Forums: Discussions for entrepreneurs and small business.

Let`s say that a single-member LLC does not have a separate EIN and just uses the member`s SSN. The LLC applies for a business credit card (for example, that Business Discover Card advertised here on StartupNation). When Discover pulls credit reports, will they only look at the LLC or will they take that individual`s personal credit history to be the same as the LLC?

Or maybe asked differently: if the LLC applies for the Business Credit Card, because the company`s EIN and the person`s SSN are one in the same, does it count as an inquiry on the person`s record, the LLC`s record, or both?

Hopefully my question makes sense. I look forward to reading your responses!


-------------------------

Josh Schroeder

-------------------------

Free Corporate Credit Lessons
Email Me

Anytime you use your social it is reporting to your personal credit not your business credit. If you wanna build a strong business credit score you would need to seperate the two by getting an EIN number seperate from your SSN.

First of all, how old is your business??  I highly doubt that to establish business credit that they don`t pull from your personal credit background and worthiness.   If your business is less than 2 years old, you more than likely will always have to provide a personal guaranty.  Almost all credit programs require this unless the company is 2-3 years old. 

Since you are a LLC, then be prepared as most business credit programs will always require a personal guaranty as well.  Furthermore, since you are using your own social security number and not a specific EIN from the IRS for your LLC, well you have just potentially opened yourself up to legal issues and liabilities.  This may have just broken what we call in the legal world your "corporate shield" to protect you from liabilities.   This is a whole other topic for discussion other than what I have provided here.  I would be mindful of this and potentially resolve as soon as possible.

Credit card is a great facility, but sometimes it can be risky, if you don’t use it smartly, sincerely. Generally credit card users make some mistakes like they withdraw cash money from their credit cards, in this situation credit card companies charge heavy and regular interest on cash withdrawal.

payday loan

-------------------------

Credit card users should be very smart while they make payment through credit cards, they must know all the charges details of their credit cards. Consumers should never withdraw cash money from their credit card.

same day loan

-------------------------