Hey guys. Love the forum. Thanks for the knowledge and insight! My issue is, I'm 24 years old.. with poor personal credit (570) and currently rehabbing 2 student loans that defaulted. I have 2 personal credit cards that are both up to date.
I want to establish business credit. I keep a 15k+ balance in my businesss account and make decent money weekly.. I want to establish a biz credit line there somehow , It's a chase business account and Ive had a chase personal credit card in the past (college) and it got charged off but then settled for less..
What can I do to get myself going?
Starting Score: 506 Current Score: 720 Goal Score: 800
What kind of biz does your husband have? How long has it been operating?
But regardless, assuming he has a business that has vendors that may report him, check Equifax Small Biz and Experian Small Biz and Dunn and Bradstreet and see if he has any vendors reporting. It's not hard to do. Go to the sites in question and type the info to look up his company. If something is there, make the investment to find out what and who it is. See who isn't reporting and do requests to report through the site. D&B is very good for that.
If he doesn't have any vendors reporting, you need to see if any will. That's the only way to generate a buisness credit score.
But regardless despite what you might read, creditors will always look at personal credit for any card or loan worth getting. I have yet to come across any that don't look at personal credit as a huge part of the application.
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!