Corporate loan and personal credit question.. .
11-15-2012 08:27 PM
If I get a business loan to purchase a piece of equipment for my families corporation will this affect my personal credit? I plan to get a mortgage in the next 9 months and I don't want to do anything to jeopardize my chances, but I also would like to invest in some new equipment.
Current Score: FICO EQ602-TU640-EX664
Goal Score: 750
Wallet: Cap One Rew. $1500, Cap One Plat. $1500, Barclay $2200, Old Navy $1450, Orchard Plat. $1000, Credit One $1300, BoA $2500
Take the FICO Fitness Challenge
Re: Corporate loan and personal credit question.. .
11-16-2012 03:51 PM
Most credit items like biz LOCs and biz loans won't report on your personal accounts, but a rare few will. Definitely worth asking them. There'll be an inquiry though; you can always explain that easily w/ your lender-to-be.
Re: Corporate loan and personal credit question.. .
11-21-2012 03:22 PM
It really depends on how you will be purchasing the equipment.. A loan though the dealer or on a company credit card.. Most direct loans shouldn't report but you would want to check and a lot more credit card companies are reporting.
