Step 5.6 Revolving Business Credit Lines: No Personal Guarantor
These revolving business credit lines should not be applied for until your business has 10 reporting trade lines and at least one trade line with a $10k credit limit reporting.
Revolving Business Credit Lines: No Personal Guarantor
The Rules for Applying With Revolving Accounts Are...
- Always submit each application with your personal SSN number left blank.
- If any of the revolving accounts ask for a social security number, be sure to tell them you want to try qualifying for credit terms based exclusively on your business information.
- You may still need to provide a personal guarantor with some of the providers. Remember, providing a guarantor is fine as it only affects the guarantor's personal credit in the case of total default. A few late payments will not affect personal credit, but you should never be late on payments as it does affect your business credit reports.
The revolving business credit account providers listed below are no personal guarantor accounts. Pay careful attention to their approval criteria before you apply.
Sam's Club Business Revolving Account
Description: Sam's Club is a warehouse retail chain offering office supplies, business furniture, vending items, janitorial/cleaning supplies, paper products, food service supplies, computers and more.
Reports to: Dun & Bradstreet and Experian Business
Approval Requirements: Do not apply for this no personal guarantor account until you have at least 10 reporting trade lines and one trade line with a $10k credit limit reporting. Preferably you want to apply at a warehouse location in person. Complete the application and bring it into a local Sam's club to submit for review. Leave the personal guarantee section blank, although a Sam's Club employee may be persistent that this section needs to be completed, have them submit it as is since your aiming to get qualified on the strength of your business credit reports alone. Since this section will be left blank it may take 2-4 weeks for your app to be reviewed. You'll need to supply your EIN, copy of a voided business check, copy of a utility bill showing the business address and phone number, and a copy of your business license. (if a business license is required in your state)
Payment Terms: Revolving
CLICK HERE to Apply
(Search under the SAM's Club Credit section - Scroll to the bottom and select the Sam's Club Business Credit Account tab)
RaceTrac Fleet Card
Description: The RaceTrac Corporate Fleet Card is the ultimate tool for managing your fuel purchasing and vehicle maintenance costs. RaceTrac has always provided the highest quality gasoline at the most competitive price and every gallon of gas is guaranteed.
Reports to: N/A (can use as a trade reference)
Approval Requirements: Do not apply for this no personal guarantor account until you have at least 10 reporting trade lines and one trade line with a $10k credit limit reporting. RaceTrac will require a personal guarantor for businesses under 3 years old, bu there are exceptions. If you can show strong financials then you may get no personal guarantor approved. They will check 411 listing, secretary of state for status of your corporation or LLC to make sure it's in good standing. You'll need to supply your EIN, copy of a voided business check, copy of a utility bill showing the business address and phone number, and a copy of your business license. (if a business license is required in your state)
Payment Terms: Revolving
CLICK HERE to Apply
CSI Gas Card
Description: The CSI MasterCard Corporate Fleet Card is accepted at nearly every retail and diesel fueling location in the U.S. - that's over 180,000 stations. It is the only card in the industry that offers real-time web based reporting and authorization control.
Reports to: Experian Business & Equifax Small Business
Approval Requirements: Do not apply for this no personal guarantor account until you have at least 10 reporting trade lines and one trade line with a $10k credit limit reporting. They may still work with you if don't meet the trade line requirement if you can show strong financials. They will check 411 listing, secretary of state for status of your corporation or LLC to make sure it's in good standing. You'll need to supply your EIN, copy of a voided business check, copy of a utility bill showing the business address and phone number, and a copy of your business license. (if a business license is required in your state) Leave the personal guarantor section blank.
Payment Terms: Revolving
CLICK HERE to Apply
BP Business Solutions
Description: BP has specialized products to meet the needs of any business or fleet. Your company can earn rebates on fuel purchases and access your account anywhere, anytime with a detailed online account management tool.
Reports to: N/A (can use as a trade reference)
Approval Requirements: Do not apply for this no personal guarantor account until you have at least 10 reporting trade lines and one trade line with a $10k credit limit reporting. They will check both your Dun & Bradstreet and Equifax Small Business report. Your business needs to be in business at least 2 years but some members have gotten approved since they had strong business credit reports established. They will check 411 listing, secretary of state for status of your corporation or LLC to make sure it's in good standing. You'll need to supply your EIN, copy of a voided business check, copy of a utility bill showing the business address and phone number, and a copy of your business license. (if a business license is required in your state) Leave the personal guarantor section blank.
Payment Terms: Revolving
CLICK HERE to Apply
(Hard copy application is available in the download section below)
Revolving Business Credit Applications
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1
Task to Complete
Select the revolving business credit accounts you qualify for and want to apply with.
