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bennew11
Posts: 2
Registered: ‎08-30-2012
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Which Business Credit Cards DO NOT report to the personal credit profile?

I heard that Capital One's Spark Business Card DOES report. Are there any Biz CC's that do not report to the personal credit profile?

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Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?


bennew11 wrote:

I heard that Capital One's Spark Business Card DOES report. Are there any Biz CC's that do not report to the personal credit profile?


Chase

Amex

Walmart

Sams

Bank of American I believe

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applebottom
Posts: 10
Registered: ‎04-15-2008
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?

Bank of America does't report to your personal but they do pull your persoal file for approve. Start with generous credit line. Got 5000 initial on mybusiness  reward visa and they just up me to 8000. 10,000 on my Platimun Mastercard.

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SSH0126
Posts: 332
Registered: ‎02-22-2009
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?

For what reason's would anyone not want business credit to report on their personal credit profile? 

 

 

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?


SSH0126 wrote:

For what reason's would anyone not want business credit to report on their personal credit profile? 

 

 


Negative impact due to the new credit, potential impact to AAoA, problems with util if carrying balances for your biz due to cash flow, etc.

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SSH0126
Posts: 332
Registered: ‎02-22-2009
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?

OKay so why would anyone want to carry a balance. I guess some business owners  chose credit cards over loans? but debt is debt especially if you are not really paying it down and only paying the min. It never even crossed my mind about people being able to not afford to pay off their balances ( dwn to 10% or bleow)...HMMM doing the opposite with business than personal. 

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?

I think they are similar. Someone with a personal CC doesn't want to carry a balance just as much a biz with a biz CC. Why do most Americans carry a CC balance month to month? Because they over extended themselves and/or got themselves in a position where they can't pay it (e.g. life event like a job loss, etc.). Or maybe the cost of a couple-few hundred in interest each month is worth the price in carrying debt. No different in business. Maybe you need to float the cost of this or that temporarily and can't afford to pay it off at once. The only difference would be the allowable interest deduction for biz.

 

CCs are much easier than loans. App for a CC in 10 minutes and you're done. App for a loan and it'll take a half-day for the app alone, not to mention the financial you need to usually provide like P&L, balance sheet, statement of cash flows, etc.

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SSH0126
Posts: 332
Registered: ‎02-22-2009
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?

Wow you really put that all in perspective for me. Thanks. So you can claim the intrest on a business card on your taxes as a deduction? 

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?


SSH0126 wrote:

Wow you really put that all in perspective for me. Thanks. So you can claim the intrest on a business card on your taxes as a deduction? 


Yes, including loans, LOCs, etc.

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compassion101
Posts: 644
Registered: ‎06-06-2012
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Re: Which Business Credit Cards DO NOT report to the personal credit profile?


SSH0126 wrote:

Wow you really put that all in perspective for me. Thanks. So you can claim the intrest on a business card on your taxes as a deduction? 


As Llecs mentioned, yes you can. There are many tax advantages with a business.

 

The float on a credit card can be a big deal, too. For example, say your statement cuts on oct 1 and you PIF and plan a major purchase for oct 2. The next statement cuts on nov 1, but the balance is not due till maybe nov 25. You have basically set up an interest free loan for 7 weeks. Now imagine you have 2 business cards and try to space them apart so the other statement cuts toward the middle of the month.

 

In the meantime, if these balances are reporting to your personal CR, your util may go way up, which could be a concern when your accounts get softed and/or could bring your FICO down lower than you'd like it. 

 

 

 


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