How Do I Build Positive Reporting Credit For My Small Business?
I recently got a Business Platinum Visa for my small business (I’m a contractor) through Bank of America and found out today that they only report negative (past due accounts) information to the credit bureaus, not positive. In other words, my $50,000 line of credit is useless because no one can verify that it exists. I have proof of this–I recently tried to get on a builder’s list with a mortgage company and they turned me down because I had no positive credit. Is a Line of Credit different–will it report positively to the credit bureaus? (ie: will it report no late payments, credit limit, and high balance information like an ordinary consumer revolving account?) This is an earnest question–Please, knowledgeable answers only!
Tags: Bank Of America, Build, Build Credit, business, Business Platinum, Business Visa, Credit, Credit Bureaus, Due Accounts, Knowledgeable Answers, Late Payments, Mortgage Company, Platinum Visa, Positive, Proof, Reporting, Reporting Credit, Small, Small Business
December 14th, 2009 at 10:21 pm
Alright, I just talked to American Express and Advanta. American Express doesn’t report any positive history, only negative and only after 3 months. Advanta does report positive credit history to Dunahi B. something like that. They don’t report it to the 3 consumer reporting agencies. Therefore, I would call around credit card companies to see which ones do report and do not report. I figure when you take out a credit line, they would report positive factors though. Best of luck.
December 15th, 2009 at 1:06 am
You need to find a credit card that does report on-time and above minumum payments. Some do. Check out Lowes and Home Depot to see if they do, I’m sure you could use those
As for the line of credit….I don’t know if that’s reported, I’m sure it’s up to the bank. Call them and ask if they report good history. You could also refi your truck or car into the company name. Payments on that should be reported.