A business credit card can be a financial tool for your firm. Typically, issuers require a personal guarantee from business owners, which means providing your Social Security number on your application. But there are exceptions: You may be able to get a business credit card with only an Employer Identification Number. You could also limit your card options. [Read: Best Business Credit Cards.] What Is an EIN? An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. You also use your EIN when you open a business bank account or establish a vendor line of credit. You can apply online for one for free through the IRS. According to IRS rules, you need an EIN if: -- You have employees. -- Your business operates as a corporation or partnership. -- You file employment, excise or alcohol, tobacco and firearms tax returns. -- Your business withholds taxes on income, other than wages, paid to nonresident aliens. -- You have set up a tax-deferred … [Read more...] about Can I Get a Business Credit Card With Only an EIN?
Credit card limit credit score
The landmark credit card legislation passed today has been hailed as a massive win for consumers, providing relief from soaring interest rates and fees, while making it tougher to hook young people on credit cards. Who will be the biggest winners, who won’t be helped much and who might get the shaft? We asked the experts. Q:What type of consumers will benefit the most and in what way? A: If you maintain a reasonable ongoing balance on your credit card, you are in luck. This new legislation will place a number of restrictions on the way credit card companies can increase your rates and fees. From now on, new rate hikes will largely only be applicable to your new balances, as opposed to being retroactive. That means if your credit card company raises your interest rates, then the new higher rate will only apply to your new charges, not to your preexisting balance. “There is a whole new set of rules credit card companies have to play by,” said Howard Dvorkin, … [Read more...] about Congress sends credit card reform bill to President Obama. What does it mean for you?
Ann Hersh has several credit cards she doesn't use. Ryan Maeker is a recent college grad with four years of debt on two credit cards. But he has almost paid the balance on a third credit card.Both New Yorkers want to know the smartest thing to do with credit cards they no longer need. "Is it advisable to keep them open or close the accounts?" Hersh asked."Which action will have the best effect on my credit score?" Maeker continued. Credit scores generally range from about 300 to 850 or more. Higher scores are better. Each company that calculates credit scores has its own proprietary system.However, in general, credit scores reflect factors such as paying your bills on time, the amount of money you owe, the length of your credit history and the ratio of your debt to available credit. In short, any step you take or avoid with your credit could affect your score - for better or worse.While it's tempting to consider closing credit cards you no longer need, there are good reasons to keep … [Read more...] about Careful – ditching those old credit cards may hurt score
If you opened credit cards for certain purposes (like, say, an extra 20 percent off at the Gap), then you may have a few extra lying around that you’re wondering what to do with. You don’t use them—you’re more of Club Monaco girl now—but is closing them the smartest solution? Not necessarily. For one, you could hurt your credit score, depending. That’s because your credit utilization and your credit history length will take a hit if you close a card. Your credit utilization is how much of your credit limit you’re using, and it comprises 30 percent of your FICO score. Let’s say you have two credit cards: Your old Gap card, with a $500 limit, and a run-of-the-mill rewards card you use for most purchases, with a $3,000 limit. Your total credit limit is $3,500, but you should aim to use no more than 30 percent of that at a time, or $1,050 (and ideally you’ll top out at 10 percent credit usage). Keeping the Gap card open gives you a bit … [Read more...] about When Should You Close an Old Credit Card?
Savvy credit card users can pocket up to £45 by using a little-known trick when signing up for a new credit card. The secret is to use a cashback site to make your application. Cashback sites essentially pay you to do your online shopping by taking advantage of the way commercial payments from one website to another work. They use affiliate links which allow the retailer to track where leads and sales are coming from, and then split the resulting commission with the customer. Where to go to find the money TopCashback and Quidco are the two biggest players in the cashback market, and both offer eye-catching deals in a bid to outdo one another. You’ll need to set up an account with TopCashback or Quidco to get going but this is easy and takes just a few minutes. Once you’re up and running, just click on the cashback deal you want and you’ll be taken to the retailer’s website to make your purchase or application as usual. Cashback deals tend to be for a … [Read more...] about How to bag £45 for yourself now and get interest-free credit for 36 months