Business Credit Cards Without Personal Guarantee
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How To Find And Qualify For No Personal Guarantee Business Credit Cards
Searching for no personal guarantee business credit cards can be like looking for a needle in a haystack. Let me be the first one to tell you that the credit card issuers for these types of cards do not advertise! Only the most creditworthy small businesses qualify and receive a pre approval invitation.
Some credit cards like the Sam's Club Discover Business account will waive a personal guarantee if your company has less than million in annual sales or revenues or is less than 2 years old or has fewer than 10 employees.
Now if you're designated as a sole proprietor or partnership then you automatically disqualify and must provide a personal guarantee for this card. That should give you all the more reason to incorporate your business.
Business Credit Cards Without Personal Guarantee
With well over 500 business credit cards to choose from only 40 will actually extend credit to businesses without requiring a personal guarantee. But let me remind you that regardless of what you've read or heard it takes much more than simply generating a paydex score to qualify for these cards let alone be invited to apply.
Recently I wrote an article about the myths surrounding corporate credit and the 80 paydex score was ranked #1.
The reason for this was that an 80 paydex score with Dun & Bradstreet is said to be like having a 720 personal credit score. But if all you have on your file is four accounts reporting with low credit limits than this hardly qualifies your business as creditworthy in the eyes of these no pg credit card issuers.
Business Credit Cards Without Personal Guarantee
As result of this misinformation it's easy to get frustrated and just throw up your hands and say there is no such thing as corporate credit cards without a personal guarantee. Wrong!
Want proof?
Well, I just listed the Sam's Club Discover Business card and there's also the First Equity card to name a few. One of the things I like about the First Equity card is they report your card as a business line of credit to the business credit bureaus which looks very good on your profile.
It's not locating the cards that are difficult when you have access to the right source like the Business Credit Insiders Circle where it provides the no personal guarantee business credit cards to members after they complete a business credit builder system.
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The problem lies in getting business owners to understand what it takes to qualify. The other day I received an email from a business owner boasting about his 80 paydex score asking for a list of my no pg business credit cards. The first thing I asked was what types of credit has he established in the business name and what was the highest limits being reported.
It was no surprise to hear that he was only listed with DNB and had 5 positive trade lines with the highest credit limit of 00. He was no where near being ready to apply for a no pg card and it was apparent to me that he read from another source that all you need is a strong paydex score.
This brings me to another point in qualifying for no pg cards. Having only a Dun & Bradstreet file is like having only one personal credit file with the credit reporting agencies. You will need to have a file established with at least the three main business reporting agencies.
To be considered a credit worthy business you must establish a strong credit file with the three main business credit bureaus in order to qualify for a business credit card with no personal guarantee. This includes a good blend of credit like vendor credit lines, a business loan, lease credit and revolving credit.
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What are the best business credit cards without a personal guarantee?
My personal credit is good. The only thing I worry about is having a newly created business.
It really depends on what you mean. Like the other response said, if your business is new, you’re not likely to get a credit card without a personal guarantee.
But a personal guarantee does not mean that the business credit card gets reported against your personal credit – it only gets reported on your business credit. If you default on the business credit, you have a longer grace period, too, up to 90 days I believe, before it gets reported to the bureaus – more than enough time to rush and make the required payments.
In fact, business credit is one of the best ways to improve your access to credit lines without affecting your personal credit score.
Hope that helps,
FF
I am looking to get a business credit card or line of credit WITHOUT a personal guarantee. Any advice?
I currently have four business accounts (Dell, Staples, Office Depot and Exxon). I would like to get a business line of credit or credit card without a personal guarantee, so I can eventually have a business profile under my company name. All of my credit cards are in good standing. But I don’t want to have my personal debt tied in with the business debt.
I keep getting offers from Advanta but they ask for the Social Security Number for the business owner. Where can I go to get business credit solely based on the company’s Tax ID Number? All of the other credit card accounts were obtained this way.
Do you have any suggestions?
were to get a business credit card without a personal guarantee i have a EIN OR IS IT LIE?
As a small business, or a startup, no one will issue you a credit card without your personal guarantee. Not going to happen, sorry
Where can I find business credit cards without a personal guarantee?
I am looking for business credit cards that don’t require my social security number.
Does anyone have a list of Credit Card Companies that supply business credit without personal guarantees?
I’m attempting to try and set up a Corporation and I need to build the companies credit and I need to build it separate from my personal social security number, only utilizing my EIN number.
I completely understand your question, as it appears no one else who has made comments has. I have a score of 812 and I am aiming to reach 850, which is the highest possible. I own 3 businesses and have 7 business credit cards and lines total. I want to add a business credit card or line to my third business to simply build business credit. But I do not want my personal score to be affected by another stupid credit inquiry. So far I have found that only Walmart offers a credit card without a personal guarantee. Other than that I cannot find anything.
you business should have a separate checking account — go to that bank and see if they will assist you in getting the credit card!!!