Credit cards for self employed

Can I get a credit card if I’m self employed?

Credit cards for self employedGetting credit or loans when you are self employed can be difficult. Anyone can call themselves self employed, even if they don’t make any money, so banks are more likely to regard you with suspicion if you are self employed or a “sole proprietor” (another term that means you’re on your own). Banks may want you to prove that you really make money and will be able to pay off your debts.

That doesn’t mean it’s easy. You are more likely to be approved as a self-employed individual if:

  1. You have a good personal credit history.
  2. You actually make money and have a track record as a business.

Let’s look at each of those factors:

First, you should understand that whether it’s a personal or small business credit card that you want, your personal credit history will be checked to see how you’ve handled credit in the past. Having successfully handled credit in the past is probably the most important factor for sole proprietors when it comes to being approved for a credit card, even more so than proof of income. If you have no credit history or, worse, a bad history of using credit, things will be tougher for you.

Second, having an income is good. If your credit history is not great, or is completely non-existent, you as a self-employed person are going to have to jump through hoops to get approved for a card. That means showing tax returns or other financial data that proves you are a viable business, not a self proprietor in name only.

Personal credit card or business credit card?

In most cases it really doesn’t matter whether you choose a regular consumer credit card or a card labeled as being for “small business.” Either way, a self-employed person is almost always going to be approved or unapproved based on his or her personal credit history, and your usage of the card will also go on your personal credit history, for good or bad. Despite many cards being marketed to small businesses, most will still have you apply as a single person (not as a company) and you will be on the hook for the debt. (You won’t be able to escape your business credit card debt if your business fails.)

So, don’t feel the need to get a small business credit card just because you are in business for yourself. Check out all the offers on the table and choose the card that seems right for you in terms of interest rates and rewards. However, whether you choose a consumer or business credit card, make sure that once you’re approved you use the card only for business purchases — it’s good for record-keeping, and it keeps a self-employed person from letting work purchases blur over into personal purchases, and vice versa.

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How To Get Credit Card For Self Employed

Credit cards for self employed

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How To Get Credit Card For Self Employed

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    How To Get Credit Card For Self Employed

    If you don’t have a job, you may rethink your decision to get a credit card, particularly if you don’t have any income. Here's How You Can Help Your.

    Apply for Best Credit Card Online with Instant Approvals

    . you are likely to get rejected. Anyone — whether self-employed or salaried professionals — with a regular source of income can apply for a Credit Card.


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    Self-Employed Business Expenses: Why I Carry Debt on My Credit Card

    I’ll let you in on a little secret: I’m religious about not spending above my means. I was raised to be a smart saver, so the idea of spending money on my credit card for self-employed business expenses and not paying it off in full when the bill comes is about as evil as committing one of the seven deadly sins. I’d rather drain my emergency fund than deal with credit card debt, and I absolutely mean it.

    But, recently, I changed my tune. Right now, I’m actively carrying debt on my business credit card. This is a short-term solution for me, and one I know will resolve itself within a month or two, but there’s logic to this plan.

    Around November of 2016, I hit a serious wall in my business. My monthly income rates were tanking, clients were closing off contracts without notice and I just felt burnt out.

    I knew something needed to change in my business. But, to be honest, I never really expected things to come to a screeching halt and force me to look at changing them so quickly. I had regular client work I didn’t love, and it wasn’t in my zone of genius. I knew I needed to raise my prices but kept procrastinating it. I was also developing an e-course that needed more of my time, but my low-paid client work ate all my time and brain power.

    I knew certain courses and tools that could help me charge up and over the roadblocks I faced, but I didn’t want to invest in them unless I could pay for them in cash, so I waited.

    Then, I had a few clients who canceled contracts, allotting me plenty of free time to learn from these courses and implement these tools. Yet, I still didn’t have the money. I did have a business credit card to cover my self-employed business expenses, however.

    Based on my past ability to make money quickly, I decided to go ahead and purchase everything I wanted. The overall costs amounted to:

    • $1,000 second deposit to my brand designer
    • $350 tax filing fee to my accountant
    • $374 for monthly payments on two training courses
    • Approximately $50 for monthly business bills

    I’m 100 percent positive I’ll have everything paid off within the next 30–60 days, though, and that’s the key. It totals about $1,774, which in the big picture, isn’t that much compared to my new earning potential.

    As with any investment or loan, this “loan” from my credit card company is a risk I’m actively taking on. Even though it’s a risk — and, arguably, the biggest financial risk I’ve ever taken in my business of one — the reward it represents is huge.

    Once my taxes are finished, that will free up the extra money I’ve set aside that I don’t need to pay to go back into paying off my debt. With the knowledge these courses teach me, I can make smart, profit-focused decisions in my business that will pay off both this month and in the long term. With a better design, for instance, I’ll carry more weight as an industry expert, and my ideal clients will have an easier time trusting me (because as much as we’re told not to judge books by their covers, we totally do).

    What about you? Do you carry debt on your business credit card? Why or why not?


    Credit Card Debt – Bad for Self Employment

    The following is a guest post.

    If you are self-employed, chances are you have been inundated with credit card offers in your mailbox.В Every business seems to get bombarded with offers every day.В However, what many self employed individuals don’t realize is how detrimental credit card debt can be.В Credit is essential to most self-employed small businesses, and being in debt makes that credit harder to come by.

    If you are self-employed, there are variety of things that you could need credit for.В As the old adage goes, “It takes money to make money” and that is incredibly true.В В В Even for the smallest eBay seller, you need to buy supplies such as shipping and postage.В And if you are waiting to get paid, you need to purchase these items on credit first.

    The need for a credit card can be great depending on the business.В If you’re mobile, you may need to purchase gas.В You may need to book travel to meet a client, or pay for a bunch of proposals to be professionally printed.В Either way, until the revenue comes in, the credit needs to be there.

    How Credit Card Debt Hurts You

    Being in credit card debt can negatively impact your credit score, which, in turn, makes lenders less likely to extend credit to you.В Since most banks view a business line of credit (even a business credit card) as risky to begin with, your poor credit history will not help you.

    If you do have a low credit score due to credit card debt, and the bank is willing to extend you a credit card, you will most likely end up paying higher interest rates and fees, and usually have a lower line of credit.В Both of these could make using the credit card more difficult.

    As a result, you should strongly consider building a solid credit score and credit report prior to getting a line of credit for your business.В Even if you’re self employed, having good credit is essential.