topic Re: Re-build-Business Credit in Business Credit

Re-build-Business Credit

Anonymous — Sun, 06 Jul 2014 19:20:51 GMT

This poster is related to username Maharshi but did not want to use two names accounts with same IP; unless mods suggest otherwise.

I remember a time when my husband just had a small business he did out of home and all major banks were extending credit like crazy. All these were on EIN that i used then but now have withdrawn from it. The EIN was on a Corp filed in Texas which was withdrawn in 2011. Business tax returns were never filed. Only Schedule C returns.

i had the following credit cards from 2005 belonging to/or from the same Corp EIN;

Capital One Business MasterCard -Limit $5000-went to lawsuit DOFD 6/2008; not on personal report

Capital One Biz Line of Credit-Limit $11,000-went to Lawsuit/DOFD6/2008; not on personal credit report
Capital One Personal Line of Credit-$5000 went to Lawsuit/DOFD 6/2008-on personal credit report-will be removed 6/2015

CitBank Advantage MasterCard-Limit-$15,000;Defaulted- Never ever Contacted me- had old biz address never found me, have no idea whats happened.
US Bank- Limit $7500 increased to $11,000- agreed to be on both personal and biz reports-showing on Personal Report-DOFD- 4/2008

Amex Delta gold Card- $14,500-removed from Personal Credit report 04/2014
Small Biz Micro-Economic Community Loan-Limit $5000- Paid as Agreed- 6 years of on-time payment history.

The business went down completely in 2008 and i surrendered/lawsuit on each of these abovesaid cards and their seven and half years were up in 2014/2015.

In 2014 he is in the very same business with a good enough income to show/demonstrate on paper now & thinking of re-building business credit.
what exactly do you do differently than what would be otherwise doing for personal credits.

Looking for suggestions on re-building. Does his small biz Micro- Economic Community Loan within good terms but under a different EIN still be good.

His business in 2014 is a simple DBA with no Corp/LLC with 2 employees only and $80k in gross revenue filing Schedule C tax returns for 2013/2012. Has a business checking/savings account under dba for the last 2 years.

Looking on suggestions of building back Business Credit.

Re: Re-build-Business Credit

Creditaddict — Mon, 07 Jul 2014 04:31:52 GMT

@Anonymous wrote:
This poster is related to username Maharshi but did not want to use two names accounts with same IP; unless mods suggest otherwise.

I remember a time when my husband just had a small business he did out of home and all major banks were extending credit like crazy. All these were on EIN that i used then but now have withdrawn from it. The EIN was on a Corp filed in Texas which was withdrawn in 2011. Business tax returns were never filed. Only Schedule C returns.
i had the following credit cards from 2005 belonging to/or from the same Corp EIN;

Capital One Business MasterCard -Limit $5000-went to lawsuit DOFD 6/2008; not on personal report
Capital One Biz Line of Credit-Limit $11,000-went to Lawsuit/DOFD6/2008; not on personal credit report
Capital One Personal Line of Credit-$5000 went to Lawsuit/DOFD 6/2008-on personal credit report-will be removed 6/2015
CitBank Advantage MasterCard-Limit-$15,000;Defaulted- Never ever Contacted me- had old biz address never found me, have no idea whats happened.
US Bank- Limit $7500 increased to $11,000- agreed to be on both personal and biz reports-showing on Personal Report-DOFD- 4/2008
Amex Delta gold Card- $14,500-removed from Personal Credit report 04/2014
Small Biz Micro-Economic Community Loan-Limit $5000- Paid as Agreed- 6 years of on-time payment history.

The business went down completely in 2008 and i surrendered/lawsuit on each of these abovesaid cards and their seven and half years were up in 2014/2015.

In 2014 he is in the very same business with a good enough income to show/demonstrate on paper now & thinking of re-building business credit.
what exactly do you do differently than what would be otherwise doing for personal credits.

Looking for suggestions on re-building. Does his small biz Micro- Economic Community Loan within good terms but under a different EIN still be good.
His business in 2014 is a simple DBA with no Corp/LLC with 2 employees only and $80k in gross revenue filing Schedule C tax returns for 2013/2012. Has a business checking/savings account under dba for the last 2 years.

Looking on suggestions of building back Business Credit.

I would go this route with the 1 loan already established.

Re: Re-build-Business Credit

Anonymous — Mon, 07 Jul 2014 06:24:49 GMT

i would go this route?

didnt quite understand. can you explain which route you are suggesting? what i should do?

get a different EIN? i have a different EIN now. Do i just call the bank i had good loan with and have them report to the new EIN? they already they wont do that.

what happens when the one good Paying as agreed happens to be on the old EIN

Re: Re-build-Business Credit

Creditaddict — Mon, 07 Jul 2014 15:20:25 GMT

@Anonymous wrote:
i would go this route?

didnt quite understand. can you explain which route you are suggesting? what i should do?
get a different EIN? i have a different EIN now. Do i just call the bank i had good loan with and have them report to the new EIN? they already they wont do that.
what happens when the one good Paying as agreed happens to be on the old EIN

if they won't change the EIN on the loan than you cant do anything... I thought you said the loan was on a new EIN already, I was saying just continue to use that new EIN.

Otherwise the past of getting credit with just an EIN is slim to none these days because of all of what happened with millions just like you.

You will need to PG new credit almost completely so the EIN won't matter to much as far as rather it has the good loan or not... just start using your new one

Re: Re-build-Business Credit

Anonymous — Mon, 07 Jul 2014 17:41:47 GMT

i was thinking if there was a way to show banks/Loan Officers my past on time payments with a micro-loan of $5000 and be able to get approved for a business mastercard/visa/amex/line of credit. Is it worth mentioning or just let them evaluate based on last 3 yrs of tax returns/Profit-Loss Stmts;

I have defaulted in the past on business lines of credit/MC/Visa/Amex from 2008 and wondering if even bothering to show this micro-loan of $5000 has any merits/advantages. I never filed bankruptcy just yet.

Re: Re-build-Business Credit

Creditaddict — Mon, 07 Jul 2014 17:59:12 GMT

@Anonymous wrote:
i was thinking if there was a way to show banks/Loan Officers my past on time payments with a micro-loan of $5000 and be able to get approved for a business mastercard/visa/amex/line of credit. Is it worth mentioning or just let them evaluate based on last 3 yrs of tax returns/Profit-Loss Stmts;
I have defaulted in the past on business lines of credit/MC/Visa/Amex from 2008 and wondering if even bothering to show this micro-loan of $5000 has any merits/advantages. I never filed bankruptcy just yet.

well again you are talking about all credit that you will fill out an online application and they will pull personal credit and most likely decide on that application in 30 seconds based on almost 99% your personal credit... Very little business credit goes off any business credit at all.

Re: Re-build-Business Credit

Anonymous — Mon, 07 Jul 2014 18:06:17 GMT

ThankYou CreditAddict

Now its very clear, its applying both personal & business credit but really more personal credit than biz even if its a business mastercard/visa/amex

Interesting knowledge shared.