Business Credit Card Intel Business Credit Card Intel

Business Credit Card Intel

of this data for far too long. For now we will have all this on one page but will grow beyond that as we need to.

Building credit under a business vs your personal SSN is wildly misunderstood and overly complicated. The biggest difference is you are trading under a business name with an EIN (Employer Identification Number) also called a Federal Tax ID vs a SSN. This also means there is a separate list of credit reporting agencies (CRAs) for your business credit profile vs personal. If you want to better understand all the business credit bureaus and reporting agencies, start here.

If you are looking to form a new entity, the best deal I have found is Northwest, starts at just $39 here.

The easiest way to build business credit is to sign off on it, or be a personal guarantor, meaning you guarantee the loan/credit. You can start building credit that way immediately as long as you have a 640+ personal credit score.

We have an entire playlist covering building your business credit

If you have some datapoints/credit intel you would like to contribute, reach out to us!

InstitutionMonthly plansReports AsReports To BureausAdditional Fees/Notes
Self Inc$25/24 months
$35/24 months
$48/12 months
$150/12 months
Installment loanAll 3$9 admin fee
12.44%-15.97% interest rate/APR
Credit Strong$28/48 months
$38/36 months
$48/24 months
Installment loanAll 3$15 admin fee
15.51%-15.73% APR
$1,000-$1,100 tradeline reported
Instant approval
Kovo
$10/24 monthsInstallment loanAll 3no credit check
instant approval
0% interest/ $0 fee
You're buying courses
30 day refund
KikoffRevolving/InstallmentEq & Ex or Eq & Tuno credit check
0% interest/ $0 Fees
Reports $750 tradeline
Meetava$21 p/mInstallment loanAll 312 month commitment, can't end early
LoqboxInstallment loanAll 30% apr
you pick amount

And then intel on where business credit cards are pulling and where they are reporting. This seems to be the widely up for debate because there is so much conflicting data out there.

0-1% APY1%-3%4%-6%7%-9%10%+
Basic Savings: National Average is 0.31% APY
Basic Checking: National Average is 0.17% APYTop 1% of Checking Accounts are 2% APY
Money Market Accounts: National Average is 0.50% APYTop 1% of Money Market Accounts are 3.62%
Dividend Stocks

*CAPITAL ONE: Worth noting that with Capital one a few things have changed..

If you opened a Capital One Spark Cash Plus for business card on or after October 20, 2020, Capital One will NOT report all activity to personal credit bureaus- just negative activity. All other Capital One Spark for Business cards report ALL activity to your personal credit.

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