@Anonymouswrote:I have a corporate Visa credit card for my USA Based S Corp with it's own Tax ID for about 3 years. Zero issues and never even paid a cent in interest. The local bank that issues it always kept it as a business account.
3 months ago they changed and are now reporting my corporate credit balance on my personal credit. When I asked why, they told me they changed their policies. I would sort of see this if I was a DBA business, but as a registered company with my own Tax ID, why would the bank do this? Of course business credit and personal credit are very different. If they close a statement on a day I want to use my card to buy a bunch on inventory, my credit/debt ratio goes way out of whack and has already pushed my personal score down a few points.
Before I drop them, any suggestion on how to battle this?
There's no way to battle them. Just need to find another card to use.
I have the same problem with TD Bank Business Solutions Visa card. My answer to it is to not use the card much.
Corproate Cards are Different from Business Cards
Corporate Cards usually do not require a PG.... and usally require high revenue 3+Million
Business Cards usually require a PG... most do not 'act' on that PG unless the Business defaults... and don't report to credit. (Citi,Chase,Barclay,BOA,Synchrony,Amex,)
There are some JOINT business cards that report to the account holder and business (Capital One, TD, Among others)
and there are some that dont report to anything unless you default and which case they would sue (some credit unions (i.e. DCU)
Some loans are 'CO-Sign/Joint' and some are true 'Personal Guarantee'. and some are true Business Only Liability.
@Anonymous wrote:Thank you for the reply. Just paying this off about 15% per month, so should be gone in about 6 months.
It is smart to cancel the card before I pay it off?
No, never cancel a card before paying it off.