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Forums » Off-Topic » Small Biz Credit Card - Do you pay?

Small Biz Credit Card - Do you pay? Subscribe to Small Biz Credit Card - Do you pay?

3 posts by 2 users

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Dave Kennedy

Real Estate Investor · Georgetown, MA


Forum_avatar_avatar-bostonhome

Icon_minipost Mar 24 '09, 04:31 AM

If you took out a small biz credit card with 0% interest for 12 month in order to buy things for a start up and floated the balance until you start making income to pay it off does it hurt your credit rating?

EX...lets say I buy $5,000 worth...but I don't pay it back until month 9. Will that hurt my credit? What if I paid the monthly minimum, does that help?

Edited: 06/26/2010 at 07:41AM


Jenny F.

Real Estate Investor · Baroda, Michigan


Forum_avatar_avatar-swmireality

Icon_minipost Mar 24 '09, 04:38 AM

you should always make at least your minimum payments and pay them EARLY.

If you are every even a day late the bank will use that as an excuse to JACK up your APR. Unless you are referring to a no interest NO PAYMENTS...They WOULD still report to your credit but they cannot report anything negative unless you are actually paying late...

If you used a personal guarantee to get that credit and don't pay, it WILL be reported to your personal credit file & your business file.

Most cc companies will not report to your personal credit report until you are 90 days late but times are a changin' & im not sure what the recourse will be from these current times.

Edited: 06/26/2010 at 07:41AM by Jenny F.


Dave Kennedy

Real Estate Investor · Georgetown, MA


Forum_avatar_avatar-bostonhome

Icon_minipost Mar 24 '09, 04:51 AM

Interesting...I don't have this current problem right now. I have 3 cards and have never missed a payment, always paid in full.

I was just entertaining a way to get some start up capital without paying interest. But it sounds like it will hurt my credit score if I float a balance like that. So i'd rather just pay with cash for the items.

Edited: 06/26/2010 at 07:41AM


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