Does business credit effect your personal credit if you can't pay off bussiness debt?
482369
to my knowledge no it doesnt but is held against you for 7 years where as personal debt is held on your file for 5 years, but it may also stop you from opening another business in that time
95835
It is possible to get a loan if your credit is bad. If you have a good idea, and your business proposition makes sense you could get private lenders to help you. Private lenders may be more expensive, and sometimes upfront fees apply. Private leneders tend to work with you, regardless of your credit.
1111286
Yes.  Charging off is just an accounting term, and most companies do this after a certain period of no payment.  This does not make the debt disappear.  You still owe the debt, so they can sue until the statute of limitations runs out in your state.
1077715
There is something called "Universal Default" that you need to be aware of.....If an individual screws up on one credit card and another credit card finds out, they can and will shoot up your interest rate in a flash.  It's not enough to protect the standing of just one credit card anymore.  \n\nUnless your business was created properly, via an LLC, you and your "married" assets are vulnerable.    You need an attorney for Chap11.
846006
I work at a loan office. You're credit rating alone has you covered. Beside, no balance is way better than an unpaid balance. As long as you have more cash flowing in than going out it's not that big of a deal. But if it couldn't hurt to re-open that one. You never know when you may need it. Good luck!
1080999
what dose that have to do with credit
873310
Unless your idea is totally just out of this world and nobody has ever thought of anything like it you may experience a very difficult time in selling it.\n\nIf you were an entrepreneur and you were going to start a business would you buy an unproven plan?  The answer is No.\n\nWhat a buyer will ask is:  If the idea is so great, why aren’t you doing it?\n\nYour best bet if your credit sucks is to find a partner.
296951
"Technically", just the act of using a company Debt Service Company does not hurt your debt rating.  However if they "negotiate" a special payoff amount of say a credit card debt then, yes the "Charged Off" part of the debt will show up as such on your credit report.  How long it stays on your credit report varies from State to State, with the average being about 7 years.
125935
I don't think it will affect their credit rating at all.  It might affect yours though, if that person runs up a big bill and deosn't pay it and you are left holding the bag.  Unless it is a close family member and one you really trust I'd be careful.
978354
Your credit score won't be affected unless you make late payments.  You're okay.\n\nGood Luck!
543715
you'll need personal credit and a business plan
614865
It depends on many factors: your credit rating, the business plan being accepted as positive that the business will profit, the amount of the loan request, your collateral should the business fold, etc.
369691
If your credit is bad, you will need personal collateral such a home for a loan.  Many people starting out have to turn to friends and family for their first loans.  It may be that improving your credit is a necessary step you need to complete before you are ready to start a business.\n\nMost businesses fail because they run out of money, rather than losing money.  If your personal financial situation is bad your business will be starting with a big hurdle to overcome.
140863
there are some pretty specific rules on this. as i recall if you did not acknowledge the debt at any point along the way then they are out of luck.\n\ndouble check the info however.\n\nsee this page http://www.bankrate.com/brm/news/cc/20040116b1.asp
1175603
Anything related to the operation of your business can be deducted as a tax write off.\n\nFrom the book "422 Tax Deductions for Businesses and Self Employed Individuals" by Bernard Kamoroff, here are some things you can deduct:\n\naccountants\nadvances paid to contractors, vendors, professionals etc\nadvertising and promotional expenses\nadvertising\nallowance for bad debts\nalarm systems for your business\nanswering service fees\nassessments of local governments for repair of water lines, etc\nappraisal fees to determine amount of loss\nassets\nassociation dues\naudit \nautomobiles used for business\nattorney fees\nATM fees\nawards to employees\nbad checks\nbad debts\nbank charges\nbarter transactions\nbenefits of employees\nbillboard rentals\nbooks\n\nAnd a lot more. I suggest you get a copy of this book to learn what you can write off come tax time\n\nCheck with the IRS rules governing tax deductions, especially assets and depreciation
144835
Small busiensses tend to run out of cash fast.  So you really want to keep track of your cash flow.  Also look at if you have too much A/R.  Will you be able to pay your A/P.  How long does it take for your inventory to turn.  If you run out of cash, where can you get credit.  Good accounting can help you keep an eye on these issues to mange your business.
1105438
I agree with the other answerer, but wanted to add a few suggestions on HOW to build the BUSINESS credit too.\n\nThere are companies that can help you build credit simply by using them.  First apply fora  credit line using your own info., then just order what you need.  Try companies like Staples and OfficeMax for supplies, ordering online and placing a CoD type order.\n\nOf course you will need utilities and and telecommunications, be prepared to put down a slightly larger deposit though having no credit for the company at all.\n\nYou may check with the small business development branch of your city or state and see if they have some programs or tips for you as well.