American Express recommends a personal credit score between 670-850 for this card. They check personal credit with a hard pull during the application process. So long as your account stays in good standing, they do not report business credit to personal credit bureaus. Good luck!
@larrypage1553 жыл бұрын
Rich Smith - Teacher Entrepreneurs Thank you for responding... I have 700 not sure why I got denied but all good...
@Xtremeproducts3 жыл бұрын
I had a 715 credit score for my new business and they denied me a couple months ago.
@youngkrich3 жыл бұрын
So if you have bad personal credit you shouldn’t apply?
@richsmithedu3 жыл бұрын
@@youngkrich I'd suggest spending a few months improving it to at least 670. Here's my tips for boosting personal credit: richsmithedu.com/how-you-can-improve-your-credit-score
@youngkrich3 жыл бұрын
@@richsmithedu perfect I’ll look into it..
@kermitshamburger7743 жыл бұрын
Thank you for the information. I applied for the card and was approved . . Just FYI to everyone, the will ask you to use a third party to connect to you bank account before you finish the app. Thank you again.
@77Joseph7772 жыл бұрын
Yup they asked the same of me for the BBP and after connecting they did approve with a 10k limit.
@michealsmith91504 жыл бұрын
This was a GOLD MINE! Finally, someone with REAL credit information that empowers you!
@richsmithedu4 жыл бұрын
Thanks, Donna. Let me know what else you think might be helpful, so I can make more videos to help!
@tiffanidenham32282 жыл бұрын
Thanks so much for the information. I walked through this application process with you while applying and got approved immediately. I was anticipating having to call the recon line, but that wasn't necessary. Thanks again!
@MalcombMedia12 жыл бұрын
Did you have any previous cards with Amex before applying? What was your score? Did they give you a big limit?
@enyeligalvez46533 жыл бұрын
Thank you so much for this video. Just applied for my credit card and got approved. I'm a first-time business owner, a college student and with little personal income but my credit score is really good, so that's why I think I got approved. Again thank you !!!!
@raynier_g52213 жыл бұрын
Congratulations👏🏽👏🏽👏🏽
@richsmithedu3 жыл бұрын
Fantastic!
@thomasroberts32363 жыл бұрын
What’s your credit score
@enyeligalvez46533 жыл бұрын
@@thomasroberts3236 I didn’t have a business credit score, but for my personal credit score I believe it was in the 700-730 range
@thomasroberts32363 жыл бұрын
@@enyeligalvez4653 ok congrats yes I am learning personal credit those matter on the business side !
@vjackson3451 Жыл бұрын
Thanks for your video, very professional and helpful.
@tatotelleria94753 жыл бұрын
Thank you so much! I had been denied for one before and just got approved right now following your guide!
@richsmithedu3 жыл бұрын
Glad I could help!
@AssortedVideosforALL Жыл бұрын
IM HONEST ON THE APPLICATION & SEE IT WITHIN 14 DAYS 🙏🙏🙏🙏🙏
@traderjnews14942 жыл бұрын
Thanks I got approved before the video even ended !
@michelledineen51103 жыл бұрын
Thank you for the info I was just approved for my first Amex business card
@richsmithedu3 жыл бұрын
Love hearing this!!
@ninewest42842 жыл бұрын
One very important information that needs to be added is that towards the end of the application they want to connect/logging into your business online bank, they want to see your money activity before approving you.
@alexisl.western Жыл бұрын
Incorrect I have two business cards with Amex didn’t have to login business checking I didn’t have a business checking at the time
@luangnguyen17556 ай бұрын
Can this be applied to the newer chase ink card? Could you do a similar video for that card?
@coachdonnaj3 жыл бұрын
TY! This was so helpful. My first Amex business Business Card is the Gold. Great teaching delivery style.
@richsmithedu3 жыл бұрын
Love the Gold for all those business meals 🙌
@brittanybrown78222 жыл бұрын
Great video. looking to getting me a card myself for travel.
@TDCOOK2 жыл бұрын
Great Video. I really like that you take the time to walk us through the application. Thank you
@dmitry14932 ай бұрын
U r awesome! Ty!!!
