
When you apply for a business credit card, the issuer will evaluate your personal credit history as part of the application process to get a better idea of how you manage your finances. This is important because nearly all small business credit cards require a personal guarantee. Given that small business owners are personally liable for unpaid business credit card balances, card issuers must evaluate applicants’ personal credit to determine their risk as a borrower.
Options for People Who Do Not Have Good Personal Credit
If you don’t have good personal credit, consider a business credit card for fair credit such as Capital One Spark Classic for Business.
Other alternatives include secured business cards, or even unsecured personal credit cards for bad credit. Secured business credit cards are the better choice for people with bad credit because they have low fees and require a refundable security deposit as collateral on the account. The amount of your security deposit will determine your credit limit.
People also ask
What credit score do you need for a business credit card?
You need a credit score of at least 700 to get one of the best business credit cards. Most premium business credit cards require you to have good or excellent credit to qualify for approval, though business owners with fair credit (640+ credit score), limited credit history, or poor credit can still find decent options. Essentially, business credit cards are available for all credit levels, but the best offers go to those with higher scores.
Note that...
read full answer by Maria Adams, Credit Cards ModeratorDoes business credit affect personal credit?
Your personal credit standing is always going to be far more important than your business credit standing, even when you apply for a card branded for business use because credit card companies hold business credit card users personally liable for any debt they incur. It is therefore important to maintain a responsible use by paying your debt on time and staying under your credit limit, as this will improve both your personal and business credit...
read full answer by WalletHub, Financial CompanyCan you get a business credit card with EIN only?
Yes, you can apply for some business credit cards with an EIN only, but most credit cards will not allow it. Most business credit cards require a Social Security number or Individual Taxpayer Identification Number in addition to an Employer Identification Number (EIN).
The EIN shows that you’re legitimately a business owner. The SSN, or ITIN, allows the credit card company to review your personal credit history when evaluating your application and hold you...
read full answer by Maria Adams, Credit Cards ModeratorDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.