Business Credit Cards With No Personal Guarantee
Business cards with no personal guarantee means you can acquire a business card without
needing to undergo the approval process required to acquire a credit card. This type of card is essential when you are getting started as you do not have corporate credit to apply for a traditional card. A business that is just getting started doesnt have any financial backing to show lenders that they can easily pay for the credit card and that they wont overuse it. This leaves you as a high risk to lenders, who are going to be less than thrilled to offer you money if they cannot guarantee that you will repay it.If you have bad or no credit, it will be a challenge to find a lender who can work with you. Business credit cards no personal guarantee means you dont need to offer collateral or any type of guarantee to acquire the credit card. Online lenders always have business credit cards no personal guarantee to offer as they do not have the restrictions as some of the traditional lenders. The downside to this type of credit card is that you are going to pay heavily for the interest rate on it. Lenders need to find a way to balance the risk and the only way to do this is by passing on a higher interest rate to you.
In order to help your chances to acquire a business credit card you need to make sure your business is listed with the credit bureaus. You then need to make sure your vendors are reporting information in a timely manner to the credit bureaus. The lenders are not required to provide information to the credit bureaus so it is up to you to find lenders that actually focus on reporting information in a timely manner.
After you start to build up your business credit, you need to try and separate your personal credit from your business as much as possible. If you dont separate your personal and business credit, it can be a high risk to you as your personal assets will be at risk in the event that you are sued or if the business fails and you declare bankruptcy.
When you are seeking any type of business credit card, your best option is to contact lenders that you have already worked with. They can offer you the credit card because they already have information on your previous payment history and they know what type of borrower you are.
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