Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

Credit counseling ...how does obtaining a personal loan

Customer Question
effect your credit rating? And...
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: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Customer reply replied 2 years 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?
Answered in 12 hours by:
2/13/2016
Financial Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,609
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,609
16,609 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

16,609 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Am I affected? How do I tell if my info has been breached? I
Am I affected? How do I tell if my info has been breached? I am a beginner in use of the internet.… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
701 satisfied customers
Credit Score Question - I am going to be applying to assume
Credit Score Question - I am going to be applying to assume a mortgage loan in the next month. Is there a way I can see in advance what my credit scores are that would be the same scores the bank (wel… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
16,609 satisfied customers
Where do I fax, email or send my Tax Lien Release form? My
Where do I fax, email or send my Tax Lien Release form? My credit report continues to show this and this has been paid already.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Where do I go to find out my small business credit standing?
Where do I go to find out my small business credit standing? I'm trying to get working capital and equipment financing and I'm not certain where to turn credit score or how the lending places decide i… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I recently tried to get a credit card (secured) and after a
I recently tried to get a credit card (secured) and after a few weeks they sent me a piece of mail stating that they couldn't give it to me because I have an alert placed on my credit report. How do I… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
Hi, I am contacting you in regards XXXXX XXXXX variety of questions
Hi, I am contacting you in regards XXXXX XXXXX variety of questions I have pertaining to my credit report. First and foremost, I am especially infuriated with TransUnion because they are reporting inf… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
Hi. I Came to America about 6 years ago. I didnt know the concept
Hi. I Came to America about 6 years ago. I didnt know the concept and importance of having a good credicredit score. I had a bank debit card, but was never approved for a credit card or store card (li… read more
abci168
abci168
Principal
27 satisfied customers
I have just discovered that my credit report, and my 38 year
I have just discovered that my credit report, and my 38 year old daughter's report are mixed. I have no car loans or student loans. Who do I contact & how?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
16,609 satisfied customers
I am lending money to my daughter and her spouse to buy a fixer-upper house. They recentl
I am lending money to my daughter and her spouse to buy a fixer-upper house. They recently went through a business and then a personal bankruptcy. What do I have to do to reflect they payments on thei… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
My home was foreclosed in August of 2010 in California. There
My home was foreclosed in August of 2010 in California. There were two mortgages, one primary and one HELOC. Both loans were purchase money. This means in CA that I'm not liable to repay these loans. … read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
how do i find out why my transunion credit score was 790 4
how do i find out why my transunion credit score was 790 4 months ago and now my equifax score is 691, seems too big a despairity for it to not have something to do with credit related changes in the … read more
Chris
Chris
President
Vocational, Technical or Trade Scho
4 satisfied customers
How does a business set up reporting to all 3 credit bureaus
How does a business set up reporting to all 3 credit bureaus for accounts that they collect on. We finance our own homes in Ohio and want info on how to report payment history, both good and bad to th… read more
sgriffin26
sgriffin26
Senior Loan Officer/ NMLO
Bachelor's Degree
92 satisfied customers
I filed chapter 7 bankruptcy in 2005 and I have two loans that
I filed chapter 7 bankruptcy in 2005 and I have two loans that originated in 2004 that were not on my credit report at the time. They are now showing up on my credit report and are showing as charge o… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Hi, I am recently divorced and would like to know how do I
Hi, I am recently divorced and would like to know how do I go about preventing my ex wife from using all my personal information (SS#, birthdate, name, etc.) in order to get credit cards, loans, car i… read more
Milan Vaishnav
Milan Vaishnav
Consulting Technical Analyst
Bachelor's Degree
536 satisfied customers
I have a 1992 Federal Tax Lien noted on my CR. This was satisfied
I have a 1992 Federal Tax Lien noted on my CR. This was satisfied in 1994 I believe when my husband and I remortgaged our home (loan company rolled lien into our mortgage) My husband and I have been d… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Credit report question I am an insurance agent that works ...
Credit report question: I am an insurance agent that works for an agency that writes with 50 different companies. These companies pull full blown credit reports, which effects my score. I just pulled … read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
i tore my aorta in october of 2007 and havent worked since ...
i tore my aorta in october of 2007 and havent worked since due to 4 surguries. i have applied for ssi and am living on a 1000 a month pension. i''ve made arrangments to pay my back due credit card bil… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
how do i remove negative items from my credit report
wells fargo note loan is showing up on my credit report as not pd i want to pay it and i also want it removed from my credit report if i pay it how do i make sure its removed from my credit report… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x