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Unless you have an LLC (and in some cases, even if you do), you were approved for the business credit based on your agreement with a personal liability clause in the terms of the card. So, yes, they can report to your personal credit report.

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I have a small business (LLC) and I just applied for a business credit card. They did a hard pull on my personal CR and it clearly stated in the agreement that there was a personal guarantee. So, yes, if it goes into default, most likely you will see it on your CR.

Unless your company is rather large, most small business financing involves the owner's personal guarantee. You have to read the fine print in your CC agreement.

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I am in the craper with an old Crap One Business card that just showed up on my reports. I am going to try and negotiate with them to get this off and paid somehow before the SOL looms. I know Crap One keeps good records.

What do you guys think? Any advice?

Good luck with that, Brotha. :shock:

Cap1 keeps amazing records on personal accounts and, believe it or not, even cleaner records on business accounts.

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Yes. Tell everyone you know NOT to get a Crap 1 card. They're one of the worst!

Better yet, tell everyone you know not to default on a Cap One card. I've had the card for close to a year and I've never had any problems. I think as long as you pay on time, then you'll be okay.

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I hope people don't think I'm a b*itch. I know that life happens and people go thru things due to life circumstances. But should that happen, it doesn't make Cap One (or any other cc company) the bad guy for collecting.
True. But there are CC companies whose business practices are designed to sort out people who are likely to get into credit trouble...and then take advantage of that. Crap 1 is one of them. For example, they are willing to issue mulitple small limit cards to the same person...so that when one of those cards goes over limit, they can apply the universal default rules to the others and quickly push them over limit also. Was it the Crap 1 CEO who testified before congress that they made much more money on penalties and late fees than they ever could just charging interest?
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I hope people don't think I'm a b*itch. I know that life happens and people go thru things due to life circumstances. But should that happen, it doesn't make Cap One (or any other cc company) the bad guy for collecting.

9/11 also had an impact on me financially. I worked in the financial industry at the time and, incidently, was located on "Wall St West" (Jersey City), which is directly across the World Trade Center (twin towers area). Layoffs came, bills were still due, me functioning as an emotional wreck because I had images of people on fire jumping from buildings (which I did see). Not using that as an excuse to justify fiduciary irresponsibility...there were certainly other factors.

"Life" happens though...

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Above Average, thats called Post Traumatic Stress Disorder I deal with it every day from serving 9 combat tours and seeing people killed daily. It's not an excuse it is hard to deal with. It does make life complicated, especially when you have to deal with someone that does not have the disorder, they simply don't understand.

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