U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-28-2009, 10:50 PM
 
2 posts, read 20,387 times
Reputation: 10

Advertisements

I'm trying to figure out if my 'business' credit card effects my credit report so I can know if I'm building credit when I use it. When I say business card I'm referring to a card that is in my name (not the name of the business.) I acquired it and use it the same way as any other personal credit card -- it isn't associated with any company or anything -- but it says "business card" on it so I was wondering if it shows up on my credit report.

I know that business cards are said to not show up on an individual's credit report, but I think that might apply only to cards associated with companies.

Does anyone know if I'm right about that?
Reply With Quote Quick reply to this message

 
Old 04-29-2009, 12:05 AM
 
Location: Conejo Valley, CA
12,476 posts, read 16,097,552 times
Reputation: 4292
It is becoming interesting popular for credit card companies to report business cards on personal reports especially when there is no EIN.

Why not just look at your report?
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 11:54 AM
 
Location: southwestern PA
20,429 posts, read 32,521,461 times
Reputation: 38548
Just look and see if it IS on your credit report! No sense asking here....
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 12:21 PM
 
Location: San Jose, CA
7,656 posts, read 23,826,151 times
Reputation: 3483
annualcreditreport.com

Equifax has been down for the past couple of days but you should be able to get Experian and TransUnion.
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 07:20 PM
 
68,797 posts, read 49,535,435 times
Reputation: 9268
Quote:
Originally Posted by CappyR View Post
I'm trying to figure out if my 'business' credit card effects my credit report so I can know if I'm building credit when I use it. When I say business card I'm referring to a card that is in my name (not the name of the business.) I acquired it and use it the same way as any other personal credit card -- it isn't associated with any company or anything -- but it says "business card" on it so I was wondering if it shows up on my credit report.

I know that business cards are said to not show up on an individual's credit report, but I think that might apply only to cards associated with companies.

Does anyone know if I'm right about that?
If you used your SS number when you applied then its showing up, if you didnt, then its not..
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 07:37 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,097,552 times
Reputation: 4292
Quote:
Originally Posted by pghquest View Post
If you used your SS number when you applied then its showing up, if you didnt, then its not..
This is not true. It depends on the business and the particular credit card company. I have personally guaranteed business cards before and they do not show up anywhere on my personal report.

Often if in additional to your SSN you provide an EIN they will not report to your personal report.
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 07:40 PM
 
68,797 posts, read 49,535,435 times
Reputation: 9268
Quote:
Originally Posted by user_id View Post
This is not true. It depends on the business and the particular credit card company. I have personally guaranteed business cards before and they do not show up anywhere on my personal report.

Often if in additional to your SSN you provide an EIN they will not report to your personal report.
If you guaranteed the business cards then the card isnt under your SS#, its under the companies tax id or company name, your simply a co-signer in the event the business defaults. Not unusual at all but it is what I stated in my previous posting. Your SS# only is used in the event the primary account holder, i.e. the business using the business tax ID, defaults..

I have a business with 1800 accounts, each of them are under the company name, each of them I have guaranteed, none of them get reported on my report because the accounts are setup with the business tax number. They would get reported to my credit report in the event of a default and I dont cover the bills, but the initial payments get recorded under the business because they are the primary tax # used on the applications..

An EIN actually is a SS#, its just for a company rather than an individual.. They are both 9 digits, and credit reports and the IRS dont seperate the two because there is no need (used to work at the IRS), the only way to tell them apart is where the dash is located. Without the dash, one cant tell the difference without looking up the codes in books (example, its either the first 3, or the 4th and 5th character of the SS#/TIN signify the location of incorporation or state SS was initially assigned to)

Last edited by pghquest; 04-29-2009 at 07:49 PM..
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 07:43 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,097,552 times
Reputation: 4292
Quote:
Originally Posted by pghquest View Post
If you guaranteed the business cards then the card isnt under your SS#, its under the companies tax id or company name, your simply a co-signer in the event the business defaults.
Yes, but credit card companies do not have a universal policy for this. It is up to them whether they will report the account to your personal report or not. Discover for example has been becoming pretty aggressive about reporting to personal reports.

Regardless of whether they report, they will also pull your personal credit report when you apply.
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 07:54 PM
 
68,797 posts, read 49,535,435 times
Reputation: 9268
Quote:
Originally Posted by user_id View Post
Yes, but credit card companies do not have a universal policy for this. It is up to them whether they will report the account to your personal report or not. Discover for example has been becoming pretty aggressive about reporting to personal reports.

Regardless of whether they report, they will also pull your personal credit report when you apply.
It would depend on if you co-signed the card, which it would show up, or guaranteed the card, which it would not. There is a difference and as you stated, depending on the credit card company, some want the guarantee, some want the co-signing..

They wont always pull your credit report when you apply, that depends on if your applying for a card as a DBA, or a Corporation. A DBA they will pull your report because they use your SS#'s, a Corporation they will not unless you are required to co-sign or guarantee because the corporation is new.
Reply With Quote Quick reply to this message
 
Old 04-29-2009, 08:07 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,097,552 times
Reputation: 4292
Quote:
Originally Posted by pghquest View Post
It would depend on if you co-signed the card, which it would show up, or guaranteed the card, which it would not. There is a difference and as you stated, depending on the credit card company, some want the guarantee, some want the co-signing..
Unless it is a corporation you are more than likely going to be doing a personal guarantee. I have actually never seen a card that does not require a personal guarantee for non-corporate accounts. As I said if you supply a EIN more than likely it will not show up...but its not universal.

Also you have 1800 credit card accounts? Even if that is just general credit accounts that's pretty outrageous for a small business.

Small businesses have abused the fact that the credit cad companies usually don't report if you have an EIN. Anybody can apply for an EIN and try to hide their personal debt as business debt, this distorts their personal credit score. The credit card companies are wising up to this tactic.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top