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Small Business Owners & Entrepreneurs

flamin lib

(14,559 posts)

3. I assume business and personal accounts are treated the same but don't base decisions on MY

Reply to Cal Carpenter (Reply #2)

Fri Feb 19, 2016, 04:37 PM

Feb 2016

assumptions.

Because the Consumer Protection Bureau won't let CCs increase interest on existing debt they use the highest rate they can from the git go. No more teaser rates. I currently have several cards and one or more usually offer 0% for a year on transfers from other cards (usually a one time 2% fee).

I would think any business loan would be less than 29.9% apr but if the debt is already on your card I'd pay it off ASAP consistent with cash flow demands.

I'll never finance a business on CCs again. Having recovered from one BK I don't want to do that again.

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Question about credit cards and credit ratings for business [View all] Cal Carpenter Feb 2016 OP

Credit scores are based on a number of criteria. flamin lib Feb 2016 #1

So a business credit rating is analogous to a consumer score Cal Carpenter Feb 2016 #2

I assume business and personal accounts are treated the same but don't base decisions on MY flamin lib Feb 2016 #3

Yeah, when we decided to do this, we committed to keeping it on a scale that Cal Carpenter Feb 2016 #4