How To Get 100% Approved for Business Credit Cards For New Business

hi everyone welcome back to the channel my name is Brian and in today's video we're gonna talk about exactly what you guys need to do in order to get a business credit card now for anyone new the channel this is not an unfamiliar topic I've actually made a ton of videos on this topic on how you guys can get business credit cards what qualifies your business credit cards and even the benefits of business credit cards so I'm not gonna put all of that information in this video just because I have made those videos before and they're way more in-depth than squeezing something in on this the main priority in the main focus of this video is going to be teaching you guys exactly what to do on your application if you're trying to get one of your first business cards so what I'm gonna do is have some cards linked above and what you guys can do is just check out those videos they will be in a playlist and a video and audio really isn't your way of learning I also have a in-depth blog that I will have listed down below in the description on how you guys can also get a business credit card that blog is gonna be a step-by-step walkthrough it's basically gonna be exactly what I cover in this video but I'm gonna make this video pretty short pretty straightforward and pretty simple so let's actually get straight into it the biggest questions I've been seeing is Brian dis personal score matter we know that business credit cards don't affect your personal credit score so the Amazon business prime card is just a random business card I pulled out of my wallet and I think this is a pretty good example because it has some unique benefits now the benefit is is that if you do buy something crazy expensive say you have like a $2,000 balance on your business prime card because it is a business credit card it's not gonna report to your personal credit score's now normally if this business credit card that i have right here this was not a Amazon business prime if this was a Amazon personal prime card you guys would actually see your score go down the following month and that's because you do carry that balance but because this is a business credit card the whole point is that this will not affect that personal credit score but people often confuse that rule with the fact that when you're applying for a business credit card initially they will have to pull from your personal credit report they need a check sum house so generally people confuse that rule that I just talked to you guys about with the fact that when they're applying for a business credit card that their personal score is not involved that is a popular misconception right there and I do see why people get that often confused but here's the thing you guys if you do not have a good personal credit score say your credit score is about 500 right now it's very unlikely that you can get approved for these business credit cards so before you even consider getting a business credit card make sure your credit score is at East 656 eighty you really want to be in that 700 range now another misconception before we get into the two ways you guys can actually apply for a business credit card is that people believe that you need to make a lot of revenue there's no minimum revenue amount for you guys to actually get qualified for a business credit card for example in our Facebook group we have a ton of members who actually haven't really started their business yet but they do want to be able to use business credit cards for when they do so business credit cards can really be a preparation tool for when you're trying to start your business or if you're someone who has a site also maybe you help out your neighbors with their travel plans maybe you dog sit for someone maybe you've sold an item on eBay these are all considered businesses because you're profiting because you're making money and because you're providing a service now with those things in mind you need to realize that revenue is not a huge thing that these credit card issuers are looking for generally the most important factor before you actually get a business card it's really gonna be your personal credit score now like I mentioned in the beginning of the video make sure you guys check out my other videos if you guys aren't so sure about what business credit cards do I go really full in-depth on exactly the full benefits Peter and I'm actually gonna go on the application and show you guys exactly the two easiest ways to apply for business credit cards to start out one is to actually apply with your social security number everyone has it if you're US citizen you are born with a social security number you can actually punch that in go in as a sole proprietor and then go through the list of what that business category is and then put the rest of your personal information and just use your first and last name as a business name it's definitely the easiest way but I would put in a little bit more work and actually go ahead and get your EIN your ein is your employer's identification number that is actually very similar to the SSN but that's really on the business side so we have our SSN the SSN or the social security number is something that classifies us but you can actually apply completely for free on irs.gov and get your own ìin number that actually creates an entity for the business so it's like getting a social security number for a business and now for that second method once you get your EIN I would do everything similar to what you did with the SSN or the first method that I taught you guys but let's just go into my computer just so you guys can visually see what I have going on alright guys so I'm actually in my computer right now and I'm gonna go through step one just exactly how this is all gonna happen and starting with step one most likely you guys actually found this video from YouTube so we're gonna start from video ok one of my older videos I'm gonna click on the links and this is actually an affiliate link to creditcards.com they're an affiliate partner and if you guys are actually interested in applying for any of the business credit cards it really does support the channel whenever you guys use those links it's but it really is no obligation though for you guys to use those links if you do have friends or if you do have any family members that may have a referral link I recommend you guys taking their link but if you guys don't have any friends just like me and you guys want to be able to support the channel this is a free easy way you guys aren't losing anything and it definitely does help me to be able to push out more content just like this so this is what I'm doing I'm actually gonna apply for the Inc business unlimited card right here this is gonna take us to a portal and generally you're gonna see the application