Personal Line Of Credit With Bad Credit

If I have bad personal credit can I use my businesses credit?

Usually personal and business credit are pretty much scrutinized at the same time, and if one or the other has a bad credit rating, you are pretty much out of luck. How you conduct your personal finances and business finances is considered a track record for both entities.

2008-11-06 16:14:10 by The Tycoon

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I opened a personal line of credit with the bank, but didn't realize what it was. I was thinking to close it, however, I was told that it would make my credit report look bad if I did that. Is it good to have a personal line of credit, if you are not thinking to use it anytime soon. I'm not to sure how that works. Thanks for any advise.

I believe that any open line of credit, whether it is bank credit or cash available credit on a credit card, even if unused, adversely affects your credit score, insomuch as credit bureaus look at it as if you already owed that money since you could potentially access it at any given time. The best thing to do, if you have no intention of using the line of credit is to close it, and have it reported as closed at customer's request. No, that does not detract from your credit rating; to the contrary, it displays fiscal responsibility.

2007-10-02 19:33:11 by pawdog530

I need to pay off a medical bill and my credit card and then have money to get back on track. Are personal lines of credit good for that? I'm only looking to get between 2 and 3 grand. I do not know anything about this so any advice would be much appreciated! Thanks.

My answer if far from typical. A personal line of credit is debt - and debt is a very bad thing 99% of the time.

Do what you have to do to get over this rough spot, but learn from the experience. You should set aside enough money so that you don't have to borrow 2-3 grand when you need it in an emergency.

Sit down, and think long and hard about your situation. Pay particular attention to your expenses. Cut everything to the bone, and then cut some more. If you approach this with the right frame of mind, you can actually enjoy frugality.

It is possible - my wife and I live on about $8,000 per year, and have a blast. We live with elderly relatives who need our help, and we get shelter. We make a point never to sponge (we bought them a vehicle), and always make sure that we try to give more than we get.

We now are making good money, but still only spending about $8,000 per year. But what has happened is that our bank account has swollen to the point where I can retire today, at 42 - but I CHOOSE to keep working because I enjoy the work.

You are lucky to get this warning shot fired over your bow. 2-3 grand is not that big a hole, but do yourself a HUGE favor and change to a more frugal lifestyle.

I honestly wish you the best of luck.

2006-09-22 08:24:28 by pita_wagner

I am starting a new business and need more funding I have got my father in law to help me with a line of credit now I need more to sustain we are just beginning what do you suggest???

You still be able to get a business card for your business. You must list the annual sales, annual net profit, year in business etc.. However, since this is a sole proprietorship, you also have to list your name as a federal law requires in case your business is fold, you'll be responsible.

2007-08-04 16:41:45 by sxy+brains

There are methods but they involve one incorporating, getting a basic bank account in corporation name, get listed with Dunn and Bradstreet and expenses to achieve the above. If you have the capital, you can purchase an existing corp that is considered seasoned which means it has been in existence for at least two years and jump start the process and depending how much you have available now you may be able to purchase an existing corp with a D&B rating already in place as well as bank accounts and credit if you need more info write me bilone44@yahoo.com and Good Luck

2007-06-13 20:00:26 by JAYC