CHASE (FORMERLY WaMu) REPORTING TO PERSONAL CREDIT FILES!

[remydogman]

I've had a Wamu business VISA CC for three years.  Per my understanding, business accounts should not be reported to the three bureaus for personal files.

As we know, Chase has taken over these accounts.  Chase is now reporting business CC's as personal CC's.  I have made many attempts to get an answer as to why (or how!) from them, but no avail.

Has anyone else experienced this?  

[GregB]

You should go back to your copy of the original credit application and see if it was made in the company name with a comany tax ID or in your name with a social security number.

If it was made in the company name with a federal tax ID that is NOT your SSN, then you have a reason to ask them to fix it.

[itsjustmeibe]

Discover has recently been reporting business accounts to person credit. I don't think you have any recourse if you personally guaranteed it. I do have a Chase business that has not reported as of yet, but yours is an old WAMU which may be the difference.

[remydogman]

Thanks for your input, but I'm not sure that using my SSN, (rather than a Federal Tax ID) has anything to do with it, considering the fact that Chase finally acknowledged their mistake and is removing my business VISA CC from my personal credit files.  Yes!

[GregB]

Congratulations!

I have three businesses, one Sole Proprietership using my SSN for Tax ID and two LLCs with their own EINs. My only CCs for the Sole Proprietership that didn't show on my personal reports was a MBNA Platinum Business Card (now BofA Business Card) and the Amex Capital Line (program discontinued by Amex 1-15-09).

I'm thinking if your Tax ID is your SSN, they can report or not as they choose. If you have a separated EIN then they cannot since it is a completely separate entity. I have CCs for the LLCs from Advanta, Amex, CapOne, BofA, Lowes, Home Depot, Chevron. If you default, it certainly could hit your personal reports.

[Anonymous]

This supposed to be the greatest news if you're not planning to cash em and dump em. This means that next card you apply for will have close to chase credit line. Busness lines are always higher than personal. What is your problem?

[remydogman]

Ummmm.....WHAAAAA????

[GregB]

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@remydogman wrote:
Ummmm.....WHAAAAA????

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It looks like you chose to accept his solution!

I read it and thought it was bizarre. From your reply, it seems you did also.

I think his statement of business lines ALWAYS being higher is particularly strange. In my business as a business consultant I have found the opposite to be true most of the time although I mostly deal with businesses under $25,000,000 in yearly sales. 

[Anonymous]

Greg, it of course depends on the type of business you own. Where a medical equipmnet wholesaler can get as much as $1Mil , a hardware store only able to get $50K. Now, you can be a consultant with client's revenuews of $25 Mil, but what are your revenues is the question here. Usually your personal lines is the guiding light to issue you a business line. You can expect favorable lines if your income level supports it. But if your personal lines are higher then business, perhaps you can call and ask to CLI. Another solution may be to put more cash through your consulting business bank account and then the bank you have the checking with will offer you a higher line. This is guaranteed. at least that is what we do at my bank. Good luck.