Posts Tagged Personal Cards
Creditors CANNOT Put Business Debt on Personal Credit Report
Credit Reporting: credit cards such as AMEX cannot put corporate/business debt on your personal credit report if the business stops paying. We’re seeing a lot of this these days with American Express Corp.
Kelly
Should I take out a personal loan to pay my credit cards?
I have 2 credit cards – both with over 35% utilization. I want to take out a loan (with a lower APR rate) in order to pay off one or the other. Is this a good idea considering I would add on another inquiry to my report or should I just leave my CCs at the higher utilization to continue to pay them down? My lowest c-score is a 684 and highest is a 743 HOWEVER I just had a new home added to my credit report. I don’t doubt that I could get a loan at a rate lower than my credit cards- I just want to know which one would hurt my score worse. Thanks! [wow that was a mouthful] – Any input would be great
I am not sure that I am being too clear. I am just wanting to know which affects credit score more— opening a new account (which would put another inquiry on my credit report but pay off my credit cards completely resulting in 0% utilization) OR continuing like I am now and having the high utilization (35%-50%) on my cards? Thanks!
CALEB
If a company has already issued me a company credit card, can the card be taken away if I claim bankruptcy?
I have had the company credit card for approximately 10 years, paid the card off monthly, but recently got cut back on my job with a large reduction in pay, which will not allow me to make my personal credit card payments. If I claim bankruptcy on my personal credit cards, will my company be notified, and will they take away my company-backed credit card. It does not show on my credit report.
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Can I remove a bad mark on my credit report that came from a joint account?
When I was fifteen, my mother gave me a credit card in my name that was connected to her credit account, to be used for emergencies. I used the card responsibly and she never had a problem with it.
Without my knowledge, she built up $10,000 worth of debt, and then closed the account without paying it off. This now shows up as a bad mark on my credit report, even though I did not make the charges, never made payments, never signed consent, and did not have any connection between the card and my bank accounts. All the charges in question were made before I was 18. I have paid off all my personal credit cards on time and would have great credit if it weren’t for this debt.
Is there any way to have this removed from my report? Would a letter to the credit reporters be effective? I hate to sound ungrateful to my mother, but I’m worried this will hurt me when I take out loans in the future. Thanks!
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Will my business credit cards activity affect my personal credit history and FICO score?
I am a self employed photographer and own my own photography business. I have several personal credit cards and several business credit cards I use for business expenses. As I am preparing to buy a home I recently requested my credit reports and FICO scores from all three credit bureaus. I did not see my business credit cards showing up on any of the 3 credit reports. Why is this as I thought my “business” cards were just regular credit cards with the name of my business on them? Since I do have substantial balances on these cards from my business expenses will this effect my FICO score even though these business cards do not show up on my credit reports?
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