Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
I wrote the other day about credit card signup bonuses for business credit cards. Since we’re setting up an LLC for our online endeavors and are in the process of separating our personal and business income, a separate credit card to cover expenses seems to make good sense simultaneously also start tracking its credit report to overcome the errors. But all of this got me to wondering…
How does one go about establishing credit under a new Taxpayer ID Number (TIN)? This doesn’t actually affect us directly, as we’re handling everything as a sole proprietorship, and are thus using my social security number (and associated credit history) for our new card. But what if you’re setting up a standalone entity? Presumably they’re going to run a credit check when considering your application, and it’s going to come up blank.
So what’s the best way to establish credit with brand new business? Maybe treat the new entity like a child coming of age, and get a joint credit card using your own SSN along with the TIN of the business?
See also: Best Business Credit Cards
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