@mausha772 жыл бұрын
Nice video I'm self employed. Thanks
@hulkjohn19713 жыл бұрын
I walked through your video and fill up my application thank you for this video I subscribed to your channel let's see if I get approved thank you so much
@HunaMawarika4 жыл бұрын
Hard pull on experian. I assumed it was for identification purposes as you mentioned.
@AssortedVideosforALL Жыл бұрын
please yes clarify== do we have to have a LLC or SP or Credit Pull nor Any Other Documents = i do not have any of the LLC/SP or A Credit Score is 500+ 😥😞
@trentonspeakstv2 жыл бұрын
One of the Best Videos I have watched on credit cards, very informative.
@richsmithedu2 жыл бұрын
Wow, thanks!
@gtc19792 жыл бұрын
Great job What about this platinum vs blue
@richsmithedu2 жыл бұрын
I'd go Blue first then Platinum once the business spend starts getting higher
@Kandybarbrown2 жыл бұрын
Thanks, this was exactly what I needed.
@Kdjnzbibleversedaily3 жыл бұрын
Excellent Video
@richsmithedu3 жыл бұрын
Glad you enjoyed it
@orlandogarza29653 жыл бұрын
Thanks for sharing, very good info for when my small business gets up and running.
@harleminthebuildn92343 жыл бұрын
GREAT TUTORIAL RICH. THANX 4 THE HELPFUL INFORMATION. TOP MARKS MATE 👍🏽👍🏽👍🏽👍🏽👍🏽
@americanmuscle29933 жыл бұрын
Excellent presentation, very detailed and comprehensive, appreciate the video, thanks bro!!!!!
@richsmithedu3 жыл бұрын
Appreciate that
@forwardapproach24202 жыл бұрын
👍🏾great video
@yvetteher943 жыл бұрын
I am just starting a business. I already have an EIN and LLC. Do I use any of that info in the application?
@richsmithedu3 жыл бұрын
If you're a sole proprietor, then use your SSN. They will ask for it anyway, even if you use your EIN.
@PrettyRedSunshine3 жыл бұрын
@@richsmithedu I think the question is what option do we check if we have an llc?
@richsmithedu3 жыл бұрын
@@PrettyRedSunshine these cards require a personal guarantee, so you can use your LLC and EIN - then they still ask for your SSN so the LLC doesn't limit debts for these cards. It's interesting too because many LLCs still file as "sole proprietorships" using Schedule C for taxes.
@joselebron75222 жыл бұрын
Awesome!! Thanks you so much!! Help me a lot!
@lincolnjackson43033 жыл бұрын
They do a hard pull on personal account. Wished I didn’t applied. I’ve should have read the comments 1st.
@elpaisanewsusa59713 жыл бұрын
I did that 1st. Wish they start video by saying your personal credit needs to be a least 670 and I know most companies leave a hard inquiry in your credit report!!!.. glad didn’t do it
@Floof_Factory2 жыл бұрын
I applied and got it using the steps you provided. Does it report to my personal credit? And if not where does it report?
@richsmithedu2 жыл бұрын
The personal hard credit pull when you applied gets reported to personal credit, but so long as you stay in good standing then this business line of credit, amounts owed, transactions etc do NOT report to personal credit. Rather, they report to the business credit bureaus.
@Johnsmith-mj3my3 жыл бұрын
I started a trust in 2015, to help people with their credit, I need to get a business credit card, I have an EIN and I file 1041. Can I get a card from American Express?
@jvic2130 Жыл бұрын
If I have an EIN number. Which corporate structure do I choose, corporate, partnership or sole proprietor
@wandarichardson52222 жыл бұрын
I like this video.. thank you
@argenispaul56204 жыл бұрын
Very Helpful video. Thanks!
@angelicarivera83854 жыл бұрын
What if you recently registered your business with the state as an LLC? I tried applying for this card but seeing as how the only options are corp, partnership or sole proprietor I didn’t continue because I don’t want to fill out incorrect information.
@richsmithedu4 жыл бұрын
You're still considered a sole proprietor. If you have an EIN then you can use that.
@socialdropout3 жыл бұрын
The reply from Rich is incorrect. You would be selecting a corporation. It’s right in the name. An LLC is a limited liability corporation.
