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New Contributor
mustangy
Posts: 90
Registered: ‎11-06-2012
0

co signer to own sole corparation ??

If i ll be co signer to my own corporation

is loan will show up in my credit history or only in corporation history ?

after loan applying to credit card Amex blue should i ll be co signer again ? really confused now

any offer Credit monitoring for all 3 bureaus both me and corporation  ?

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k
Mega Contributor
RobertEG
Posts: 18,431
Registered: ‎03-19-2007
0

Re: co signer to own sole corparation ??

The FCRA applies to a "consumer," which is defined in section 603(c) as an "individual," as opposed to the broader category of "persons," which expands scope to an "individual, partnership, corporation, trust.....,"  etc.

Consumer reports, as set forth in section 603(d), apply only to consumers.

 

If you co-sign with individual liability, you would, in my opinion, be assuming debt as a consumer, and thus subject to credit reporting under the FCRA, as well as its protections.

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

Re: co signer to own sole corparation ??

[ Edited ]

mustangy wrote:

If i ll be co signer to my own corporation

is loan will show up in my credit history or only in corporation history ?

after loan applying to credit card Amex blue should i ll be co signer again ? really confused now

any offer Credit monitoring for all 3 bureaus both me and corporation  ?


If the corporation takes a loan, and you are a co-signer (aka personal guarantor (PG)), then YMMV as to whether or not it reports to personal CRs based on the lender. Most only report to biz CRs (e.g. DnB, Experian Biz, etc.). Some only report to personal CRs if you PG the loan and you default. And yet others will report to your CRs no matter what, though there's not too many that do. YMMV on the lender. Typically biz CCs only report to personal reports, and there aren't too many of them out there.

 

Are you asking if you should co-sign on a biz Amex Blue? I don't keep tabs on Amex's biz offerings, but I'm not too sure they offer a biz Blue. Could be wrong though. Amex does require PG on all of their biz products.

 

Biz credit monitoring isn't like personal. Totally different. There are maybe one or two products out there that do monitor your biz credit though. For sure DnB offers an alert service. I subscribe to it and get alerts from time to time. It just gets too dang expensive on the biz side (hundreds each year).

 

BTW, moving this to biz credit.

New Contributor
mustangy
Posts: 90
Registered: ‎11-06-2012
0

Re: co signer to own sole corparation ??

thank you  robertEG and Thank you for awesome explaination llec

llec yes you right no blue amex biz but they do have variants much better rewards so i ll try one them and reporting it to personal account also is a plus for me

so now waiting the lenders answer then i ll run my score over amexsecure go for amex biz reward cards PG is plus for me cuz biz is just established

 

and will ask to lender can they report it both biz and personal credit report will see ?

will write here the result asap

 

Thanks guy you are life saver :smileyhappy:

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k
New Contributor
Project17
Posts: 132
Registered: ‎11-21-2012
0

Re: co signer to own sole corparation ??

If memory serves me correct AMEX doesn't report to personal.. Consumer protection laws won't apply to a biz card even when PGing it .. That seems like BS if you ask me, so many "biz" cards are nothing more then a personal card with a business name on it. A lot could care less about your business credit just your personal.

Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012
0

Re: co signer to own sole corporation ??

So far AMEX has not reported my three business cards to my personal line. Chase has not reported my Ink card to my personal line but I did have to sign a PG for all of them. All showed as a hard pull for application. 

Project17 I agree, my business cards are nothing more than personal cards with the business name on them... but then again who cares as long as I have access to the credit I need to run my business. AMEX and Chase did seem to care about my gross sales and profits but after the initial hurdle no worries. 

It's worth noting that it seems easier to get CLI on the business cards. Based on the volume of spend they are seeing and the PIF before statement posts I have never been turned down for a request to raise a limit - even for a "special circumstance" need. My AMEX business gold has a higher ceiling than my personal gold as I called to discuss a large purchase and asked them to review both cards, yes on business and no on personal. 

And yes, I freely use my personal cards for business if needed. I simply pay that portion of the bill from the business checking. Credit is a tool for business and I treat it like one. 

New Contributor
mustangy
Posts: 90
Registered: ‎11-06-2012
0

Re: co signer to own sole corporation ??

thanks for all answers I have only 2 credit cards now and will go another 2 personal and 2 for business

 

Before my auto loan isntalls want to go for

 

Amex blue cash and chase freedom for personal

Amex simply cash and chase ink cash for biz

 

is it to bad to apply in same time i have 2 hard in trans union and 2 on experian score was about 721 Fico pulled by auto lender

 

how to manage this for best approvals and CLI's

 

Thanks for all advises already

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k
New Contributor
mustangy
Posts: 90
Registered: ‎11-06-2012
0

Re: co signer to own sole corporation ??

starting posistion

Boa mastercard 5k

Boa visa signature 5k

closed cap one $750 (still reporting i did called multiple times cant stop them irggh)

closed Hsbc mastercard1k

 

my car loan is about 80k and will install next week

i been screwed on rate i decided to go for credit card

and have incorporated on my name

 

here is the applications i did today

 

Chase ink busines  :denied

chase freedom : 5k  after recon (online denied)

discover :denied for busines (never go for this again)

capital one busines spark : 2k

Amex BCE  :13.5                                     (do not report limit sucks)

Boa : Visa signature CLI  5k -> 15k      (do not report limit sucks)

 

any other offers specially for business card to improve total credit limit its look like on my credit report still i have 15k :smileysad: and I buy about 4k gas and 6k spends every months

after my car loan instalment I wont touch to my credit for 3 years

 

 

 

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k

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