Question by John A.: Does a business line of credit for an incorporated company affect the credit of the officers I.E President?
Basically there were two officers with each 50% of shares of an incorporated company and the company could no longer operate due to cash flow. The company had a $ 7000 balance with a major financial institution as an overdraft protection amount that was granted a year ago. We signed documents, but I am unsure if this was personally guaranteed at the time. My partner is not agreeing to pay off his half of the balance so this amount was sent to a collection agency. The have listed my name and the Incorporated company and stated that “Your credit bureau is being negatively impacted by this non-payment but can still be repaired.” I just got this letter today and wondering if anyone can give me some good advice on what I should do. If it is not personally guaranteed can this affect my personal credit history?
Thanks for the reply! In this case I remember my partner and I signed documents to grant the overdraft protection. Should I go to the branch and ask for a copy of this to see if it was a personal gurantee? We are both officers to the incorporation and 50% shareholders. They have not marked anything on my credit as of yet. I guess I answered my own question and should find out if I personally guaranteed this overdraft protection amount. What do you think?
Checked with my bank today and the line of credit is personally guaranteed with my name and my partners. The collection agency has give me until 11/26/2008. The problem now is that my partner cannot come up with his half by that date even with credit card advance or loan etc…. Any ideas since I have my half ready to pay?
Yes I think that will be one of my strategies where I have to draft a promissory note and find out when my partner can come up with his half. I am also looking into ways of extending the deadline before it affects my credit. This may require legal action and lawyer is looking into this tomorrow morning. The messed up part is that he has 2 condos (maybe cosigned) and all his money is tied in there while I have more liquidity. Thanks for all the ideas and keep them coming. Hopefully this is a lesson where everyone can learn from….Make an airtight agreement before going into business with partners!!!

Best answer:

Answer by jglick1999
The whole idea of a corporation is that it is a separate legal entity, so its credit/debt does not impact the investors/employees. I work at a startup and if we fold, the bank cannot come and take my house. In this case, one of you had personally guaranteed the loan (think of it as being a cosigner on a loan). If the company defaults, he does assume the liability for the outstanding debt. This is true ONLY for those who guaranteed the loan.
All that being said, get a copy of your credit report, and challenge any entry they made (if they made one) as erronious. Also call them and tell them that you are not a party to the loan and they have no legal standing to collect from you.

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This is a Credit Card Funeral that Judge Robert Cilley officiated. Pam Young can help you get out of debt with her new book, The GOOD Book: Get Out Of Debt book. budurl.com
Video Rating: 4 / 5

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www.credit-mechanic.blogspot.com Part 2 in a 2 part series on how to repair bad credit yourself. This video covers the negotiating theory and technique needed to successfully negotiate a settlement and save 30% to 75% of the original balance owed.
Video Rating: 5 / 5

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Question by Reality Check: Whirlpool washing machine…having Sears repair it…good idea?
I got this washer as a “freebie” from the person I bought a dryer from this past weekend. It’s a good looking Whirlpool washing machine (model: LBR4132JQ1)

It appears to have the Timer Control device (what the large selector knob attaches to) jammed. I looked up the part new from Sears, and it’s selling for $ 100. I see them used on eBay for $ 50 (part # 3946451).

I just called Sears to come out this weekend to “diagnose and repair” the washing machine. It’s costing $ 75 for the repair call, and if I let them repair it, they will credit the $ 75 towards the labor/parts cost. Is this something I can easily fix myself, or is it a good idea to pay them to come out, diagnose it, and pay to have it replaced?

My other option was “for $ 215, we will cover all parts/labor on this service call” which I declined. The fact is, I can buy a new washing machine for less than $ 300, I don’t want to get in too deep on this…

Any opinions on how hard this job is to do?
I would be looking for someone who has repaired this part before as a serviceman…and can tell me what kind of cost I can expect?

Best answer:

Answer by gizmoe
Go with the sears repair option. Let them be responsible for the repair

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Article by Casandra Rodgers

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Question by Dina: Having Truoble Doing My HW About Credit Cards!?!!??
I have to answer to this question for my class, but I don’t have any info about credit card problems. I hope you guys can help me.

