dablack2004 asked:
I am preparing myself to open a business under a corporation and have some of the money to pay off the delinquent accounts on my personal credit. After going over my reports i see 1 or two postive accounts the rest of course delinquent and some very small that i can pay now. The huge bills i got letters from the creditors to reduce half the price and i would like to pay some of them this month. . At the time i was barely making it for the delinquent accounts. . If i make arrangements with the creditors to delete them how will that raise the score and how soon? because i would like to try for a loan in december. Unfortunately the credit union ran my credit for a loan and of course that didn’t go through due to the delinquent accounts. . Wouldn’t i need to show proof of paying something to raise my score ? My car was already paid off two years ago but i guess the company did not report and i assumed in our xmas loans that we pay on time every year i was on the account but it only shows my husband! Under a new corporation the owners credit is also reviewed right? How can i raise my score before december? I already have the letters to prepared for the pay delete and the creditors addresses . Don’t mind paying now that i am able for the small to medium bills but i have to know which is the best way. I hoping my credit wont’ effect the corporation credit although the companies say other wise i am scared to go for a new credit card to get another ding on my credit.
Joann
I am preparing myself to open a business under a corporation and have some of the money to pay off the delinquent accounts on my personal credit. After going over my reports i see 1 or two postive accounts the rest of course delinquent and some very small that i can pay now. The huge bills i got letters from the creditors to reduce half the price and i would like to pay some of them this month. . At the time i was barely making it for the delinquent accounts. . If i make arrangements with the creditors to delete them how will that raise the score and how soon? because i would like to try for a loan in december. Unfortunately the credit union ran my credit for a loan and of course that didn’t go through due to the delinquent accounts. . Wouldn’t i need to show proof of paying something to raise my score ? My car was already paid off two years ago but i guess the company did not report and i assumed in our xmas loans that we pay on time every year i was on the account but it only shows my husband! Under a new corporation the owners credit is also reviewed right? How can i raise my score before december? I already have the letters to prepared for the pay delete and the creditors addresses . Don’t mind paying now that i am able for the small to medium bills but i have to know which is the best way. I hoping my credit wont’ effect the corporation credit although the companies say other wise i am scared to go for a new credit card to get another ding on my credit.
Joann
#1 by seekn2know on September 10, 2010 - 10:29 pm
Jim
When applying for a business line of credit the sba will sometimes get involved in the approval process and they usually only pull the first applicants credit. If your spouse or partner has the best credit have their name listed & submitted first on any loans.
It also takes a while for things on your report to be removed so dispute whatever you need to now & it might be gone by end of year. Double check your reports to be sure.
#2 by Sharon T on September 11, 2010 - 7:15 am
Tracy
I think you are at least a year away from being ready to open a business. You need all of your loans paid off or in good standing plus you need six months operating capital.
Most new business that fail do so for this very reason.
You will be asked to personally guarantee any new loans you obtain for your corporation.
#3 by Antacid on September 14, 2010 - 2:14 pm
Jennifer
your creditors are ruthless. most will destroy your credit when you pay slow, and in turn be slow to do anything to repair your credit after you pay. you sound like all this you want to happen fast, but creditors have a lifetime to slowly do what they want. dont expect fast results. the credit bureaus are equally as slow or slower, they don’t care abouth your credit as they have millions of folks trying to do the same thing you are. making “arrangements” with the creditors wont help your credit. they wont do a thing until that account is paid in full by YOU. Expect nothing else.
#4 by albumpark on September 16, 2010 - 10:50 pm
Sandra
If you pay off all your delinquent accounts most likely you won’t be able to get a loan in dec. I would suggest once you pay everything off, get a secure credit card from your bank, stay on top of the payments for about 6 to 8 months then try for a loan and it will show you are paying something that is current. Also, don’t request for alot of credit, every time you do it brings down the score. You can monitor your credit thru your credut report.
Last, make everytime you pay off your debt get a paid in full letter. Tell them before you give them the payment that you want the paid in full letter. If they don’t send you one, report them to the BBB and you will get your letter. It has always worked for me