| |
| |
|
Credit Information |
|
|
|
Building Good Business Credit After Bad Credit
Can you establish good business credit if you have bad personal credit? The answer is yes...but with a few caveats. Business credit reports and personal credit reports are generally completely separate databases for legal reasons. However, there are some exceptions in terms of how independent that information may be: -- If you are operating as a sole proprietor or Limited Liability Company, it is difficult to separate your personal and business credit. A corporation is a much better structure to build a completely independent business credit report. -- Experian sells a credit score that is a combination of the business owner's personal credit history and the businesses' credit history. In the early years of a business, the owner will almost certainly be required to personally guarantee loans. However, as you establish a strong business credit rating for your enterprise, you'll have more leverage to negotiate for a loan without your personal guarantee. A warning: some people try to use business credit file to repeat bad credit habits. "I've seen people who ruined their own credit go out and start a business, enlist the help of people with good personal credit to be executives in the company, and get major credit cards. They didn't have a real product or service, and the objective was to just get credit. They would inevitably default on the corporate credit lines," says Erik Salmon, Director of Business Credit Services for Innovative Business Services (IBS) and an experienced business credit coach. If that's your intention in establishing a business credit rating, you're better off taking some personal finance courses to learn how to manage your money. If, however, you legitimately want to make a go of a business, have a solid plan, and are willing to do what has to be done to get it off the ground, then you should let a bad personal credit rating stop you. Building or rebuilding good credit - whether it's personal credit or business credit - is a process. Be patient as you work on both your personal and business credit. The results will be worth it. For more information, visit www.businesscreditsuccess.com. Gerri Detweiler is considered one of the country's top credit experts. She has been interviewed for thousands of radio, television and print newstories including USA Today, The Wall Street Journal, The New York Times, Dateline NBC and many others. She has testified before Congress several times and worked on reform of the national credit reporting laws.
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Keep Your Credit History Clean - Remove A Negative Credit Record From Credit Report The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you.But very often your credit report includes inaccurate, wrong or incomplete information (credit records). What Should I Do If I've Become a Victim of Identity Theft? Identity thieves take advantage of everyday opportunities to discover your personal information and use it to commit fraud or other crimes. The good news is a victim of identity theft has more options today than ever before. Avoiding College Credit Card Traps Congratulations college freshman! You're about to embark on one of the most exciting times of your life. By now your parents, siblings, and friends have offered you all kinds of advice on how to make your transition to college smoother - how to get along with your roommate, what classes to take and which ones to avoid, where to find the best off-campus food, and how to stay safe on campus. Debt Collection Agencies Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collection agencies. Credit Suicide Few things influence the home buying process more than your credit. I like how Clark Howard refers to the three credit repositories as, "the three screw-ups". Credit Cards, Merchant Accounts, and Your Bottomline Q: I'm opening a gift shop and want to be able to accept credit cards. I talked to the branch manager at my bank, but he didn't seem to know much about how it all worked. 10 Ways of Reducing the Risk of Identity Theft 1- Check your credit report regularly2- Secure personal information in your home, especially if you have roommates, employ outside help, or are having work done in your home.3- minimize the amount of information someone can steal, do not carry extra credit cards, your Social Security card, birth certificate or passport in your wallet or purse, except when needed. Credit Counseling: Is it Really Necessary? Not everyone has a positive experience with credit counseling. Potential creditors often frown upon consumers who are going through credit counseling, denying them credit or sticking them with elevated interest rates on new lines of credit. What is a Credit Card? A credit card allows you to buy things even though you might not have the money to pay for it right away. The company that gave you the card lets you spend up to an agreed sum and then makes additional money available to you as you pay off what you've spent. Credit Cards For People With Bad Credit Scores Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Is it Safe to Use Online Car Finance? Online car finance is convenient. You can apply over the net and shop around for a good deal from the comfort of your home. 3 Ways to Improve Your Credit Score by 50 Points In Less Than 30 Days In Less Than 30 Days. "What can you do to increase that set of three numbers on your credit report that can be so important with your financing?" I came across this question as I was surfing discussion groups the other day. SuperCharged Secret 2, Credit Card Utopia INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part 2 of a 5 part series, Over the course of these 5 articles, I am going to introduce you to several methods for maximizing the use and benefits of the best Credit Cards and offers on the market today. This information, when used in conjunction with one another, is unlike anything you've ever seen before. Your Credit Rating and How To Check It There is a lot of confusion surrounding UK credit ratings, credit scores, credit blacklists, credit reports, and credit files. This guide to your credit rating aims to give you the facts you need. Fair Isaac Corporation Credit or FICO Score As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. What Does Your Credit Score Tell You? When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged. Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. SuperCharged Secret 4, Credit Card Utopia YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's just take a brief moment to recap:If you've been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 3 very important things:You now know how to take advantage of zero to low interest credit card offers.You now know that there is safety in numbers, and you know the magic "Who's Who" of the major credit card companies. How a Credit Card Can Be Your Friend We have all heard countless stories of people over their heads with credit card debt-maxing out every card they own, then only being able to afford the minimum monthly payment. High interest payments shackle people to their debt for years, not to mention the significant income drain the finance charges have on their families. Consumer Credit Reports A consumer credit report is a factual record of an individual's credit payment history. It is provided for a purpose permitted by law: to help a credit grantor or lender quickly and objectively decide whether to grant you credit.
|
| home | site map |
| © 2006 |