@supersupersomething2 жыл бұрын
Have the same question since I have an LLC, looked it up and found this on wikipedia: "An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are)." So the answer I think: For an LLC, if there's only one owner put down sole proprietor, if there's more than one owner put down partnership. (And don't put down corporation.) Source: en.wikipedia.org/wiki/Limited_liability_company
@YoYo-jm1lt Жыл бұрын
Incorrect…LLC is not a sole proprietor…for LLC, mark corporation
@pammypoo30032 жыл бұрын
FYI...you are allowed to project how much you plan to make (don't get crazy with it though). That will possibly red flag your application. Did this on multiple applications and was approved for 'all' of them.
@MalcombMedia12 жыл бұрын
What amount did you put?
@pammypoo30032 жыл бұрын
I don't feel comfortable sharing such personal information but I will say it depends on what your particular business is and what your business financial goals are. Only you will be able to determine that.
@pr.alexbastos87494 жыл бұрын
Love this video
@MannequinNation2 жыл бұрын
How long does it typically take to get approved? Also thanks for the info
@richsmithedu2 жыл бұрын
Usually they tell you right away or mail it to you after a week.
@TFAalex03 Жыл бұрын
Do I need a registered business to apply for one ? I have my own side hustle that makes good money and I’m curious if I apply for an Amex business card if I will get approved, I’m a Amex member with a Amex gold card and a Amex everyday card just that I recently opened my gold a month ago, will that interfere?
@richsmithedu Жыл бұрын
No need ... just follow the steps and use your SSN
@TFAalex03 Жыл бұрын
@@richsmithedu I literally applied for the Amex plum card after I commented this and I got approved! thank you
@TFAalex03 Жыл бұрын
@@richsmithedu and btw you’re video was very helpful I appreciate the content
@deonbolden26723 жыл бұрын
My first time listening to you but very interesting! Keep teaching
@genrethemusicgeek6652 жыл бұрын
How will I be building business credit if they are reporting to my personal credit?
@ceejay57303 жыл бұрын
Should I take the freeze off my credit report before doing this?
@richsmithedu3 жыл бұрын
Yes, you won’t be able to open any new accounts while it’s frozen.
@patriciahuff63134 жыл бұрын
I always learn a lot and appreciate your videos. Thanks!
@richsmithedu4 жыл бұрын
Thanks, Patricia! This type of video is different for me to make, so I’m glad you appreciate it.
@marianneo26673 жыл бұрын
Amex will not do a hard pull for existing personal credit amex holder? Is this 100% I have amex green and amex blue currently with 761 fico, would like to get a business credit card, just opened and registered LLC.
@richsmithedu3 жыл бұрын
They have a preapproval landing page worth checking out. Data points say hard pull is likely unless you're NOT getting approved.
@deveng77663 жыл бұрын
I didn’t get a hard pull with Amex at all maybe cause I’m like you I already have existing cards open with them for years
@jazzmaster94263 жыл бұрын
Great video
@richsmithedu3 жыл бұрын
Glad you enjoyed it
@fjohnjustsaying95694 жыл бұрын
F.Y.I. American Express does a hard pull on Experian... Can someone freeze their Experian before applying for credit card?
@richsmithedu4 жыл бұрын
Yes, all the banks check with personal credit when applying for business credit. AMEX won’t do a hard pull if you’re an existing customer and will be denied the new card, so that’s helpful to keep in mind. Experian says, “it is impossible for you to get approved for credit unless you lift” the freeze.
@fjohnjustsaying95694 жыл бұрын
@@richsmithedu Thanks 👍🏼
@jlmadd2 жыл бұрын
If you are already a customer they do soft pulls
@mariogh15413 жыл бұрын
Thanks! Rich, great walk-thru!
@leftovers2go1983 жыл бұрын
This is helpful - Thank you
@mb-gz9fu4 жыл бұрын
Rich, Why do I have to put down my name instead of my business name under "legal business name" slot if Im self employed? Is there a difference?
@richsmithedu4 жыл бұрын
Your business name and business address all have to match what’s true. Unless you have a DBA filed with supporting documentation then just put your name and home address as a self employed sole proprietor business.
