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So I just got my first 2 chase biz credit cards and I have no idea how they work, questions:
Does it report somewhere?
If it doesn't, what would it happen if I missed a payment for instance?
I apped as a sole prop. with my SSN, will I get a paydex score?
Thanks!
@lexrjSD wrote:So I just got my first 2 chase biz credit cards and I have no idea how they work, questions:
Does it report somewhere?
If it doesn't, what would it happen if I missed a payment for instance?
I apped as a sole prop. with my SSN, will I get a paydex score?
Thanks!
The terms should say what happens if you miss payments. Serious delinquencies are reported on personal credit (so watch those biz cards). Chase reports to ex, and maybe eq, business reports. Amex reports to small business association. I think both only report to D&B if you go delinquent.
@Imperfectfuture wrote:
@lexrjSD wrote:So I just got my first 2 chase biz credit cards and I have no idea how they work, questions:
Does it report somewhere?
If it doesn't, what would it happen if I missed a payment for instance?
I apped as a sole prop. with my SSN, will I get a paydex score?
Thanks!
The terms should say what happens if you miss payments. Serious delinquencies are reported on personal credit (so watch those biz cards). Chase reports to ex, and maybe eq, business reports. Amex reports to small business association. I think both only report to D&B if you go delinquent.
Where do I get business reports?
I haven't checked mine, since I just got business credit. I'm not llc, nor corporate, not big enough. I'm not in D& B, and I'm not on experian. To check your business report in experian, google for business report, and search for your business name.
Not sure how to check the reporting agency Amex uses, though as long as I don't miss a payment, there really is nothing to worry about
PS, forgot, without ein, you probably won't get paydex score. The business credit sticky explains how to get a paydex score, but I would wait until you NEED the corporation type accounts to go through all that. Small start ups don't necessarily need to spend the money for these expenses. Focus more on growing the business in the direction you have in mind.
Mine will remain small. I am semi retired, and I am just looking at successful management of a legal entity to supplement my income. There will probably never be employees, if I need additional work, I usually sub contract it out. I'm not looking to go big, just long, and I love the benefits of Small Business Credit Cards.
@lexrjSD wrote:
@Imperfectfuture wrote:
@lexrjSD wrote:So I just got my first 2 chase biz credit cards and I have no idea how they work, questions:
Does it report somewhere?
If it doesn't, what would it happen if I missed a payment for instance?
I apped as a sole prop. with my SSN, will I get a paydex score?
Thanks!
The terms should say what happens if you miss payments. Serious delinquencies are reported on personal credit (so watch those biz cards). Chase reports to ex, and maybe eq, business reports. Amex reports to small business association. I think both only report to D&B if you go delinquent.
Where do I get business reports?
You can get your reports from Experian Business and Equifax Business...