Qualifying for a business credit card is much the same process as qualifying for an individual credit card. The borrower’s credit score will play a large role in the application review along with some basic information about the company. The applicant will need to provide details about the type of industry they are in, how many years they have been in operation and how much revenue the business earns a year along with their Federal Tax ID. A good or excellent credit score is needed for most business credit accounts.
by Emily Peters on 04/10/2006
We received an email from Angie today asking about how to rebuild her credit after a bankruptcy filing. In her question, she mentioned a common credit rumor:
I do not have any credit cards and I am afraid to apply for one because I think I will be turned down due to my bankruptcy. I was told that being turned down for credit lowers your credit score so I won’t apply.
by Emily Peters on 04/07/2006
If Nancy’s late payment on her mortgage was less than 90-days overdue and a one-time occurrence, it shouldn’t cause lasting damage to her credit score. Read more about how late payments really work online. As for the other bad things on her credit report, usually there is nothing that can be done to remove negative records before their 7-10 year expiration date.
Nancy may be able to improve her credit scores now by working on some other important factors. Having 2-6 active credit cards on her report, using at least one credit card each month, paying all her bills on time and keeping her credit card balances low can all help boost her credit scores. Once she reduces her debts, her credit scores should improve within a few weeks. The only delay is the time it takes the credit card company to report her new account information to the credit bureaus.
by Emily Peters on 04/05/2006
Kevin’s situation is fairly common. It is one of those odd credit loopholes where doing the right thing (paying off the money he owes) may not actually be the best thing. Collection records remain on credit reports for 7 years, whether or not you pay the debt off. Kevin would only see a minor improvement in his credit score (related to reducing his overall debts) at best by paying off these collection accounts.
by Emily Peters on 03/23/2006
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