@mb-gz9fu4 жыл бұрын
Thank you.
@mlo34233 жыл бұрын
Thank you!
@spendollar204 жыл бұрын
Great video Rich! Is there a suggested minimum FICO score one should have when applying for this card? Also, why wouldn't we use our company LLC name as the business name and the name on the card would be the personal name as the user of the card for the business? (This is when the business address is the same as the home address).
@richsmithedu4 жыл бұрын
They say good to excellent so at least 690. You put your name as the business if you use your social security number and are a sole proprietorship.
@gatsbylight4766 Жыл бұрын
{For anyone who might be reading this in the year 2037} The reason the business (LLC) name goes on the card and not the name of the person _from that business,_ is because the charges being made are being made by the business itself; the business account for that card is the one responsible for the charges made on the card, not the individual named on the card. *EDIT:* And FYI, many card issuers do put BOTH: The business name _and_ the individual's name on the card.
@cambriasreviews Жыл бұрын
@@gatsbylight4766 I was curious about this for those with an LLC and not a sole proprietorship.
@tuongvantran90044 жыл бұрын
Thanks so much
@NAURIEMICHO2 жыл бұрын
Your awesome I got it
@reginaldcole55963 жыл бұрын
I’m in the process of lifting a freeze due fraudulent charges.What should I do concerning AMEX business card?
@richsmithedu3 жыл бұрын
I’d lift the freeze before applying because they do a hard personal pull. Let me know how it goes.
@kunjomani2 жыл бұрын
What if i have an LLC but i am the only member, should i type my name in the business info or the company's name?
@richsmithedu2 жыл бұрын
If you have LLC & EIN then you can get one with the business name. Then it’s also possible to get another using your own name and SSN … probably wouldn’t do that though unless I was trying to rack up sign up bonuses.
@vladimirfitness8984 жыл бұрын
What about if you have a LLC . Can you just put the name of the LLC and should it still need to be sole proprietor?
@richsmithedu4 жыл бұрын
If you have a DBA and a business address, then you can use that. If not, use your name and home address as the business name and address. You want everything to match.
@lewishall65013 жыл бұрын
Hi Rich that was absolutely fantastic thank you I need a lot more of that stuff my biggest issue is learning how to operate my phone I'm a little behind on that stuff I do have a question for you next tech
@wezzkeion75933 жыл бұрын
I have a 630 credit score and just got my LLC but dont have any sells should i wait?
@richsmithedu3 жыл бұрын
I'd wait until you have 670-690 - I go into more detail here: richsmithedu.com/how-to-fill-out-a-business-credit-card-application-for-american-express/
@BEERLIGHTBROKER3 жыл бұрын
I'd learn how to spell first.
@stokesrealestatellc3 жыл бұрын
thanks man i needed that info!
@writtenbykenya25843 жыл бұрын
Do you recommend freezing my credit accounts before applying?
@richsmithedu3 жыл бұрын
No, because they require your credit "thawed" when applying.
@shontelsimmons72403 жыл бұрын
Very Helpful Thank You
@richsmithedu3 жыл бұрын
You're welcome!
@wainekurame46092 жыл бұрын
Please can you assist me the application process am in Papua New Guinea how can I apply
@brucebruce83332 жыл бұрын
If I have a llc but being taxed ass a s corp, should I select corporation? My lowest credit score is a 730 so I do have good credit. Should I apply as a individual using my name instead of my business name? I haven't made a coin yet in my business.
@richsmithedu2 жыл бұрын
Yeah, if you have LLC then be a “member” of the corporation when filing. But I’d start by filing as individual using SSN first then get other cards using EIN once your business has income.
@brucebruce83332 жыл бұрын
@@richsmithedu Thank you
@ericjackson32773 жыл бұрын
Just applied they do not use your ssn for verification I just got a hard inquiry on my personal credit and was denied. Thanks
I’m a n Uber driver and I worked for a year until pandemic happened therefore I haven’t been working since March, so no income. Can I still apply? What about different transactions?! Can I use it for household transportations?
