topic Re: Applying for business credit and the effects on personal inquires? in Business Credit

Applying for business credit and the effects on personal inquires?

Anonymous — Fri, 03 May 2019 00:34:09 GMT

I plan to apply for 2 business credit cards and as the personal guarantor on the business cards, I will take 2 HPs on my personal credit. I plan to apply for 2 to 3 personal cards, and I am wondering how creditors will see this as, when my fico falls some? Will they assume that I am just applying for too much credit, since I will already have 2 HPs?

Re: Applying for business credit and the effects on personal inquires?

Anonymous — Fri, 03 May 2019 00:46:01 GMT

Some lenders are inquiry sensitive. More are new account sensitive however, from my experience.

Since most business cards do not report to personal credit, you shouldn’t have to worry much about the new account side of things.

Generally speaking, if you want to be safest, apply for the personal cards first, then apply for the business cards.

Re: Applying for business credit and the effects on personal inquires?

SouthJamaica — Fri, 03 May 2019 03:20:50 GMT

@Anonymous wrote:
I plan to apply for 2 business credit cards and as the personal guarantor on the business cards, I will take 2 HPs on my personal credit. I plan to apply for 2 to 3 personal cards, and I am wondering how creditors will see this as, when my fico falls some? Will they assume that I am just applying for too much credit, since I will already have 2 HPs?

To them, an inquiry is an inquiry. So the more hard pulls you have, the worse it is.

Re: Applying for business credit and the effects on personal inquires?

Anonymous — Fri, 03 May 2019 17:24:55 GMT

@SouthJamaica wrote:
@Anonymous wrote:
I plan to apply for 2 business credit cards and as the personal guarantor on the business cards, I will take 2 HPs on my personal credit. I plan to apply for 2 to 3 personal cards, and I am wondering how creditors will see this as, when my fico falls some? Will they assume that I am just applying for too much credit, since I will already have 2 HPs?
To them, an inquiry is an inquiry. So the more hard pulls you have, the worse it is.

I agree with you on this thats why I was wondering which route to go 1st personal or business.

Re: Applying for business credit and the effects on personal inquires?

dragontears — Fri, 03 May 2019 18:11:47 GMT

Go for the card(s) you want the most first

Re: Applying for business credit and the effects on personal inquires?

credit_is_crack — Sat, 04 May 2019 21:18:06 GMT

The age and density of your profile will determine how much inquiries impact you

thinner file, inquiries can hurt more
thicker file, inquiries can be almost irrelevant

I have about 25 inq from all 3 CRA's combined. I've also applied for 7 cards in the last 60 days (5 personal and 2 business) -- all approved

Bank of America (biz)
PNC Bank
Synovus Bank
US Bank
Wells Fargo (biz)
Amex
BB&T

As my inq's and new accounts go up I see the initial APR go up as well. If you're financing on cards that something to consider (slow and steady), but if your a PIF kinda user then APR is nothing