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business credit cards

Q&A: Business credit card dilemma

October 4, 2021 By Liz Weston

Dear Liz: I am a sole proprietor and have two business credit cards. I used my Social Security number to apply for the cards and put $2,000 to $3,000 a month on these cards, yet all this credit card activity is not reported to Experian, thereby hurting my credit score, and I now have “stale credit” per Experian. Is my credit card activity not reported because my cards are considered business cards?

Answer: The short answer is yes. Although you used your personal credit history to apply for the cards, business cards typically don’t report activity to the consumer credit bureaus (although negative activity may be reported, such as if the account is delinquent).

You can remedy the situation by getting and using a personal credit card or two. If your credit report has become so stale that it can’t generate a credit score at all, you may need to start with a secured card or look into a credit builder loan.

Filed Under: Credit & Debt, Credit Cards, Q&A Tagged With: business credit cards, Credit Score, q&a

Monday’s need-to-know money news

February 4, 2019 By Liz Weston

Today’s top story: Hoping for a 529 tax deduction for K-12? Not so fast. Also in the news: 4 business credit card mistakes you can’t afford to make, the biggest financial mistakes women make, and one-size-fits-all financial advice.

Hoping for a 529 Tax Deduction for K-12? Not So Fast
The rules have changed.

4 Business Credit Card Mistakes You Can’t Afford to Make
Take it easy with those cards.

The Biggest Financial Mistake Women Make
Narrowing the wage gap.

Follow This One-Size-Fits-All Financial Advice
Rules that everyone can follow.

Filed Under: Liz's Blog Tagged With: 529, advice, business credit cards, College Savings, mistakes, tax deduction, tips, women and money

Friday’s need-to-know money news

February 1, 2019 By Liz Weston

Today’s top story: The biggest financial mistake women make. Also in the news: 4 business credit card mistakes you can’t afford to make, 5 divorce mistakes that can cost you, and why you might owe taxes this year.

The Biggest Financial Mistake Women Make
Investing is important.

4 Business Credit Card Mistakes You Can’t Afford to Make
Don’t get in over your head.

5 Divorce Mistakes That Can Cost You
No talking on Twitter.

Why You Might Owe Taxes This Year
About that tax break…

Filed Under: Liz's Blog Tagged With: business credit cards, Divorce, divorce mistakes, financial mistakes, tax cut, Taxes, women and money

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