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Keeping Personal credits away from business loan credit.

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DEVID85



Joined: 05 Mar 2009
DEVID85's page
Posts: 23



57 Magic Points

Subject: Keeping Personal credits away from business loan credit.
 
Posted on Thu Mar 05, 2009 10:50 pm  

Is it possible to segregate personal credit score from business credit score for a small entrepreneur? They are totally different, yet needs to be segregated. A personal score may be a bad but someone will always take more cere to return the downpayments on time. This should not affect his business. Anybody has any clues?
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30065 Magic Points

 
Posted on Fri Mar 06, 2009 8:53 am  

When you are about to start a small business, the creditors provide you with business loan based on your personal credit history because your business has not yet established. Once your business is under profit, you can take further business loan using your existing business name and build up a credit history in the name of your business. Now, if you cannot establish your business, it is very difficult to obtain a business credit card and create a business credit history.
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Fri Mar 06, 2009 9:15 am  

Yes, I think Carol is right. Unless you have a good personal credit history, you cannot get a business loan to start a good business and therefore cannot obtain a business loan or credit cards to build up a business credit history. Personal credit score plays a major role in determining the terms and conditions on your business loan.
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DEVID85



Joined: 05 Mar 2009
DEVID85's page
Posts: 23



57 Magic Points

 
Posted on Fri Mar 06, 2009 10:11 am  

I am already in business along with a private financer and about to borrow a loan with opening of a new wing. Although my previous records are fair, I am always cautious because I will prefer to pay business repayments on priority and hence personal score may get hampered. Anyhow if I succed to get credit card, is there possibility of personal credentials being verified?
ensurepune

ensurepune

Joined: 17 Feb 2009
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Posts: 99



501 Magic Points

 
Posted on Sun Mar 08, 2009 1:54 pm  

devid , it is understood that your personal credit score is checked if you want to start a new business. so in this case it should be very clear that you should opt for a business credit if you have already built a good personal credit history. Arrow
rachael
Guest






Subject: Business Credit Card
 
Posted on Fri May 08, 2009 10:39 am  

Hi Devid,

Creditors would certainly scrutinize you personal credit records, especially if you are the sole owner of your business. There are certain ways to avoid it. Check the following points:

1) Form a corporation or a limited liability company (LLC) and get an employer identification number (EIN). This ensures that members’ personal assets are protected from all claims against the company.
2) Register your business with business credit bureaus.
3) Obtain proper licenses for your business before applying for a business credit card.
4) Maintain proper financial payment and business plan documents.
5) Look for creditors ready to grant business credit without personal guarantee.
6) Avoid running into debt by making monthly payments, to keep your business credit report clean and free from negative listings.
There is only a fine line between personal and professional credit issues. So, both should be handled tactfully and sensibly.

Best Wishes for You.
Firang



Joined: 28 Apr 2009
Firang's page
Posts: 55



-37 Magic Points

 
Posted on Wed May 20, 2009 7:01 am  

but still i find it difficult to make a fine line between personal and business because most of the time personal credit history is what actually reflects in one's professional life.

So many banks not only check personal banking statement of a single promoter but all the business partners and thus it is important for a person to establish a smooth financial track record even in personal account.

keep us informed.


Arrow Arrow Arrow
Jack
Guest






Subject: Need Credit
 
Posted on Tue May 26, 2009 5:55 pm  

There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.

The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.

It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.

Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money.
Warrenetelt
Guest






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