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piggybacking myself


galenajen
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I am not sure where to post this and I am having much difficulty finding any information. I just opened a small business and have obtained a federal ID number. My question is,with it being a new account with no credit history I for see getting credit as a problem. I want to know if I can take positive credit from my personal credit history and apply it to my business credit? Like piggy backing myself, and can this only be done with credit cards, I have payed off bank loans and ect.....

Thank you so much!

Jen

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Guest chuckygee

Personal Guarantee is the term you are looking for. That way you can use your good credit to get credit for the business. The huge drawback is if the business folds, you are personally liable for repayment of all money that you Personally Guaranteed.

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Thank you so much for your reply I really really appreciate it. How does this work? Can I pull positive items from my personal credit report ex; paid off loan, revolving credit, ect....and ask for them to be reported to my FT ID? I am sorry I am really new to this. I am a nurse : )

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