Business Credit

[hpertrain]

Someone please settle a bet between my wife and I.  I have 2 LLC businesses and thinking about obtaining some business credit cards. I know you have to have a decent score to get a card but the account is not on your personal credit score. Am I not correct in this?? Thx

[Anonymous]

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hpertrain wrote:

Someone please settle a bet between my wife and I.  I have 2 LLC businesses and thinking about obtaining some business credit cards. I know you have to have a decent score to get a card but the account is not on your personal credit score. Am I not correct in this?? Thx

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Unless you have a DNB credit report, most creditors ask for a personal guarante which means they pull your credit report to qual you.  If anything goes wrong that is also added to your CR.

[hpertrain]

Thank Brammy. I realize they pull your personal prior to applying, but what do you mean if

anything goes wrong? Wrong such as lates?Thanks

[Anonymous]

I'mgoing to see if I can do somesnooping and get you a reasonable list of which do an don't report on your personal credit.  I think you can be reasonably safe to assume that if it does not ask for you EIN, it will report on your personal credit.  Cap One reports all business credit on personal credit reports.

[Tuscani]

PM me your e-mail and I will send you some info regarding business credit.

[CreditDrama85]

that is correct. i had an amex corporate card that did not report on my credit for years, and just as soon as i ran into financial difficulty they reported a charge-off on my personal credit. i am still disputing this! it just doesn't seem right.

[GregB]

I have a Sole-Proprietership with a Amex LOC and Business credit card. These do not show on personal credit report. I have two LLC with business cards from Advanta. These do not show on personal credit report either. Amex does soft pulls on credit regularly and adjusted my limit several times when some of my soon-to-be-ex's stuff appered on my report. They did NOT adjust it back up when I fixed the errors and have refused to do so.

[George2037]

I just found by accident that my business from 10 years ago had it's own Business Credit Report (D&B, Experian, Equifax).  Aparently it's REALLY REALLY good credit.   Google business credit or check out D&B Small Business Solutions.

I have been thinking of going back into business for myself and looking at options for Business loans, then I found that lenders are knocking at my door because of my Company's Long Great History.  Well it looks like I'll be using the same Company/ Name I closed up 3 years ago     

[Red1Blue]

I have a small buiness too. I went through the same phase. You might want to contact www.b2bcredit.com They establish business credit with out personal guarantee. I have very good success with them. Their fee is very low and results are very good.

[Anonymous]

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hpertrain wrote:

Thank Brammy. I realize they pull your personal prior to applying, but what do you mean if

anything goes wrong? Wrong such as lates?Thanks

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Yes late payments and such.  You cannot protect your personal assets from business failure if your offer a PG.