How do business credit cards affect personal credit?
Drake G asked:
Hi, I ask this mostly out of curiosity. I have a business card from Chase. I’m not 100% sure why I have it considering that I don’t have a business, but oh well. Anyways, the thing is that they just sent me a notice saying that they have to raise my interest rate to make a profit. I’ve always paid my card on time and I always pay more than the bare minimum. I know this is my chance to get out of my agreement, but I am pretty ticked off considering all of the bailout money that these companies just got. It’s crazy that people with good credit that are being responsible are getting hit for the mistakes of others. Anyways, I was wondering how would this affect my personal credit if at all? If I remember correctly, I never see this card or account listed on my credit reports.
For Pojo…It is in my name. There is no and has never been a business attached to it. I just got it in the mail one day and decided to apply for it and they gave it to me just using my own basic info.
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Hi, I ask this mostly out of curiosity. I have a business card from Chase. I’m not 100% sure why I have it considering that I don’t have a business, but oh well. Anyways, the thing is that they just sent me a notice saying that they have to raise my interest rate to make a profit. I’ve always paid my card on time and I always pay more than the bare minimum. I know this is my chance to get out of my agreement, but I am pretty ticked off considering all of the bailout money that these companies just got. It’s crazy that people with good credit that are being responsible are getting hit for the mistakes of others. Anyways, I was wondering how would this affect my personal credit if at all? If I remember correctly, I never see this card or account listed on my credit reports.
For Pojo…It is in my name. There is no and has never been a business attached to it. I just got it in the mail one day and decided to apply for it and they gave it to me just using my own basic info.
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personal credit report
If it is just an interest increase it will not affect the credit reports of the business (how did you get that) or you personally.
Out of curiosity is it issued in a business name or yours personally?
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That’s been my experience as well. The credit card I have for use on company business is in my name and I pay the bill, but the card is not listed on my credit report so I assume it has no effect on my credit rating.
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There will be no effect on your personal credit if the interest rate moves up or down, especially since the account doesn’t appear on your credit report anyway. Nonetheless, keep in mind that the balance and payment history affect the score (for accounts that actually appear in the credit report).
Business cards can and do sometimes report to ‘business credit bureaus’, and those are separate from the bureaus for personal reporting. If you ever do own a business someday, you may find that you already have established credit!