How to Qualify and Apply for a Small Business Credit Card

Part of owning a business is building business credit, whether you freelance or own a business with several employees. As a business owner, you could be eligible for a business credit card. Qualifying and applying for one is easier than you might think. Check out some commonly asked questions and learn how to apply and what you need to qualify.

What Credit Score Do I Need to Get a Business Credit Card

You'll need a personal credit score that is at least fair (ranging somewhere between 580 and 660). Many business owners are able to get approved for a business credit card but open it with a lower credit limit to start.

Top FAQs on Qualifying for a Small Business Card

Can a New LLC Get a Credit Card

The short answer is yes. A new LLC can get a credit card, but depending on the lender, you may need to be in business for at least a couple of months.

Can You Get a Business Credit Card Immediately

Depending on the lender, you may need to be in business for at least a couple of months. Getting approved for a business credit card as a new business is more dependent on your personal credit score.

How Long Do I Need to Be in Business to Get a Credit Card

It depends on the lender, but usually, you must be in business for at least a couple of months.

How Do I Establish Credit as a New LLC or Other Business

One of the easiest ways to begin building your business credit score is to get a business credit card and use it responsibly. After some time, and when it makes sense, you can request an increase to your credit limit or apply for a business line of credit or loan and continue to build credit.

What is the Easiest Business Credit Card to Get Approved For

While we can't say which is the easiest, it's often not a question of if you'll be approved but for how much. Many business owners find that it's not difficult to be approved for a business credit card if your personal credit score is at least fair (ranging somewhere between 580 and 660). If you apply and are approved for a low credit limit, as you use your business credit card responsibly, you can request a credit limit increase and continue to build positive business credit history.

How to Apply for a Small Business Credit Card

Applying for a business credit card is easier than you might think. While different lenders may want different information, generally, you will need to provide the information below. You do not necessarily need to have existing business credit to qualify; many lenders will look at your personal credit score and history and make a decision from there. Once you apply, your lender will review your application and let you know if you're approved and, if you are, what your credit limit is.

• Business name
• Time in business
• Number of employees (don't count yourself)
• Industry
• Business structure (LLC, sole proprietor, etc.)
• Your Social Security Number and possibly business Employer Identification Number
• Your annual income (from your business and otherwise)
• Your personal information such as address and phone number
• Business revenue and expenses, if applicable, and how much you plan to spend each month

WaFd Bank is Here to Help

There's still nothing we love more than seeing our neighbors succeed at their craft and make their business ownership dreams a reality. Not only does WaFd Bank offer business accounts, but we also offer comprehensive tools and services to give you peace of mind so you can focus on running and growing your business. Give us a call at 800-324-9375, stop by your neighborhood branch, or contact your local business banker to get started today!

Subject to credit approval; terms and conditions may apply.