Why wont my Tax I.D. Allow me to get a credit card?

Question

I recently set up my own business. I got it incorporated (LLC) and i'm trying to apply for some credit cards in order to establish and build credit. I applied for two cards and i got declined for both on the basis that i have really poor personal credit.

Now it is my understanding that when a person has a Tax I.D. number for their own business, isn't it separate from your personal SS#

When i filled out those applications i only entered my Tax I.D.

Why did they decline me and make the decision based on my Personal Credit if i never put any person credit info on the app?

Answer 1

A credit card is a loan. When you charge something on the card, the bank has essentially loaned you the money.

Before a bank grants a loan, or a credit card, it wants some assurance that the loan will be repaid.  An LLC and a tax ID does not provide any assurance.

Start a business checking account, and apply for a DEBIT card; that might be easier to get than a credit card, since you are pledging your own checking account assets.

Answer 2

Your dealings must be personally guaranteed. Simply PG the transactions and you'll sail through.

Answer 3

actually your tax ID is usually the same as your ss#   but not in every case