Business Credit

[Amadorcarlos]

Does anyone know if I stop paying Advanta if it will hurt my personal credit? I am tired of their crap and I tried to negotiate so I fee thatl stopoing payment might be the only thing to gain leverage. They jacked my interest rate to 34% from 8%, any advice would be welcomed.

[creditbroke]

I read a thread about a business venture goen bad and the wife was trying to repair her husbands personal credit reports because of it.

And it just makes sense that it would affect you on a personal level.

[Uborrow-Upay]

I don't have an Advanta account, but I do have some other accounts that are personally guaranteed (couldn't avoid it, unfortunately).

If your account is PG'd, a default will definitely hurt your personal credit. 

Most PG'd biz accounts won't appear on personal credit unless you default; if that happens, it all hits the fan. 

Advanta has its own problems right now, and they couldn't care less about you or anyone else.  If you stop paying Advanta, you can expect adverse actions from other lenders and a hit to your personal credit score, as well as your cash flow.

(BTW, welcome to the forums, Amadorcarlos!)

[Creditaddict]

you can usually call customer service and ask them how long before they report defaults to personal credit.  If I remember correctly Advanta does not wait, 30 days late and they report.  Barclays does not report for 60 days, I missed a payment with them to get them to negotiate with me and it worked

[Uborrow-Upay]

Creditaddict, did that missed payment with Barclays get reported on the business side (to DNB or Experian, etc.)?  If so, did it drop your Paydex or did you experience any AA from any other creditors?

Just curious...

[Creditaddict]

most of those credit cards don't even report to business credit and as far as I know it didn't report anywhere and it didn't effect any other accounts.

is it just advanta your having problems with because i have talked to them all and can tell you what I got from each!

[Nonaii]

Advanta reported to Experian Business for me.    I'd prefer not to describe the suckiness of Advanta going bankrupt and cancelling everyone's cards.  I liked the 'high' credit limit reporting, and the months of good credit showing up.   Oh well.

RIP good aspects of Advanta.  You were vastly overwhelmed by the bad aspects.

[Amadorcarlos]

Thanks for the advice, Anybody know why they can put missed payments on your personal credit report but the New Consumer Credit Cards laws do not apply to them because they are business cards. I  wish it was one way or the other or could this be a good legal wedge.

[Uborrow-Upay]

It's the personal guarantee that's does it.  Without that, they could not put it on your personal reports.

And some business cards (for instance, Capital One and Discover) now report to personal, even without a default of any kind.  I think what caused that is that a bunch of people got business cards without actually having a legitimate business, and did so just to hide utilization. 

Screwed it up for the business folks, for sure. 

Good luck, Amadorcarlos.  Let us know how you make out with them.

[Amadorcarlos]

I paid that balance off.  ADVANTA is the worst comapny ever.