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Do personal debts of family members affect credit ratings?


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2007-09-15 04:41:07
2007-09-15 04:41:07

No, if it is a personal loan. Still, think of it this way, a poor credit rating with your family could be worse (you know what I mean).


Related Questions

Personal credit is separate from business credit. However, some legal structures capture personal bankruptcy history in the D&B report which may have an impact on D&B scores and ratings.

Bankruptcy lowers your credit report.

No. Most of the business credit lines do not document in your personal credit report unless you go into a default position.

All inquiries in excess of 3 in one year negatively affect your credit. The more you do it the lower it will get.

If your personal credit is tied to your business credit, you run the risk of having your personal credit affect your business credit. When, establishing a business, it may seem easier to use your personal credit to get loans, but this could increase your personal risk should the business fail or undergo financial strife. For this reason, it is beneficial to register your business as a completely separate entity from your personal credit. One of the best ways to do this is by registering to receive a D&B D-U-N-S® Number for your company.

If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.

The lien can be reported to a credit reporting agency.

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.

No. as long as you pay back on time

It doesn't hurt your credit to pay off a loan early.

A bad debt can affect your chances of getting a major loan such as a house loan. Bad debts lower personal credit ratings and banks are opt to reject loan applications because of this.

According to bankrate, if someone submits a business credit card application it affects their personal credit score. Since it's still their own business card, it's considered their personal item.

Does corporate bankruptcy affect personal credit?

In many cases, yes, it will hurt the business credit history due to you having bad personal credit history. Being a "silent" partner is the best option you have if you want to be involved in the business.

Not at all! All business credit lines that you purchased will not display on your personal credit report unless you default on your repayments. You may get funds on your complete balance without affecting your debt to income ratio.

If your business credit is established as a completely separate entity from your personal credit, then you can reduce the risk of having your personal credit and assets affected by a business bankruptcy. One of the best ways to establish business credit is to register to receive a D&B D-U-N-S® Number.

If none of your legal information is attached to the card (SSN for example) then the answer is No it will not affect your presonal credit score.

Yes you can, it may have a higher APR! Business credit and personal credit is measured differently. (2) different profiles. Great way to have work and personal life balance. If you have a business you should keep it separate from your personal credit. It does not affect your debt to income!

There are a number of places which specialize in providing personal loans to individuals with poor credit ratings. Some of the companies include; Loans Solutions, LoansPronto and KensingtonDirect.

Your credit rating will affect whether or not you can actually get a mortgage. Those with bad ratings may not get a loan from a bank. A great site for checking mortgages is

Probably greatly. I'm sure if your personal credit is not good, that will also influence lenders on their decision to give you a small businees loan or not.

No, not if the accounts are separate. Married couples credit ratings are only affected equally when the account is held jointly.

if the commercial account are in the same persons name as the personal account yeah im guessin

No. Credit history pertains to the individual. With the exception of joint accounts such as credit cards, not bank accounts.

It will if the primary borrower does not keep the terms of the agreement. It will also affect the person's credit score such as the income-to-debt-to- credit ratio.

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