Can You Get a Enterprise Credit score Card With out Offering a Social Safety Quantity? – NerdWallet

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Getting a business credit card is a vital step within the technique of separating private and enterprise funds. However should you’re a non-citizen who doesn’t have a Social Safety quantity otherwise you’re hoping to maintain your private credit score out of your corporation funds, it’s possible you’ll be trying to get a enterprise bank card with out offering a Social Safety quantity.

Nonetheless, it’s not widespread to get a enterprise bank card with out offering your Social Safety quantity. Usually, you’ll have to not solely present a Social Safety quantity but in addition a private assure that you just’ll pay the fees personally within the occasion that your corporation can’t.

Why enterprise bank card purposes ask to your Social Safety quantity

Credit score historical past

Whenever you apply for a private bank card, a lender appears at your credit score rating and historical past to find out should you’re more likely to pay payments on time. The identical is true for enterprise bank cards, though it’s a lot much less probably {that a} new enterprise has sufficient of a credit score historical past to assist lenders make this willpower.

That’s the place your private credit score performs an element. Within the absence of your corporation’s credit score historical past, banks will have a look at your private credit score rating and observe document of paying off money owed. Your private credit score historical past helps lenders infer the way you’ll deal with your corporation’s money owed, which helps them decide your eligibility.

Enterprise identification

Should you don’t have an employer identification number on file with the IRS, your Social Safety quantity may additionally be used to establish your organization on a enterprise bank card software. Even should you do have an EIN, most enterprise bank card suppliers will nonetheless need your Social Safety quantity to allow them to run a private credit score report. Most enterprise bank card issuers require good to wonderful credit score — normally a FICO rating of 690 or greater.

Private assure

Moreover, because the majority of business credit cards require a personal guarantee from the cardholder, a Social Safety quantity is required for this as properly. This assure reduces the quantity of danger a bank card issuer takes on, which makes it simpler for small companies to get credit score.

The best way to apply for a enterprise bank card and not using a Social Safety quantity

Present different collateral

The overwhelming majority of enterprise bank cards require candidates to supply their Social Safety quantity in some unspecified time in the future within the course of. Nonetheless, there are a number of sorts that don’t. Qualifying for these playing cards normally means having giant money reserves and vital enterprise income. This indicators to collectors that your corporation is on stable monetary footing and higher in a position to repay your bank card invoice. Small and medium-sized companies that don’t have ample money available or giant income figures are much less more likely to get authorised for these playing cards.

Even should you do qualify for a enterprise bank card with out offering a Social Safety quantity, you should still want to supply collateral or signal a uniform business code, or UCC, lien. Each provide a assure to the bank card issuer that they’ll get some quantity of debt paid again to them if your corporation can’t afford its payments.

Receive an ITIN and EIN

If you do not have a Social Safety quantity to supply, you possibly can nonetheless apply for a enterprise bank card. First, you’ll have to file for a person taxpayer identification quantity, or ITIN. The IRS points these to overseas nationals who want taxpayer identification however aren’t eligible for a Social Safety quantity.

Upon getting an ITIN, file for an EIN. An EIN serves as a sort of Social Safety quantity for your corporation. You’ll be able to apply for an EIN by means of the IRS’ web site free of charge, and collectors can look into your present enterprise credit score historical past with this quantity as properly.

Enterprise bank cards that don’t require a Social Safety quantity

There are only a few enterprise bank cards that don’t require a Social Safety quantity or EIN. One possibility, the Brex Card, is a company card that doesn’t require candidates to supply their Social Safety quantity or a private assure. With the Brex Card, your corporation’s money move and spending patterns assist dictate your creditworthiness. You’ll additionally have to hold a financial institution stability of $100,000 to qualify.

A number of retail enterprise bank cards are extra versatile about Social Safety numbers and, extra importantly, requiring a private assure. A number of big-box shops, workplace provide shops and fuel stations provide playing cards that will not require a private assure so long as your corporation meets sure standards.

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