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It shouldn't unless business and personal funds were commingled or a personal credit card was used when making business transactions.

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โˆ™ 2005-04-13 15:18:50
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Q: If you leased expensive equipment for your business in your business name would it effect your personal credit file?
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Related questions

What is the difference between personal credit and business credit?

The difference between personal credit and business credit is that personal credit only applies to one person; one's self. However business credit can be applied to the employees in any company which are covered by the business insurance.


Do business credit cards come without a personal guarantee?

Most business credit cards do come with a personal guarantee. There are, however, ways to get a business credit card that does not require a personal guarantee.


Does your personal credit score affect your business credit score?

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.


Equipment Financing?

form_title=Equipment Financing form_header=Get equipment financing for your commercial equipment with an equipment lease option designed for your business. Funding amount needed for equipment?*= _Insert amount[50] Time frame needed?*= {Within 30 days, 1 to 3 months, 3 to 6 months, Longer than 6 months, Not Sure} Is the equipment you're financing for business or personal use?*= () Business () Personal How would you rate your own credit?*= [] Poor [] Fair [] Good [] Excellent


Does personal credit have to do with getting business credit?

Specially in proprietorship firm, the personal standing of the proprietor is of paramount importance in getting business credit. Bill Gates' personal worth helps Microsoft edging past other competitors vying for business credit.


Is a Line of Credit a secured loan?

Some are secured, some are not. A Home Equity Line of Credit is secured by real estate (a residence or property) A business line of credit may be secured by a stake in the business or lien against equipment or inventory. Business lines may also be unsecured. Personal or "signature" credit lines are unsecured.


If someone submits a business credit card application does that affect the personal or business credit score?

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.


How Capital Financing Rates Are Determined?

Capital programs derive from numerous factors which could include: business credit, personal credit of entrepreneurs, equipment cost, amount of time in business, kind of collateral, and period of financing term.


If you have bad personal credit and get a corporation tax id can you get a credit card?

If you have bad personal credit, the best thing you can do to help improve your chances of getting a business credit card is to register your business as a completely separate entity from your personal credit.


Will a business bankruptcy affect your personal credit?

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.


Does business bankruptcy affect personal credit?

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


Does business bankruptcy effect personal credit?

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


Can you obtain a business loan after personal bankruptcy?

A personal bankruptcy can remain on your credit history for up to 10 years, which can make it difficult to get a business loan; however, if your business credit is established as a completely separate entity from your personal credit, you may increase your likelihood of getting a business loan.


Which Vendors offer business credit to LLC's without personal guarantee?

One of the best ways to be granted business credit by any vendor without a personal guarantee is by establishing your business credit report. By demonstrating a positive business payment history and steady cash flow, you can increase the likelihood of being granted business credit without a personal guarantee.


How do you separate business credit from personal credit?

You can separate your business credit from your personal credit by registering 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 business, and leveraging your business credit using that number. For more information, visit the related links.


Does Chase offer both personal and business credit cards?

As a chase customer I can honestly say yes they do offer both personal & business credit cards and they have a wide variety of personal and business credit cards some have rewards and other special perks.


How do you get financing for a ranch?

If you are like most small business owners, you want to build business credit for your company and get small business loans when you need them. To build business credit means less risk for you as the owner of the business. There is effort involved when you decide to build business credit. Start taking the steps to build business credit from the get-go. This way, you won't find yourself without a strong business credit profile even if your business is thriving. There is a lot of hype regarding the need to build business credit that says personal credit does not matter. It's true that when you build business credit, you separate your business credit from your personal credit, but it does help to have strong personal credit as well. The more solid you are on your feet with personal credit, the more effective you will be when you build business credit. Credit protection laws vary between personal and business credit, so it's important to understand the differences when you begin to build business credit. A good rule of thumb to follow is simply this - repair your personal credit along with the efforts you are making to build business credit. As you begin to build business credit, set up your business structure properly with the state and get all the necessary licensing. When you build business credit you will need a business phone listed in the telephone directory under the business name. Buying products or services from companies that report your payment history to Dunn & Bradstreet and Experian will help you build business credit. Don't be discouraged by the best business credit score being reserved for the "big guys" when you build business credit. Maintain your focus and you will build business credit that has enough impact to catch the interest of private commercial lenders. Beware of loan fraud when you build business credit - a legitimate underwriter will not charge you a fee upfront to connect you with a business loan lender. There may be fees for other services involved when you build business credit, but not for that. Good business credit cannot be "bought."


Does bad personal credit history affect business credit history?

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.


Can you get credit card for small business after you filed for cap 7?

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!


Why is business credit important?

Business credit is important if you ever want to get a business loan or line of credit. Without good business credit, you reduce the chances of being granted a business loan at reasonable interest rates. It is important to establish business credit as a completely separate entity from your personal credit to help reduce the risk of having your personal credit and assets affected should the business go bankrupt or experience other financial turmoil.


How do I get a credit account for my small business?

Credit for your business depends on how your business is set up. Generally, your own personal credit rating will come into play unless the business is well-established and has its own credit rating.


Do business credit cards report on your personal fico score?

Business Credit CardYep. As long as its your social security number tied to the card and you own the business, the payments you make on behalf of your business card are reported. Business cards typically have larger credit lines so you can handle your business expenses with ease. Keep in mind that some business credit cards may require your social security number but does not report to your personal credit files. For example, Elan Financial issues a business credit card for many banks and while the credit application requires a personal credit check the debt only reports to your personal credit reports in the even of default.


Where can you get a business credit card with no credit and no personal guanratee?

Obtaining any type of credible business credit card generally requires a good credit history.


Will Unsecured Business Lines of Credit Affect My Personal Credit Report?

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


Which companies business credit no guarantee?

Most creditors will require a personal guarantee before extending business credit to reduce risk; however, there are ways to avoid having to provide a personal guarantee. Establishing a business credit history, having a long history of doing business, and demonstrating sufficient cash flow are all ways that can allow a business to avoid providing a personal guarantee.