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Post by flyingdiver on Apr 27, 2011 11:22:46 GMT -5
My husband and I own 2 small businesses. We need to refinance 2 business loans. I'm wondering what the hit would be to our credit scores because the banks will pull our personal history. Although the businesses are LLC and a Scorp, we will have to sign personal guarantees for the loans. I wonder is the credit agencies will view the inquiries like shopping for a mortgage loan in that all the activity is view by the agency as one inquiry. I plan to shop 5-6 banks, so there will be alot of activity. Does anyone have any experience with this? I've tried calling two agencies, but I can't get past their automated system.
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Deleted
Joined: May 8, 2024 7:56:59 GMT -5
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Post by Deleted on Apr 27, 2011 12:00:34 GMT -5
I used to work as a small business lender, so I'm familiar. Yes, it counts as an inquiry so if you go to 5 or 6 banks, it will show up as such. But no, the debts of the biz wouldn't be on your credit report.
Personally I wouldn't worry about it.
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
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Post by AgeOfEnlightenmentSCP on Apr 27, 2011 12:54:43 GMT -5
I used to work as a small business lender, so I'm familiar. Yes, it counts as an inquiry so if you go to 5 or 6 banks, it will show up as such. But no, the debts of the biz wouldn't be on your credit report. Personally I wouldn't worry about it. Condense your shopping into a two-week period. As a rule, you'll get a 'pass' if you're shopping for a single purpose-- like buying a car-- during a short period of time by most lenders. The 'inquiry' isn't the 'hit' it once was. |
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