@richsmithedu4 жыл бұрын
You can still apply and use the figures you have from the past year or so. AMEX is very open to new business customers. They really don't check/care if you use it for household purchases - it's very unlikely doing so would put up any red flags for you.
@Yorkilove4 жыл бұрын
Rich Smith - Teacher Entrepreneurs thank you so much for your immediate response 🙏 what about if I put more than $10,000 to start maybe a new business, let’s say if I want to start flipping houses and I need to put some assets to start?
@richsmithedu4 жыл бұрын
It’s all projections on your end so put what you expect to spend. I like the way you’re thinking too 🙌
@WAFFLE256253 жыл бұрын
I have a new ecommerce business and just starting. Can I put a projected Anual Business Revenue or do I put 0?
@ericjackson32773 жыл бұрын
Maybe mention that in the video
@betino7053 жыл бұрын
great video , if you apply as sole propietor (ssn) the months later become LLC with Ein , do you have to start all over again? or business credit history will roll over to EIN?
@richsmithedu3 жыл бұрын
The new EIN allows you to apply again and get the same cards. It's new business credit history, but the personal guarantee is still attached to your SSN, meaning they'll look at both the new business credit and your personal.
@betino7053 жыл бұрын
@@richsmithedu thanks for the response ✅
@LeDudeQXL3 жыл бұрын
As a sole proprietor, can we also include our middle name for the business legal name field...instead of just the first name and last name? AMEX has my middle initial on the first line on the card as the primary owner of the account and would their be an issue to include the full name as the second line on the card, including middle initial as our legal business name. Thank you!
@richsmithedu3 жыл бұрын
Yes, I always say whatever is on your tax form and/or your legal business name.
@arifsyaifullah27003 жыл бұрын
Great video, hiope more videos like this on bussiness related topic
@richsmithedu3 жыл бұрын
More to come! Tell me what topics you want, and I'll give you a shoutout in the video.
@repetitional29263 жыл бұрын
Do I have the same chances of getting accepted for the Gold business card then the Blue one? I have a 724 credit score and 1% utilization
@richsmithedu3 жыл бұрын
Yes, main difference is that annual fee. Same requirements in terms of credit score.
@youngking14353 жыл бұрын
Do they pull your business credit reports at all or just personal.
@richsmithedu3 жыл бұрын
AMEX reports to personal, so stay in good standing for your business cards. Then the business isn't reported.
@beast90212 жыл бұрын
If I already have a personal credit card with AMEX will it still be a hard pull?
@richsmithedu2 жыл бұрын
Yes, still a hard pull. But they have some pre-approved offers so you can get an idea if you’re likely to be approved.
@jlmadd2 жыл бұрын
No it isn’t. Soft pull after you have one card
@ericfitzpatrick53193 жыл бұрын
So did you actually get approved?
@richsmithedu3 жыл бұрын
YES! This has been my favorite card since summer. Here's some more options too: richsmithedu.com/category/credit-cards/
@monngonvasuckhoe57963 жыл бұрын
Thank you for the helpful information, Rich! Don’t they ask EIN of the business?
@richsmithedu3 жыл бұрын
You can use EIN if you apply for one. SSN works too for people with small businesses no employees.
@monngonvasuckhoe57963 жыл бұрын
@@richsmithedu Thank you!
@2SernaWithLove Жыл бұрын
Do they run your credit if I put my ssi or can I just use EIN which would be better
@400k.g52 жыл бұрын
How do I tied my EIN to this card I got today I called American express & they couldn't help me today
@richsmithedu2 жыл бұрын
You can apply using EIN, but they still ask for SSN.
@rhulanipearl71403 жыл бұрын
Is it only for American?
@richsmithedu3 жыл бұрын
You don't have to be a US citizen, but they will want to verify your identity ... sometimes a SSN is required.
@jordanmartin38052 жыл бұрын
If I have a LLC do I classify as Corp or sole proprietorship
@richsmithedu2 жыл бұрын
Just depends how you file your taxes. You must elect (ask) IRS to tax you as S-Corp ... if you didn't do that then you're mostly likely a sole prop by default.
@sanetrafelix65973 жыл бұрын
Mines shows pending review. Does that mean I don’t qualify?
