Reply
Regular Contributor
Posts: 242
Registered: ‎02-22-2012
0

Corporate loan and personal credit question...

If I get a business loan to purchase a piece of equipment for my families corporation will this affect my personal credit? I plan to get a mortgage in the next 9 months and I don't want to do anything to jeopardize my chances, but I also would like to invest in some new equipment.

Current Score: FICO EQ660-TU671-EX681
Wallet: Cap One Rew. $3500, Cap One Plat. $2250, Barclay $3000, Old Navy Visa $2500, HSBC $2000, Credit One $2500, BoA $3000, Chase Freedom $1500, Slate $900, Wal-Mart Discover $2500-STORE CARDS: Amazon $3100, Lowes $2000, Kay's $7600
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Corporate loan and personal credit question...

Most credit items like biz LOCs and biz loans won't report on your personal accounts, but a rare few will. Definitely worth asking them. There'll be an inquiry though; you can always explain that easily w/ your lender-to-be.

New Contributor
Posts: 132
Registered: ‎11-21-2012
0

Re: Corporate loan and personal credit question...

It really depends on how you will be purchasing the equipment.. A loan though the dealer or on a company credit card.. Most direct loans shouldn't report but you would want to check and a lot more credit card companies are reporting.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.