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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Credit counseling ...how does obtaining a personal loan

Customer Question

credit counseling ...how does obtaining a personal loan effect your credit rating? And how can you get business credit using your personal credit but where the company uses your personal credit to decide on obtaining business credit BUT they do not put the inquiry on your personal credit report & they report to the 3 personal credit companies (Experian, Equifax, Transunion ) & only to your business credit report?
Submitted: 11 months ago.
Category: Finance
Customer: replied 11 months ago.
credit counseling ...how does obtaining a personal loan effect your credit rating? And how can you get business credit using your personal credit but where the company uses your personal credit to decide on obtaining business credit BUT they do not put the inquiry on your personal credit report &they report to the 3 personal credit companies (Experian, Equifax, Transunion ) & only to your business credit report?
Expert:  Megan C replied 11 months ago.

Your personal loan is like any other loan on your credit report -- the overall amount that you owe, and the timeliness of your payments will show up as either upward or downward trends in your score. When you initially get the loan, your score will decrease because the newness of the loan. As you pay the loan off, you should see that bounce back quickly.

If you personally guarantee a business loan, it will show up on your credit report. There's no way to use your personal credit to get a business loan and not have it factored into your credit scoring, unless the lender does not report it. Most lenders do -- you would have to ask the lender if they report to the agencies, and if so which ones.

Please let me know if you need anything additional. If not, please rate positive.