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Business credit card applications stand a better chance of being accepted when business records accompany the credit application. Those business records include past consumer and business credit reports.
Bank statements, insurance policies and financial statements such as cash flow projections will also contribute to a decision to approve a business credit card.
Business licenses, incorporation documentation, a tax identification number and a list of the corporate board-of-directors should also accompany an application for a business credit card. -
The credit rating and scoring for businesses is report by Dun & Bradstreet, Business Credit USA, Equifax and Experian. Before business owners apply for business credit cards, a through review of the business's credit report should be conducted.
Up to 80 percent of all credit reports both business and consumer contain errors. Some errors contained in a credit report are serious, others minor. Errors can cause business credit card applications to be denied. -
Business credit card applications should not be submitted before a recent business credit report has been obtained and checked for accuracy. Every business planning to apply for a business credit card should know the credit score for the business.
Business credit reports can be obtained by ordering the report online from a credit bureau website, via the mail or by phoning a business credit bureau. The average cost per business credit report is around $50 (price current in August 2009). -
Errors on a business credit report can lower the credit score and increase the appearance of risk. If a business is considered a high risk, getting a business credit card can be hard if not impossible.
No matter how small or minor an error seems to be, it should be disputed and removed. Each credit bureau reporting inaccurate credit entries must be written to individually. Copies of corroborative documentation that supports the disputed credit entry should accompany a letter disputing the error on the credit report. - Businesses with a business credit score below 75 considering applying for business credit cards can actually increase the credit score of the business in 30 days or less. In addition to paying on time and decreasing existing debt, businesses can find and dispute credit report errors.
