Although a wide range of options is available that provide credit line to small business holders and entrepreneurs, a business-credit card without individual guarantee is the most suitable for them. It is not recommended to spend your money on things like purchasing office supplies or stationary. According to the name this credit card is specifically created and issued to business holders where personal credit report of business owners is not considered. Instead, the reliability of the business like an exchange credit reports is considered before business credit cards without private guarantee are issued.
Exchange-credit reports are offered by main credit rating agencies, such as Equifax Business, Dun & Bradstreet and Business-Credit USA, Experian Exchange. You should ensure that all the transactions made by you on a business credit card are reported to at least three of the business-credit bureaus. It is important to increase the business credit ratings of your business. Before you start researching the option of business- credit cards without private guarantee, check the information below –
– Less than 5 percent of business creditors that issue exchange credit-cards report the credit worthiness of business owners to business credit bureaus.
– An organization with turned down credit card application is not qualified to reply for the next 6 months.
-If an applicant files an application more than 3 times over a period of 90 days, it directly leads to forfeit from securing business credit.
Business Credit-Cards without Personal Guarantee
Business credit-cards without individual guarantee applications are produced by small organizations during the first days of their business. The chances to obtain the credit card approved are very small because very few companies want to widen a credit line to entrepreneurs.
If you are searching for any kind of exchange-credit or credit cards, you should compose a serious Business Plan. Most companies demand you to submit personal and financial papers for the business you own. A business plan is important for every entrepreneur without his own company organized. You should summarize the motives and the areas where you would use your business-credit cards without personal guarantees. A strong background report supporting your planning structure would assure the company of your ability to give returns to them. Market Research will also help you to estimate different facets of your business and help you select the best credit card offer for your undertaking.
The application process is rather simple, though you should keep some documents. A local company will give you business-credit cards without individual guarantees. A local company is more likely to issue you business-credit cards without individual guarantees than a big finance company or a bank. This is because the fact that credibility and presence are easier set over short geographical limits. Apparently, your present finance company would have a very attractive offer for such credit cards.
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