Can my commercial finance credit record affect my personal credit history?

Author	Message
Written on: 10.11.2009 [13:27]
Hiresh Hiresh Topic creator Posts: 3	I have a commercial finance credit record since I took out a business loan last year. Since the credit crunch things have been tighter and I delayed a few payments then negotiated lower repayments for the next few months. Could all this affect my personal credit record too?
Written on: 14.11.2009 [19:17]
Zara Zara Posts: 4	Whether your professional finances affect your personal finances depends on how you secured your business loan. If you personally underwrote your business loan, perhaps because you are an entrepreneur or run a very small business, this loan is essentially on your personal record although it is used for business purposes. Any problems with repayments will be recorded on your personal credit record. Alternatively, if you took the loan out in the company's name then your personal credit record should remain untarnished. Do you know whether you personally guaranteed the business loan?
Also very interesting: What's the deal with veterans & business loans? Would small business loans for woman / female borrower be cheaper? Advice on how to get business loans? Where to find a business loans calculator? How easy is it to get business loans in India? Can you negotiate a business loans rate? Can my commercial finance credit record affect my personal credit history? Advice on business financing / trade credit options? What are business- loans interest rates usually like? Can I get a Bank’s business loans with bad credit?
Written on: 25.11.2009 [15:38]
Denise Denise Posts: 7	Isn’t it all the same? I am guessing that they offer you a a rate for a business loan based on your personal credit history so it must have an effect when it is the other way round! I would guess that if you start missing payments etc they would affect your personal credit rating also.