If you have an employer identification number (EIN) — a nine-digit tax ID number assigned to your business by the IRS — you can use it to apply for a small-business credit card. But you will almost always have to also provide a Social Security number.
If you want to build business credit quickly here are five simple steps.
- Step 1 – Choose the Right Business Structure.
- Step 2 – Obtain a Federal Tax ID Number (EIN)
- Step 3 – Open a Business Bank Account.
- Step 4 – Establish Credit with Vendors/Suppliers Who Report.
- Step 5 – Monitor Your Business Credit Reports.
Here's a summary of the Best Business Credit Cards
- Capital One® Spark® Cash for Business.
- The Blue Business® Plus Credit Card from American Express.
- Ink Business Cash® Credit Card.
- Wyndham Rewards® Earner℠ Business Card.
- American Express® Business Gold Card.
- The Business Platinum Card® from American Express.
Federal credit unions such as Navy Federal cap interest rates at 18%, which makes loans for borrowers with bad credit potentially less expensive than one they'd get through an online lender, where rates top out at 36%. Navy Federal may also lend to borrowers with little or no credit history.
Navy Federal loan requirements
- Minimum credit score required: Not disclosed.
- Time in business required: 2 years or business owner must have excellent personal credit and cash flow.
- Collateral required: Varies, depending on loan type. May include accounts receivable, a general lien or real estate.
To request an NFCU credit limit increase, you can log in to your online account or send a secure message through online banking. You can also call customer service at 1 (888) 842-6328. While Navy Federal will periodically review your account, there's no guarantee they will give you an automatic increase.
The closest thing to guaranteed business credit card approval is a secured business credit card. The Wells Fargo Business Secured card has high odds of approval even to people with bad credit. It requires a minimum $500 cash deposit. This deposit serves as collateral and is equal to your credit limit.
To obtain a secured credit card through Navy Federal, the process is simple. Once approved, you'll be issued a card with a credit limit equal to your deposit. More good news—with Navy Federal's nRewards® Secured credit card, you'll enjoy a low interest rate and no annual, balance transfer or foreign transaction fees.
Get documents you need to open a business bank account
- Employer Identification Number (EIN) (or a Social Security number, if you're a sole proprietorship)
- Your business's formation documents.
- Ownership agreements.
- Business license.
Finding the Best Banks for Small Business in 2021
| Bank | APY | Minimum Deposit |
|---|
| Wells Fargo Compare Offers Read More | 0% | $25 |
| KeyBank National Association Compare Offers Read More | 0.01% | $25 |
| Chase Bank Compare Offers Read More | 0% | $0 |
| Bank of America Compare Offers Read More | 0% | $0 |
Minimum deposit to open $0.00 Direct deposit or 20 Navy Federal Debit Card transactions (any combination of posted debit card purchases or ATM withdrawals) per statement period required.
Banks are able to offer some key benefits to business owners and can often be the best choice for their financial needs. Rewards – While credit unions generally offer better interest rates and fewer fees, banks try to make up for this with rewards on things like business credit cards and free business bank accounts.
How Do I Open a Credit Union Business Account? If you already belong to a credit union and have an account – like a personal savings or checking one – you may open a business account or apply for a business loan.
Items you'll need to apply:
- Social Security Number.
- Driver's license or government ID.
- Current home address.
- Credit card or bank account and routing number to fund your account.
- Email address.
The 8 Best Credit Union Business Accounts
- America First Credit Union.
- Alliant Credit Union.
- Navy Federal Credit Union.
- First Tech Federal Credit Union.
- Self-Help Credit Union.
- Consumers Credit Union.
- Digital Federal Credit Union.
- Boeing Employees Credit Union.
Complete a Navy Federal Credit Union business account application. Fill out the appropriate documents and submit them online or call 1-877-418-1462 to apply over the phone.
Turn to Navy FederalNavy Federal has the products and services—including business loans and lines of credit—that our members need to pursue a successful business strategy. Visit Business Solutions to learn more or call us at 1-877-418-1462.
You can now join Navy Federal without serving in the military. It is true that until 2017, it was hard to become a member of Navy Federal unless you were active military, Department of Defense worker, or a military retiree. Even honorably discharged veterans couldn't join!
Steps to Improve Your Credit Scores
- Pay Your Bills on Time.
- Get Credit for Making Utility and Cell Phone Payments on Time.
- Pay off Debt and Keep Balances Low on Credit Cards and Other Revolving Credit.
- Apply for and Open New Credit Accounts Only as Needed.
- Don't Close Unused Credit Cards.
three Navy Federal credit cards
Summary of the Best College Student Credit Cards
| Credit Card | Best For | Review Rating |
|---|
| Discover it® Student Cash Back | Everyday spending | 4.2 / 5 |
| Discover it® Student chrome | Cash back | 4.2 / 5 |
| Deserve® EDU Mastercard for Students | Amazon Prime Student | 2.6 / 5 |
| Journey Student Rewards from Capital One | Students studying abroad | 2.1 / 5 |
The average credit score in the US is 711, according to credit reporting company Experian, calculated using the FICO scoring model. Credit scores, which are like a grade for your borrowing history, fall in a range of 300 to 850.
The number of credit cards you should have is up to you. It's certainly possible to have an excellent credit score with just one credit card, but having multiple cards may suit your spending habits better and enable you to maximize your rewards strategy.
With Navy Federal Credit Cards, you can easily redeem your points for merchandise, travel or cash back to cover some of your holiday costs. And, as always, if you have a cashRewards card, you can use the cash back to pay for your purchases.
Suzan Ritchie, MemberIt takes 1-2 business days to get approved for a Navy Federal credit card limit increase after requesting it. Remember that it's not guaranteed you will be granted one. Navy Federal will also periodically review your account to see if you're eligible for it.
Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
NFCU looks at Transunion FICO 9 scores for credit cards. They really use their own internal scoring method to make credit decision. Not unheard of for a 650 score to be approved for credit cards.
We like to see at least three months of on-time payments on an existing Navy Federal Credit Card account before approving an increase to its credit line. We generally grant credit line increases on an existing credit card account no more than once every six months.
Rebuilding your credit takes time and patience, but Navy Federal can help. If you're considering a debt consolidation loan to reduce your total monthly payments and interest charges, visit Navy Federal to explore our loan options.
PHONE
- Stateside: 1-888-842-6328.
- International: (toll-free) 1-800-842-6328, or (collect) 1-703-255-8837.