@richsmithedu3 жыл бұрын
Usually means manual review of your information. I like to wait a few days to see what they say.
@skorpio883 жыл бұрын
Did you get approved?
@Sindysgram3 жыл бұрын
But how will this help with building my business line of credit, if I have to use my SS # and not my EIN?
@richsmithedu3 жыл бұрын
You have a personal guarantee to pay on these cards, but it builds your business credit because they don't report to the personal credit bureaus so long as you stay in good standing.
@Sindysgram3 жыл бұрын
@@richsmithedu I'm still a bit confused. Sorry blonde moment. So, as long as I remain in good standings with this card, it won't be reported? But I thought the purpose of obtaining a EIN # and using that was to help with building business credit? The application doesn't ask for a EIN# or business name so besides this being a business credit card...how does it help with building credit in the business name? I hope that makes sense enough for a reply! Lol I apologize again...blonde moment!
@Sindysgram3 жыл бұрын
@@richsmithedu I followed your steps and was approved FYI. 😊 but still confused 🤦🏿♀️
@richsmithedu3 жыл бұрын
@@Sindysgram American Express reports positive accounts to the Small Business Financial Exchange which builds business credit. They report negative accounts to Dun & Bradstreet and the personal credit bureaus. You’re personally connected to your business credit unless you’re a business who’s been around for several years and brings in hundreds of thousands a month or more - goals, right?! 🤑
@reneebarnes72253 жыл бұрын
Would this working if you have fair pc?
@richsmithedu3 жыл бұрын
They want 670 at least with no bad remarks ... what's your range right now?
@reneebarnes72253 жыл бұрын
@@richsmithedu between 590 and 610
@richsmithedu3 жыл бұрын
@@reneebarnes7225 I'd wait for it to go up a few points. Here's my blog on how to bring the score up: richsmithedu.com/recommends/ppp-2/
@exeqtive51253 жыл бұрын
Why can’t we use our EIN number as a social?
@richsmithedu3 жыл бұрын
You can but they ask for your SSN for identity and credit check anyway.
@richsmithedu3 жыл бұрын
I wrote about it more here: richsmithedu.com/category/credit-cards/
@WallStreetIceCream4 жыл бұрын
I want to apply for one Amex and one chase business credit card how long should I wait between applications to play it safe ? Does it matter which one I apply for first ?
@richsmithedu4 жыл бұрын
AMEX is more likely to approve you. Normally, I recommend AMEX first then waiting a few months.
@maseytwyman84643 жыл бұрын
I have a 700 CD and they told me they will get back to me in 10 days.
@richsmithedu3 жыл бұрын
Call this number to make your case. They ask basics but have your info on the ready: 1-800-492-3344
@tombryan12 жыл бұрын
I have a notion that many people applying for a business card are not really legally in business, no license, insurance, FEIN, quarterly tax reports, etc.
@Davidsbuiltb3 жыл бұрын
So this does not report to your personal credit . Asking for a friend
@richsmithedu3 жыл бұрын
Right! Stay in good standing and AMEX doesn't report to personal credit for business cards. There IS a hard credit pull when you apply though for personal credit.
@morgjg20043 жыл бұрын
Is it worth trying if your personal credit is low?
@richsmithedu3 жыл бұрын
AMEX suggests at least 670.
@truthserum12713 жыл бұрын
Do you think it’s ok to apply for business before personal
@richsmithedu3 жыл бұрын
Yes, it is okay to apply for business first. I only had business cards with AMEX when I started.
@life_withkj83533 жыл бұрын
What if you have a 763 score but history is below 1 year?
@richsmithedu3 жыл бұрын
That’s a great score. Would this be your first AMEX card?
@life_withkj83533 жыл бұрын
@@richsmithedu im not sure..i think i will get denied due to 4 hard inquiries and loan balances..im not sure what business credit cards require to get approved based off my personal credit
@richsmithedu3 жыл бұрын
They require 690-850. I like waiting until my hard pull are lower too.
@life_withkj83533 жыл бұрын
@@richsmithedu what about history?
