topic Re: Best way to build business credit with a cc in Business Credit

Best way to build business credit with a cc

Swapmeet — Tue, 04 Feb 2014 01:46:03 GMT

I am trying to decide the best way to handle my new simply cash card. Is it better to keep a balance and make on time payments, or should I pay in full before the statement cuts?

Re: Best way to build business credit with a cc

Creditaddict — Tue, 04 Feb 2014 06:05:55 GMT

@Swapmeet wrote:
I am trying to decide the best way to handle my new simply cash card. Is it better to keep a balance and make on time payments, or should I pay in full before the statement cuts?

I don't think you need to pay before statement since it doesn't report to your personal credit but I would always PIF if you can once the statement comes.

Re: Best way to build business credit with a cc

Anonymous — Tue, 04 Feb 2014 13:23:36 GMT

@Swapmeet wrote:
I am trying to decide the best way to handle my new simply cash card. Is it better to keep a balance and make on time payments, or should I pay in full before the statement cuts?

I have two business CCs and never worry about paying before the statement date, since the cards don't report to personal.

Also, since many small business CCs are PG, I expect that what happens on personal may affect your long-term business CC prospects.

Re: Best way to build business credit with a cc

Swapmeet — Tue, 04 Feb 2014 23:42:05 GMT

I was just thinking that if I carried a balance and made payments each month, it would create a positive payment history.

Re: Best way to build business credit with a cc

Creditaddict — Tue, 04 Feb 2014 23:44:33 GMT

@Swapmeet wrote:
I was just thinking that if I carried a balance and made payments each month, it would create a positive payment history.

been a while since I tracked business credit but it use to show how long you take to pay like on net 30 and stuff... the longer you take the more it counts against you even if within those 30 days... I don't think it tracks quite as well util. but debt is debt and if you are not paying it in full that isn't building a better payment history, that's showing more issues with paying in full just like with personal credit... you still build the paying history with PIF... why pay interest.

Re: Best way to build business credit with a cc

Swapmeet — Wed, 05 Feb 2014 00:17:39 GMT

I was never planning on paying interest bro, there is a 0% for a year or whatever.

Re: Best way to build business credit with a cc

Creditaddict — Wed, 05 Feb 2014 00:21:05 GMT

the 3x CLI at 61 days would be of more interest to me than carrying balance for possible credit building...

im unsure how the business credit reporting works for balances like I said but I would lean towards still better to PIf if you can.

Re: Best way to build business credit with a cc

myjourney — Wed, 05 Feb 2014 18:11:08 GMT

@Swapmeet wrote:
I was just thinking that if I carried a balance and made payments each month, it would create a positive payment history.

As long as you use them every month (activity) you'll build positive history.

They will report monthly due to your usage

Re: Best way to build business credit with a cc

Swapmeet — Thu, 06 Feb 2014 02:14:37 GMT

@myjourney wrote:
@Swapmeet wrote:
I was just thinking that if I carried a balance and made payments each month, it would create a positive payment history.
As long as you use them every month (activity) you'll build positive history.
They will report monthly due to your usage

So you are saying that if I use them every month and pif before the statement cuts, amex will report, or are you saying that I should let a balance report, then pif before the due date?

Re: Best way to build business credit with a cc

myjourney — Thu, 06 Feb 2014 03:16:37 GMT

@Swapmeet wrote:
@myjourney wrote:
@Swapmeet wrote:
I was just thinking that if I carried a balance and made payments each month, it would create a positive payment history.
As long as you use them every month (activity) you'll build positive history.
They will report monthly due to your usage
So you are saying that if I use them every month and pif before the statement cuts, amex will report, or are you saying that I should let a balance report, then pif before the due date?

Lol

Don't feel bad it took awhile for me to figure out because I was programed to watch UTL, PIF, 1-9% on personal credit

The business breakdown is:

Unlike personal credit forget about UTL, 1-9% PIF before statement cut on business cards unless you're seeking new cards

From now on use them wait for statement cut and PIF or pay before statement but either way you do it ....it will still report monthly to business CR's

Re: Best way to build business credit with a cc

Swapmeet — Thu, 06 Feb 2014 05:52:02 GMT

Right on, thanks for clarifying.