Can you I use my company's EIN number to apply for a business credit card even though I have bad credit?
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At first, I assumed the previous answerer was misinformed. If you are not an executive officer of the company, of course don't apply. If you are an executive officer of the company and own more than 20% of the company, you can use your EIN (or Federal Tax ID#). The things to considers are; (your answers will be cross referenced by the credit-issuing lender with your business credit history)
1.) How long has your company been established (most lenders look for two years).
2.) What is your average daily balance in your business checking or investment accounts (most look for $5000 - $20,000).
3.) And of course- credit profile of all executive officers listed with the credit application.
Don't let this discourage you. If you have a business checking account, contact you local banker. Currently, lenders are looking for businesses to lend to.
If all else fails (try not to apply to too many lenders as this throws up a red flag) go to www.sba.gov.
There are a few different programs you can apply to that are guaranteed (guarantees repayment to lenders that have partnered with the sba) and is an excellent resource for small businesses that are looking to expand.
Best wishes.
Also, check out www.captureplanning.com
Not unless you want to go to jail and ruin any future prospects of anyone taking you seriously. I am assuming this is a company for which you are an employee of a not one that you own.
You can apply for a business credit card under your employer's tax id number (if its your business). However, just remember that you are putting your business at risk if you should ruin your business credit. Before a credit card, I would talk to my bank, small business administration, credit union...etc. to see what they can do for you. Good Luck!
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