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Might WF/Citi blacklist from old CO affect business opportunity?

Sorry this is a little long...

 

Back in 2008-2009, thanks to a series of poor choices and unfortunate events, I got pulled into a negative credit vortex and ended up with a bushel of major derogs (late payments, collections and charge offs).  Two of the charge offs were from Citi and Wells Fargo.   Scores were 510/503/496.

 

I was able to stave off BK, and over the past four plus years I’ve worked my butt off to get my credit back to respectability.  It’s been a long road, but I finally see the light at the end of the tunnel.  In the past year, I’ve been able to refinance my house, get a new car (tier 1) and most of the cards in my siggy.  Scores are now in the 700’s…

 

One lingering baddie remains on my report…an old paid charge off from Wells Fargo from 2008 scheduled to fall off next year.  The high balance was $1800; I settled for $1000.  This was settled back in early 2010.  The other CO (paid) from Citibank fell off my report late last year.

 

Fast forward to today, I have a wonderful and unique opportunity to become a partner with a minority share in the company for which I work.  So what’s the problem?  The vast majority of our business accounts, credit cards and LOC are with…you guessed it…Wells Fargo and Citibank.

 

So now I’m concerned that my previous burning of Wells Fargo and Citi could come back to haunt me and potentially jeopardize my future.  Will I be able to hold a WF/Citi business credit card, access a LOC, etc, etc…. The good news is my boss/owner of the company knows about my past credit struggles and has given me some great advice (he went through a BK in the 80’s).  Although I never got into specifics on who I burned so I’ll need to fill him in on that.

 

Anyway my questions are:

  1.  Does WF blacklist?  If so for how long?  Citi?
  2. Do they separate business accounts from personal accounts?  Can one hold a business cards/LOC even while having a negative personal mark?
  3.  Should I try to talk to Wells Fargo/Citi?  If so, what would I say?
  4. Should I try to re-establish a relationship with one or both (i.e. secured card; checking account)?

Nothing is happening for about a year, by which time the charge off may fall off my CR.  But both Wells Fargo and Citi obviously maintain internal records.  I’d rather deal with this situation now vs. having things pop up and potentially damage my business relationship a year from now.

 

Any advice would be appreciated.

 

Thx!

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Re: Might WF/Citi blacklist from old CO affect business opportunity?

Shameless bump! :smileywink:

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Re: Might WF/Citi blacklist from old CO affect business opportunity?

Question for you: Just because the company uses those cards, does that mean that will affect you? Do you have to use these companies to app for things? I ask this because, what is holding you back from say getting a Chase/Amex business card? (Sorry, not very well business credit versed.) On a side note: Maybe this is better to be in the business credit forum.. you might get a better assortment of readers there.
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Re: Might WF/Citi blacklist from old CO affect business opportunity?

I got back in with Citi in a roundabout way. I had two accounts settle for less than owed back in 2005-2006. Two years ago I got a Tractor Supply card followed by an Exxon/Mobile card. Last month I was able to get a CTY with a $5000 limit.


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Re: Might WF/Citi blacklist from old CO affect business opportunity?


KennyRS wrote:
Question for you: Just because the company uses those cards, does that mean that will affect you? Do you have to use these companies to app for things? I ask this because, what is holding you back from say getting a Chase/Amex business card? (Sorry, not very well business credit versed.) On a side note: Maybe this is better to be in the business credit forum.. you might get a better assortment of readers there.

Well the problem is we are very entangled with both banks, especially Wells Fargo.  Loans, LOC's, credit cards, payroll checks, etc. To move all of our accounts would be a huge inconvenience, and frankly I cannot ask my boss to do all that extra work just for me.  And being a partner, at some point I will have to put my name on some of these accounts (hence the problem).   I do like your idea about just getting a separate credit card (i.e. Chase Ink or US Bank Edge).

 

I will post this question on the business forum...thanks Kenny!

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Re: Might WF/Citi blacklist from old CO affect business opportunity?


obageegee wrote:

I got back in with Citi in a roundabout way. I had two accounts settle for less than owed back in 2005-2006. Two years ago I got a Tractor Supply card followed by an Exxon/Mobile card. Last month I was able to get a CTY with a $5000 limit.


Interesting...so maybe a co-branded card (i.e. Home Depot)?

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Re: Might WF/Citi blacklist from old CO affect business opportunity?


Dw4250 wrote:

obageegee wrote:

I got back in with Citi in a roundabout way. I had two accounts settle for less than owed back in 2005-2006. Two years ago I got a Tractor Supply card followed by an Exxon/Mobile card. Last month I was able to get a CTY with a $5000 limit.


Interesting...so maybe a co-branded card (i.e. Home Depot)?


Anecdotally they're significantly easier to get than the mainline Citi cards (listed on Citi website).

Citi AA VS - 10k - 12.24% - 6/12 ~ Chase Ink+ WEMC - 5k - 10.24% - 7/12 ~ Chase Freedom VS - 5k - 12.99% - 2/13 ~ Chase Hyatt VS - 5k - 15.24% - 6/13 ~ Amex Hilton - 5.8k -12.24% - 8/13 ~ Chase IHG WMC - 3k - 15.24% - 1/14 ~ Chase Ink$ VS - 5k - 13.24% - 5/14 ~ NFCU $ VS - 14k - 9.65% - 12/14 ~ Citi AA WEMC - 2.9k - 13.99% - 12/14
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Re: Might WF/Citi blacklist from old CO affect business opportunity?

Your minority percentage in the company is going to factor what role your credit/past relationships with the lenders will be. In most cases partners under 20% are not required to PG or sign loan docs so it shouldn't be an issue if you're under. If you're over then the strength of the business and the profitability of the relationship with said lender will determine whether they will make a fuss about it. For credit cards, you can be given one as an employee and since you will not give a personal guarantee  there is no chance of you personally burning them again so they won't blacklist you.

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