Reply
New Visitor
Posts: 2
Registered: ‎08-30-2012
0

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?

Epic Contributor
Posts: 23,799
Registered: ‎10-23-2007
0

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

Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
Member
Posts: 10
Registered: ‎04-15-2008
0

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.

Frequent Contributor
Posts: 332
Registered: ‎02-22-2009
0

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? 

 

 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Frequent Contributor
Posts: 332
Registered: ‎02-22-2009
0

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. 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Frequent Contributor
Posts: 332
Registered: ‎02-22-2009
0

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? 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Established Contributor
Posts: 667
Registered: ‎06-06-2012
0

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. 

 

 

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.