page right here very straightforward I'm gonna click on apply now and it's just like any other card I don't know why my bookmarks tab keeps coming up there we go I know on this page it looks a little intimidating definitely when I first applied I was kind of scared too even though I had my own business which was making good revenue but here's the thing when it comes to legal name in the business like I mentioned you just want to type in your full name so Bryan Jung name on the card Bryan Jeong first full name first full last name your business mailing address 1 3 1 3 Bryan Jeong Boulevard and whatever city you guys live in ok Hollywood I feel like I don't need to go through all this but just for example that's you just put in your address so type of business generally you're gonna be a sole proprietor unless you guys actually have a corporation maybe an S corp or a C Corp or even if you have a partnership generally though most people are gonna be a sole proprietor just because if you are L seed if you are trying to be a corporation or if you're trying to be a partnership you do have to pay filing fees to be able to get that status when you try to be a sole proprietor it's it's generally free depending on where you live so for me for example in the state of Maryland I've started a bunch of business some of my businesses actually weren't able to make me any revenue at all and I wasn't able to make even like a couple hundred dollars profit with those businesses that I've tried where I actually lost money you're not going to be expected to pay taxes on those if you didn't make a profit or if you're making very little revenue so that revenue threshold sometimes it's a couple thousand dollars sometimes it's five hundred dollars it depends on what state you live in and what you live in as well - now I'm no legal professional I'm no accountant I don't have my CPA degree I'm just going on YouTube that has gotten many many business credit cards and I've gotten many many people approved for business cards - with the blogs and with the content I have on my channel so this is all based off of my experience but if you guys are really curious about taxes and just things related to that type of nature I would recommend you guys to actually consult a tax agent or maybe your own accountant okay what are the rules how much tax do I have to pay if I make like two thousand or three thousand dollars on my side hustle here so um generally with your business phone number you can put your personal phone number completely fine and when we get into this part the tax ID number this is where you either put in your social security number or you put in your EIN now because I have my ein I would rather use that but if you guys are someone who doesn't even want to get to that step you can use your social security number and put that in there as well generally for the employees it's gonna be one person but if you have a family member helping you guys out and they're considered like your employee you could list them right there too when it comes to annual business revenue and sales this is really gonna be dependent on you some people actually don't make any revenue or sales now if I applied on American Express's website there's like a minimum I think it's a couple thousand dollars that you have to put but generally this isn't something that's going to be too crazy but I would not lie on this part I would be very straightforward so if I made only $10 revenue so I sold like a Snickers bar I'm putting in $10 that that's how much revenue I've made so years in business very straightforward if I've only been in business for about one year I'm putting the number one in here now general industry is where people often have a lot of questions because there are a lot of things so as a youtuber let's just do my profession for example or even like marketing I'm not gonna be able to find something like digital marketing or like a Facebook ad specialist that stuff is just too relatively new so if we were talking about my own marketing agency I would go into business services that kind of falls under that umbrella so if you're someone who's into e-commerce you maybe sell things on Poshmark or eBay or items just online that's considered non store retail or Internet retail and us can actually find that under the general industry section so as someone who's a youtuber someone who has a blog now what I would actually do to apply for a brand new credit card is actually go under individuals once you're under individuals there is actually another subset category it's called non classifiable establishment and that's just what I would consider myself as as a youtuber or someone running your blog usually you don't have a full scale team usually it's just you after we fill that information out we're gonna go down to the personal information this is pretty much halfway done and this is very easy this is what you guys would normally do on a regular credit card application just fill out your regular information you would normally be the owner of the business now going down you do put your social security number this is like I said because they actually pull for your personal credit reports to check what your score is to make sure that your illegible for these cards if you're someone who has a 450 500 credit score chances are you're not gonna get approved for this but they do require you put your SSN and not because they're gonna report to it but because they're gonna pull from it to check what your score is currently now the second most important thing on this application is gonna be your total gross annual income that you get from your normal job or from whatever you do so if you're not making that much money from your business but you're making fifty or sixty thousand dollars from your corporate job that is where you put that information into that section of the application this is where you want to be honest but if you're living with a spouse if you have a wife if you have a husband if you're living with them and they have an additional 50 K that they're bringing in and combined household annual income under your roof can add up to a hundred thousand or another example is maybe you live with your parents still or maybe you live with your grandparents and they do still have some income coming in as long as you talk to them and you get their permission you verify with them and you have access to some of their tax forms where you could provide evidence if it is asked then you can put down your household annual income it's not just for you so I also made a video on that in the past when I was first starting my channel just on exactly what you guys can put down on that total gross annual income part or what you guys should put on a credit card income application it's a pretty in-depth video I give a lot of different perspectives I think there's