Too Much Business Credit?

Anonymous · ‎03-11-2015

I know that it looks bad on your personal credit report if you apply for too many credit cards. Is that the same with business credit?

Creditaddict · ‎03-11-2015

@Anonymous wrote:
I know that it looks bad on your personal credit report if you apply for too many credit cards. Is that the same with business credit?

No

silver_idle · ‎03-11-2015

@Anonymous wrote:
I know that it looks bad on your personal credit report if you apply for too many credit cards. Is that the same with business credit?

To many inquiries in a short amount of time may rise a flag, but having to much business credit wouldnt cause harm on a business report.

peaceonearth · ‎03-11-2015

Your Business credit report will show when, and how many (inquiries) times you applied for credit this will be visible to every creditor that pull your C report; of course that depends on the creditors and how they'll decide.

Business credit is never instant approval therefor, most creditors won't consider granting you a business credit without a Personal Guaranty! This will definitely look bad on your personal credit report.

If you are a solid big Corporation with Million dollars annual income then, inquiries won't matter but for a small business with a couple hundred thousand dollars income YES inquiries do matter, specially if you PG the loan; they may not approve your loan due to many inquiries, lines of credit the score of course etc..

Anonymous · ‎03-11-2015

Thanks everyone for your replies.

No, I definitely don't have a large corporation. In fact, I only incorporated last Dec. 24.

I applied to 11 different NET 30s and revolving accounts since March 4: Uline, Reliable, Quill, Printcountry, Grainger, Walmart, Chevron, Global Industrial, Office Depot, Chase Ink, Capital One Spark, and Amex Business Gold. I got approved for all of them except for Chase Ink, Amex Gold and Global Industrial.

This was in the midst of me applying and getting approved for 3 personal credit cards. I went crazy with applying and it shows on my credit score. 627 TU and 615 EQ.

I've already made purchases with 3 of my accounts through NET 30 and will continue to do so with all for the next several months to build my business credit history. I'm aiming for a Paydex score of 80 or better.

I had applied for several personal credit cards because I needed the money for inventory because I'm in ecommerce. Bad idea, I know. After getting approved for small amounts, I started researching business credit and went on an app spree for net 30s to start building my business credit profile. I had received my DUN number for free the day after I applied for it in January.

I made the mistake of applying for Chase Ink and Amex Business Gold because I didn't realize until after the fact that I needed an excellent credit score.