If you have bad personal credit and get a corporation tax id can you get a credit card?

Answer

There are lots of banks that scour the public information postings for new corporations. They do this to get new business. If you incorporate, no doubt you will receive CC offers. Take note that usually new corporate CC's require personal guarantees by at least one officer. Since you have already BK'd, the bank isn't afraid of you doing it again so you can probably get a corporate CC if you give a personal gaurantee. Most likely banks are higher-interest banks like Capital One.

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I and a partner wanted to do this, even having poor credit and each having a bankruptcy. We got a corporate account including credit-card in both our names, after we both gave valid savings accounts at two different banks. Our credit card was from Star Bank. Your results may be different, but we were not special clients in that bank, just Regular Joes who applied with our Federal Tax Number.. Good luck.

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Business Credit is separate from Personal credit - that is important to remember as a small business owner. Many business owners, just like in this question, have bad credit but that is not to be confused with business credit. Just like Equifax reports credibility of an individual the business has a credit reporting agency that reports on its stability as well. The key is to get your business registered with the credit reporting agency so that lenders can feel confortable issues out loans, credit lines, or extended terms to the business. Bad credit or lack of credit is no longer an obstacle that prevents the small business owner from finding financing or funding their small business. Small business loans are available to those who have incorporated their business, have a corporate tax id and are willing to keep up their business profit and the business credit score.

A handful of companies help with that online right now, I suggest searching the web.

Also a key thing to remember is that a business/corporation in the eyes of the government and in the eyes of banks is its own entity therefore the owners are not looked on in the eyes of the government or the banks, just financial statements of the business and the businesses prior credit history.

Also View The 2008 bad credit credit cards resources

First answer by ID0000000000. Last edit by Kkonzelman. Contributor trust: 2 [recommend contributor]. Question popularity: 155 [recommend question]