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Business Debt/Business Credit card reporting and Personal credit

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Expert: - 4/21/2009


Question
If I signed a personal guarantee on a business credit card does the credit debt get reported to the credit agencies and can or does that debt get used against me when applying for personal credit loans?  I pay all my bills on time both personal and business but have large credit debt when you add both together.

Answer
Charlotte:
Thanks for your question. If you applied for a card on behalf of your business entity but personally guaranteed the card, it is unlikely if you are current that any of it will be reported to your personal credit. If however you do fall behind, then it is possible for the card company to exercise its rights to pursue you personally for the liability. One way to get you to pay attention and pay a past due debt is to begin reporting on that level. If that is the case, then it would increase your debt and obligations on the personal side. If you have not already pulled a recent credit report you can do so for free on an annual basis, just visit www.annualcreditreport.com for more details.

Respectfully,

Christine Janklow

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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