Small Business Credit Card Applications - Maximizing Your Credit Limits

A small business credit card application can be a headache to fill out. Once you know the right and wrong things to put on your application you will be able to get a better understanding on how to fill one out. Remember, organization is the most important part when filling out an application for a credit card for your small business. Below are some additional tips that will help you to get the maximum amount of limits for your credit card.

Credit Score

Your credit score will ultimately make the decision of what your credit card limit will be. Do research on your score, study your credit report. There are several things you can do to make your score higher before you apply. Look for any unpaid bills or accounts past due. Pay these off immediately. Be sure to be prompt in your payments, this will keep your score up. Keep in mind that anyone that will have access to this card will be checked as well as you. To ensure that there will not be any problems let everyone know ahead of time that they need to get all of their unpaid debts paid off. The better everyone’s credit score is the better it will be for both you and your business.

Small Business Credit Card Applications

A small business credit card application asks for a lot of information about your business. The more information you can provide the better. Keep this information organized and easy to understand. The information you will be asked to provide includes the name of the business, the business address, and phone and fax number. If you have a website for your business you will need to provide that as well. You need to know the date of incorporation and provide the state it is in as well. You will be asked for your federal tax identification number too. Also have all of your information as well as the authorized users of the credit card as well. If you are able to provide all of this information in an organized matter then this will definitely help your chances at getting the most out of your credit card limit.

What to Expect

You may not get accepted for the first card that you sign up for. This does not mean that you will not get accepted from a different company. You should fill out several of these applications. If you get turned down by more than three then you may want to consider another path. Just do not give up hope if you don’t get approved right away. You can expect to get a response within five business days usually.  

Keep in mind that even if you do all of the steps above you may not get approved. If this is the case you should look into other options such as a line of credit or work on your credit score a little more and try again at a later date.

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