techentrepreneur

Well it's been more than 6 years, they declared bankruptcy and the loan was charged off (what the heck), but now it shows as a negative on my report, to get the whole loan removed and the charge off I'd still have to file a police report correct? But since the statutes of limitation has expired I'm guessing they couldn't be prosecuted by the state?

From what I understand you have to open a fraud case with the respective lender to get them to start the process of removing the loan. The issue is, my parents cosigned my name on a student loan fraudulently and used my being in school as the scape goat to get a private student loan. Now it is reporting on my credit and preventing me from qualifying for other financing based on debt to income ratio. The statute of limitation for fraud is 6 years in my state, but I don't really want to risk them getting brought to court by this private company. I don't know if they would even open an investigation especially if the loan is being paid on time and I'm just a cosignor.

Thanks to everyone on this forum, I actually built credit for my business over 4 years and it started when I knew nothing about business credit. This forum helped tremendously, I never really posted anything, I just read other posts. We started just before the rules changed with the credit crisis but we got in a little bit under the gun. I will say we are using more of these cards than I would like but times have been tough. If it wasn't for the knowledge here I don't think we'd be in business anymore! Now we are trying to figure out the best way to consolidate and move forward. How can we leverage what we have to get a larger loan to try to expand? Details: What helped us a lot was we OPENED CHECKING ACCOUNTS with a bank before applying for credit, it makes a big difference. Also, we tried to have a decent balance, say $1000 for a few months before we applied. Also, go to the branch to apply. Now we have: (Limit) - APR Speedway Fuel Card (1K) Amex Gold (varies, but currently 10K) N/A% Amex Blue (10K) - 16% Amex Silver (10K) - 16% ATT business Rewards (Citi) (5K) - 9.87% Charter One Business Card (8K) - 12% Capital One Business Card (1K) - 19% PNC Business Credit Card (5K) - 19% KeyBank Business Credit Card (4K) -13% Net terms with: Uline Net 30 (500) Staples Net Card (2K) Ingram Micro (10K) Tech Data (4K) D&H (5K) Synnex (12.5K) Line of Credit: Huntington National Bank (25K)- 6% 5 Year Term Loan: Huntington National Bank - NOT Sba(25K) - 6%

To get approve for an SBA Loan you have to first meet the financial requirements of the bank that you apply to. As a general strategy you want to apply for a loan for: 1) Equipment that will help you produce revenue or that would produce it on its own 2) Inventory (since you can sell inventory and make money) Do not apply for working capital unless you have a detailed business plan (Even then, don't do it). If you apply for a loan, the SBA part is really just a bonus for the bank. They first make sure that you meet their financial standards (they have to do this legally, the government regulates them for it). Then if they don't feel like making the loan directly or if they want the extra insurance, they'll apply through the SBA to get them to back it. It's kind of a big joke actually.

My Capital One Small Business card has been reporting to my personal credit and thus showing up on my revolving balance for some time. Since I have a personal guarantee they refuse to take it off! What the heck none of my other cards do this! Any clever ways to force them to remove it?

Yeah, I've been talking to my parents and they may be refinancing that loan anyway (because rates are so low). Monthly Payments are about 200 for student loans

I am 22 with a FICO between 720 and 740 (last time I checked 1 month ago). I have some student loan debt but am paying it down steadily (and as fast as possible). I am looking to purchase a duplex with an FHA mortagage in Michigan. I was looking at between 100K and 150K. My annual income after taxes is currently about 27000 but will hopefully be increasing soon. I also own a vehicle outright worth about $6500 and have enough money for a downpayment of 3-5% as it is. I've done the calculations and I am already paying more for my apartment now (even taking into consideration taxes and insurance) plus with a duplex I would be able to rent out the other half somewhat reliably (I live in a college town - Ann Arbor). Plus I want to get into real-estate investing and I figure that is a relatively easy way to start to learn hands on. No big negatives on credit but my student debt weighs me down a bit. I am also cosigned on a loan for my parents at about 15K (ouch) that I am trying to get off of. My credit history isn't super long either but I do have a full Auto Loan paid off, about 8 credit cards with various limits that have low utilization and a solid payment history (although it is somewhat short 4-5 yrs). Total Long-term Debt: 30K (15K of which is cosigned on my parents). Credit card usage: 0 (paid off every month) No car payment Auto/Health Insurance: 225 Any suggestions on companies to check out would also be appreciated, thanks! Thanks everyone!

Wondering if anyone knows if Super America Commercial account reports to D&B or Experian. We've been given a 250 limit with basically net 7 terms lol. I guess they re-evaluate every 6 months so I guess get approved first is a big step right? No personal guarantee required.

I'm over 60 days and still a newb!

Excellent, thanks for the help!

Okay so my account is over 60 days, is there anything else I need to do in order to post on the Credit Pulls database? I've been using it for myself and want to contribute! I couldn't find any info. in the newbies section, I apologize if I just missed it! Thanks!

Do you have existing credit via credit cards? A lot of them are doing balance transfers for fixed amounts until the life of the balance. For example with one of my Chase cards they offered me 2.99% until balance is paid in full for my full credit line. The other option would be to get involved with some venture capitalists. They will do some serious due diligence on you though so if you were to pursue that route you would need to have a solid business plan, marketing plan, and plan for growth (because that is what they would assume you want the money for). You would almost certainly have to give up a percentage of ownership depending on the amount they invest, this would be determined by taking into account the current value of the company and the predicted value in a year or two (or for whatever purpose the investment is). No one wants to give up even partial ownership of their company, but if its the difference between staying in business or not than it makes sense. It also makes sense if it would mean the difference between 250k gross and 1mil gross, wouldn't it?