A friend told me that by openning a business account and getting a secured Credit Card based on that account can help my credit score. Is this true?
2007-08-22 11:36:12 · 3 answers · asked by saberhilt 4 in Business & Finance ➔ Personal Finance
Unless you are personally backing the account... NO....
Your "friend" is full of it........It boils down to this... If you are personally responsible for the debt.. you get the positive mark on your FICO score.. if you are not a guarantor.. you dont...
Doesnt matter if its business or you scream down the streak naked for donations.. if you arent on the hook for the debt, you PERSONALLY dont get the positive credit benefits from paying the account on time....PERIOD..
2007-08-26 08:50:22 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 0⤋
Unless you a personally liable for the businesses debts, they should not appear on your personal credit report. Anything that is not on your credit report can't effect your credit score. Unless you actually operate a business, opening a business account could be considered fraud.
2007-08-22 12:09:59 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
what u are trying to do is stay just this side of the legal system -- there are easier ways to raise your score!!!
2007-08-26 07:39:19 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