like a 20 minute long video but if that's something you guys aren't sure about I would recommend you guys to actually watch that video because you guys really don't need to put down like a couple hundred thousand dollars or even six figures on the total gross annual income part if you're not making that much but generally if you're trying to get approved for a credit card and you think you're not making enough money or your income is not that high I would just look at the median income around your area so that really was the easiest ways for you guys to actually get accepted for business credit cards keep in mind Chase is gonna be the hardest to get initially they're usually gonna ask for some type of verification with like a utility bill an EIN sheet is also a very good resource that you get from free from the IRS a you can also provide so there are a ton of ways for you guys to actually get these business credit cards but keep in mind Chase is gonna be the hardest initially I've told this story countless amount of times but when I got my first chase ink business card and I was scaling my business although we were doing thousands of dollars a day in revenue they were still giving me a pretty hard time with obtaining my first business credit card but once you get that first business credit card the application process is usually very easy after that you shouldn't be surprised if you get automatic approvals everything after that and when it comes to American Express they're gonna be much much more easier in getting business credit card so if you just want a business credit card you want a high business credit limit and you want to take advantage that no APR and you don't want it to affect your personal credit report maybe you're planning to have some big purchases or some big investments coming up I would start with American Express as blue business plus or blue business cash card first just because usually they do offer some better type of incentive and they're much easier to get approved for so generally when you're applying for your first business credit card there is gonna be some type of follow-up phone call or some type of verification but generally that call is very easy so my other friend who actually recently applied for his blue business plus card he had to call American Express and all he had to do was call them let them know who he was and they proved that right on the spot and he was good to go so really this whole process isn't that difficult you guys I do understand that it can be a scary process for a lot of people but just to understand that business credit cards do offer a lot of Vantage's if you guys are really trying to scale your credit card game to the next level this is something that will help it just with the immense amount of points and what you guys can do to actually leverage this now one of my jobs as youtuber is to really break that stigma on how hard it could be to actually get one of these cards I hope these videos do help you guys out if you're someone who's been sitting on the fence I hope this is something that really does push you over and like I mentioned earlier in this video you guys if you do want to support the channel I do have those links down below in the description but there's no obligation to use it just feel free if you guys do want to support the channel it's actually about a be the end of 2019 soon my birthday is coming up December 29th that's coming up soon New Year's is coming soon there's just a lot of changes that's going on in my own personal life too as you guys can tell I usually film in my room and I've been living with my parents my whole life so for me personally I have no issues with that just because I want to spend as much time with my family as possible I know that in the chance I ever do move out it's gonna be hard to be able to spend that quality time over and over again with my family and I think in my life personally family is just one of the biggest things just because my parents are like first generation Koreans they still work hard they didn't grow up with much and moving to the US for them was a difficult transition so what I realized is this is really kind of taking a toll on my mental health on the low key this video it's actually not too late it's actually only like six ten on the rare occasion but generally you guys will see me filming these videos at like 2:00 or 3:00 in the morning all the way up till 4:00 or 5:00 a.m. so my sleep schedule is messed up because for me to be able to produce content I would have to do it in the middle of the night when my family is asleep so I can actually make videos in peace that's something that was actually getting pretty difficult for me I never say that in any of my videos just because it's kind of like a it's kind of like a back-end systems things it doesn't attribute to the success of any of my videos but it's just one of those things that's always happens I guess to me and I'm pretty young you guys I'm 22 years old compared to a lot of the other guys in the personal finance niche or even in the credit card industry I've never moved out before I never had to dorm or go to another apartment for school I went to Community College - I always commuted so this is like the biggest change in my life and I'm actually doing this more for the fact that I can produce content more often more quality content and not worrying about noise sound or when I can do work when I can't do work those things are really bugging me so this is a huge transition in my life that I'm gonna go through soon I've never done anything like this I'm pretty scared honestly and I'm really doing this just so I can improve the content of my channel so I guess this is the stuff that I have to sacrifice as a youtuber when you work a nine-to-five and you have your own office you go in you clock out but with something like this where I'm actually talking to a camera it's a little bit more different so so guys wish me luck I don't know what to expect but I'm actually super excited we're actually gonna have a new setup in a couple weeks so I know so my oh geez we'll remember this but drop a cake emoji if you guys are watching me up until this I hope you guys enjoyed this video and hope I see you guys in the next one peace [Music] my kid [Music]

Channel: Brian Jung

Views: 210,875

Keywords: Brian Jung, Credit Cards, how to get approved for a business credit card, approved for business credit, qualify for business credit, business credit cards, business credit, chase ink cash, amex blue business plus, amex business cards, chase business ink cards, business cards brian jung, how to get a business credit card, business credit new business, business credit cards with no personal gaurantee, business credit cards that dont report to personal

Id: 81lrxXX5cNY

Length: 15min 46sec (946 seconds)

Published: Wed Dec 18 2019