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Established Contributor
compassion101
Posts: 570
Registered: ‎06-06-2012

Question on PGs and reporting

Say I own (or co-own) a small corporation and give a PG to apply for company credit card, but the bank doesn't report the TL to my personal credit. If I have 2nd startup corporation and need to PG for credit, would the bank know (and consider negatively) that I am already PGing for the first company? If so how will they know (assuming different banks).  

 

 

 

 

 

Mega Contributor
Creditaddict
Posts: 18,840
Registered: ‎10-23-2007

Re: Question on PGs and reporting


compassion101 wrote:

Say I own (or co-own) a small corporation and give a PG to apply for company credit card, but the bank doesn't report the TL to my personal credit. If I have 2nd startup corporation and need to PG for credit, would the bank know (and consider negatively) that I am already PGing for the first company? If so how will they know (assuming different banks).  

 



As long as Bank "A" does not report the TL to PG unless default bank "B" wont know as long as it is a different bank and it is a different company and different Tax ID

It's not that big of a deal though, probably could even get another card with "A" if your credit is good enough and it is a seperate business with its on Tax ID #.

I have seen multiple owners both carrying the same card with say "Chase" for same compnay because they are each PG'ing the card themselves.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Contributor
compassion101
Posts: 570
Registered: ‎06-06-2012

Re: Question on PGs and reporting


Creditaddict wrote:

compassion101 wrote:

Say I own (or co-own) a small corporation and give a PG to apply for company credit card, but the bank doesn't report the TL to my personal credit. If I have 2nd startup corporation and need to PG for credit, would the bank know (and consider negatively) that I am already PGing for the first company? If so how will they know (assuming different banks).  

 



As long as Bank "A" does not report the TL to PG unless default bank "B" wont know as long as it is a different bank and it is a different company and different Tax ID

It's not that big of a deal though, probably could even get another card with "A" if your credit is good enough and it is a seperate business with its on Tax ID #.

I have seen multiple owners both carrying the same card with say "Chase" for same compnay because they are each PG'ing the card themselves.


What if the util on the initial company is high though? That's my basic worry. Personal util is fairly low.

Mega Contributor
Creditaddict
Posts: 18,840
Registered: ‎10-23-2007

Re: Question on PGs and reporting


compassion101 wrote:

Creditaddict wrote:

compassion101 wrote:

Say I own (or co-own) a small corporation and give a PG to apply for company credit card, but the bank doesn't report the TL to my personal credit. If I have 2nd startup corporation and need to PG for credit, would the bank know (and consider negatively) that I am already PGing for the first company? If so how will they know (assuming different banks).  

 



As long as Bank "A" does not report the TL to PG unless default bank "B" wont know as long as it is a different bank and it is a different company and different Tax ID

It's not that big of a deal though, probably could even get another card with "A" if your credit is good enough and it is a seperate business with its on Tax ID #.

I have seen multiple owners both carrying the same card with say "Chase" for same compnay because they are each PG'ing the card themselves.


What if the util on the initial company is high though? That's my basic worry. Personal util is fairly low.


If utiliti is high on Bank A but it's a non reporting business Credit Card and you go and apply for Bank B with a different company and tax ID, they would not see that.  The only way that "Might" be a problem is if you go to same bank and try to get another business card in this other business name, they might be looking a little bit more at issueing more credit to another company based on debt of the other but depending on your personal credit, it might breeze right through because again they are basing the decision completely on your personal credit. (in this case, I don't need a list of what cards or banks would consider more then just your credit :smileytongue: )

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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