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Business Line Of Credit Homepage
Reliable business line of credit information
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US $10.10
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Does a business line of credit for an incorporated company affect the credit of the officers I.E President?
Basically there were two officers with each 50 % of shares of an incorporated company and the company could no longer operate due to cash flow. The company had a $7000 balance with a major financial institution as an overdraft protection amount that was granted a year ago. We signed documents, but I am unsure if this was personally guaranteed at the time. My partner is not agreeing to pay off his half of the balance so this amount was sent to a collection agency. The have listed my name and the Incorporated company and stated that " Your credit bureau is being negatively impacted by this non payment but can still be repaired." I just got this letter today and wondering if anyone can give me some good advice on what I should do. If it is not personally guaranteed can this affect my personal credit history?Thanks for the reply In this case I remember my partner and I signed documents to grant the overdraft protection. Should I go to the branch and ask for a copy of this to see if it was a personal gurantee? We are both officers to the incorporation and 50 % shareholders. They have not marked anything on my credit as of yet. I guess I answered my own question and should find out if I personally guaranteed this overdraft protection amount. What do you think?Checked with my bank today and the line of credit is personally guaranteed with my name and my partners. The collection agency has give me until 11 26 2008. The problem now is that my partner cannot come up with his half by that date even with credit card advance or loan etc.... Any ideas since I have my half ready to pay?Yes I think that will be one of my strategies where I have to draft a promissory note and find out when my partner can come up with his half. I am also looking into ways of extending the deadline before it affects my credit. This may require legal action and lawyer is looking into this tomorrow morning. The messed up part is that he has 2 condos maybe cosigned and all his money is tied in there while I have more liquidity. Thanks for all the ideas and keep them coming. Hopefully this is a lesson where everyone can learn from....Make an airtight agreement before going into business with partners
If you have an unsecured business line of credit what happens if you can not pay it back?
The corporation is in the process of being dissolved and the line does not show up on the credit report. This is in NY.
Trying to get a small business line of credit, Not that easy. Any suggestions?
I did the first 2 steps 1. Getting Certified through the Secretary of State and 2. Calling the IRS and getting an EIN Employee Identification Number . After doing some research I thought getting a small business line of credit wouldn't be hard but I'm kind of stuck here.
I am trying to get a business line of credit but have a very low fico score. Where can I get help.?
I started an LLC and looking for financing but keep meeting raod blocks because of my personal credit. I am trying to establish business credit separate from my personal. I know if I can get initial financing I can make the business work.
How can I obtain a $500,000 unsecured business line of credit?
What are the exact steps I need to take in order to obtain such a big line of credit without being denied and where can I apply ?
When you have a business line of credit , what amount of principal is typical to accrue through a years time?
also do you have to pay on your principal every month or can you pay on line of credit and wait until the end of the year?
I'm looking for a business line of credit. My parents just agreed to be a co-signer. Who should I go to?
for a loan or line of credit? My credit blows, but I'm building a business and my folks, who are retired and affluent, have agreed to help me by guaranteeing the loan. Who would approve something like that?
Can you receive business line of credit only on LLC,LLP,Sole Prop. etc or can it be only 1 of them?
Can business line of credit be done on any structure of a business contract and business wise or does that only come by 1 specific type of structure, tax wise and every other wise.
Problems with my business line of credit can affect my personal credit history and my FICO score?
Two years ago I and my partner form a corporation. I believe that the bank granted us a line of credit because the credit record of my partner was good better than mine, then . Now, our business is in troubles it is related with real estate sales . Till now, we have paid punctually to the bank every month the minimum payments.
What happens to a business line of credit if I close the business?
oh I want to pay it. What I'm really asking is if they'll keep the account open or demand immediate payment.
Business line of credit?
i am finding out it seems very hard to get a line of credit for a job today. does any one have any type of idea on how to get a line of credit for a job that has funds all ready allocated for the work. the funds are to cover labor and materials until a 45 day draw is released for the work. i use to just give the bank the contract and they would give me 100,000 no problem. do i need to look at banks in other country's or what. is the American dream dead. please help
Business Line of Credit - personal guarantee consequences?
I stood guarantee for the business line of credit. The business is almost gone and the loan stands at 95,000 USD. Bank is coming after me. What do i do ? Personal bankruptcy has been suggested by friends. what are the consequences of personal bankruptcy? I am so very worried. Is there a nicer resolution for this? My credit score is very good right now.
What banks are real estate friendly when it comes to business lines of credit?
I'm looking to open a business line of credit and was wondering which banks I should target. I live in South Eastern Michigan.
Unsecured Business line of credit?
Is an unsecured business LOC tagged to your personal credit report or is reported on to the business EIN . If so, what happens if you default on the LOC?
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