I new to REI and I have been trying to apply for business credit cards for my real estate business. So far i have applied for AMEX, BOA, Capital One, Chase, and US Bank, and only the AMEX has approved me, the rest did not, and I not sure what is the reason denial, maybe because of new business? Has anyone have any success in applying and getting approved for business credit cards? Please let me know your experience and if there's a "better" way to apply to get approve. Thanks.
@Froilan Halili We have had the AMEX plum card for about 5 years now and we love it.
When building business credit for a new or newer entity it requires the business to be established three years or more in some cases. You have to build it. Try acquiring other business accounts to help establish your business. Try Quill, Grainger, Uline to begin. Purchase products from them so they report to the credit bureaus, this will help you to start building credibility with vendors.
You can then move up to other types of credit. You also can establish your DUNS number through dun and Bradstreet. Be careful they will try to sell you very expensive monitoring and packages.
@Froilan Halili, Thank you for sharing. I can't wait to get approved for an AMEX business card.
@Froilan Halili are you using a personal guarantee ? I gotta 2 credit cards (PNC , Home Depot) and a commercial loan with LLC active less than 4 months but used a Perosnal guarantee.
On a side note I did establish a DUNS number before doing this.