@richsmithedu3 жыл бұрын
@@life_withkj8353 bad history will not be approved, but little history is okay with above 700. AMEX is good with denying without a hard pull IF you already have another AMEX card. I'd still wait if you aren't sure right now.
@harolddelisser3 жыл бұрын
Would love to have a one on one call with you
@richsmithedu3 жыл бұрын
You can book a call through my website: richsmithedu.com/
@smokeylee7073 жыл бұрын
🤟
@jeremyrouse54113 жыл бұрын
I shouldn't apply if i have a 590?
@richsmithedu3 жыл бұрын
AMEX wants good to exceptional personal credit. If you already have a relationship with AMEX, then you can try and they usually don’t do a hard pull unless you’re getting approved.
@BillRWare3 жыл бұрын
Great show!!! I do have one question that begs for your insight: To what extent would I be well served to apply for this card? I have a registered LLC that was filed this year, though I’ve been operating for a few years. However, I am rebuilding personal credit (i.e. thin file, no negatives) and have acquired 7-8 revolving lines that will have all seasoned between 3-6 months. I’m projecting my EX credit score to be around 680-700 (myFICO projects a 715 score), though my TU score is 730 and EQ score is 680. I like my approval chances if the score is predominant, but quite skeptical if recent lines are predominant. Would be very interested in your thinking and insights here.
@richsmithedu3 жыл бұрын
Thanks, Bill. There's a great tax savings using these business cards for expenses towards the end of the year. This other video might help boast your credit: kzbin.info/www/bejne/mYalm6xoqtqMmLc
@Kyxfinesse3 жыл бұрын
Do you need LLC to get this?
@richsmithedu3 жыл бұрын
Nope. Many LLC are sole proprietorships anyway. My blog post goes into more detail: richsmithedu.com/2020/11/21/how-to-fill-out-a-business-credit-card-application-for-american-express
@Kyxfinesse3 жыл бұрын
@@richsmithedu Give me a good break down before I apply... i have 670 score with like 60% utilization should i wait to apply?
@richsmithedu3 жыл бұрын
I’d recommend waiting until that utilization is lower and your score is closer to 720. It does help though with AMEX if you already have personal cards with them and are in good standing.
@laylathecat3 жыл бұрын
@@richsmithedu The above link does not work.
@richsmithedu3 жыл бұрын
@@laylathecat THANKS 🙏. here’s the updated link: teachingmillionaires.com/how-to-fill-out-a-business-credit-card-application-for-american-express/
@richsmithedu4 жыл бұрын
Do you prefer American Express over other credit card companies? Why or why not?
@michealsmith91504 жыл бұрын
@@robinsutton6960 thats awesome! how did you do it??
@hilwaamanamankiyar-pp5bf3 ай бұрын
GE
@perezfamily32612 жыл бұрын
well he is wrong about Amex checking personal credit, which they do regardless
@richsmithedu2 жыл бұрын
Why be wrong when it feels so good to be right? 👇 teachingmillionaires.com/how-to-fill-out-a-business-credit-card-application-for-american-express
@Skleet2 жыл бұрын
@@richsmithedu I currently have two Amex personal cards, a credit card & charge card. If I apply for this business card, will it be a hard pull on my credit?
@richsmithedu2 жыл бұрын
@@Skleet yes, hard pull on personal credit, but the business line of credit does NOT show up on your personal report so long as you stay in good standing
@Skleet2 жыл бұрын
@@richsmithedu Ok. Honestly, at this point, my credit is on the cusp of 800, so this hard pull shouldn’t be a problem. And I’m any rejection in pursuit of applying for this card won’t result in a hard pull?
@richsmithedu2 жыл бұрын
@@Skleet yeah, so I just applied for a different card and the hard pull dropped me 5 points ... well worth it. They stay on the personal report for 24 months or so and that's why I always take them seriously.
@larrypage1553 жыл бұрын
I would like add that applying for this business account they pulled my personal credit and was denied....
@rdhawk9293 жыл бұрын
Sorry to hear that. This is my concern as well.
@marianneo26673 жыл бұрын
No comment from Rich Smith?????
@richardbailey5113 жыл бұрын
Please do not waste your time with this unless you have a score exceeding 650...you'll be wasting your time