1) You take a VCR for repair to stop white lines that appear when you record at slow speed. You pay $ 89 for the repaor with your credit card. Three days laterthe same problem appears. You take the VCR back to the repair shop, but they tell you it is a new problem and will cost another $ 90 to fix. They refuse to refund the $ 89 for the first “repair.” What do you do?

Best answer:

Answer by Smtypnts
Call the Credit Card company, A CC Compnay will refund your money and contest the service for you with the vendor. That is one benefit of purchasing on your CC. Then find a new VCR repair man

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Question by Elfeeble75: If I told you that a “credit score” was created by the lending industry to increase borrowing interest..?
would you believe it? yes or no

Best answer:

Answer by Luis
Well one could make that argument and it it sound logical but I will give you this instead.

The credit score industry was invented mainly because somewhere someone found that there was a demand for the product. Since there was a demand, money could be made. Since lending is a big business, it makes sense, that probably a lot of money could/has been made.

But that is just me thinking

http://creditcardgoliath.blogspot.com/

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Question by Leggio: what exactly is a “credit score?”?
im 15 and i know it has to do with debt but honestly i have no idea. can some one fill me in on it

Best answer:

Answer by bm
Credit score is pretty much like your rating determining if you’re trustworthy or not with loans. low scores have a hard time qualifying and higher scores have better rates and how much credit you’d get.

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In today\’s society, using a credit card is the preferred way to pay for purchases. Sometimes, however, when the credit card is not present, or for whatever other reason, people choose to pay with a check over the phone.

Most people today require quick services and that is why the card not present type of operations are the fastest growing. When an item is procured through mail order, telephone, or the internet, instead of actually going to a store physically buying something in person, then \”card not present\” transactions are carried out. If the service is not available, the customer will simply move on to someplace that will accept this form of payment. That is why it is important that customers are provided with the services by which they can make payments quickly and efficiently.

Merchant credit card processing services can help set accounts to process credit cards. Numerous services are available like, merchant processing, internet processing, and wireless credit card processing – to mention just a few. When processing internet or mail order transactions or any other types of transactions where the physical presence does not exist, the business needs to set up a special account that is specifically geared towards that. Since the physical presence of a card is not there, it cant be swiped through the magnetic reader. Some of the better known cards use varying criteria for evaluating the risks involved and hence, have separate fee structures for these kinds of transactions.

Merchant fees are quite competitive. Total Merchant Services (or TMS) can help setup the total process within minutes and have the system running within days. They can authorize net merchant account and get quick processing of orders. It can be done through a virtual terminal, point of sale processing software, or just entering data manually in the point of sale terminal. TMS also provides Discover merchant services.

With the virtual terminal software, the business gets the software for any device that has internet, whether it is a PC or mobile phone. In the case of a PC, the software gets installed on the computer with a modem. This setup is ideal for businesses accepting cards for orders placed through the mail, phone, or fax.

It is easy to apply so a business can be set up to accept credit cards. There are two ways to be approved. Simply fill out a form and apply. If auto approval does not work then the TMS approval can be applied for. Just provide a good owner history, financial statements, and existing statements of credit card processing. Even customers with a credit history that is not outstanding have a chance of being approved.

The application process for acquiring credit card processing services is simple. You can submit an application online, by fax, or by meeting with a sales representative at your business location. Your application will be approved almost immediately, your account will be activated, and if you\’re buying or leasing new terminal equipment, it will arrive in just days.

Merchant credit card processing services provide terminals that are free of cost. If the credit card processing equipment needs to be updated, Total Merchant Services will ship it free, and their running fees are very cost effective. Merchant accounts cater to restaurants, e-commerce websites, retail stores, and many more kinds of business establishments.

When customer service is required, there is a 24/7 service available with one-on-one trouble shooting guidance available. Total Merchant Services has the answers to all credit card processing services as they have the experience needed to handle these services.

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Question by _maddog_: Is there any “initial” credit score?
I am from Brazil and I am moving in to US next month to work (legally). What will be my “initial credit score”? Will I be able to lease a car without any problems?

Best answer:

Answer by bdancer222
You will start out with no score. To have a score, you have to have credit history.

You may have to get a secured credit card — you pay a deposit which is held as collateral for the line of credit. Use the card and pay it in full every month. In 6 months you’ll have a score — it won’t be very high. After a year, you can probably convert the secured account to a regular credit card or apply for a second credit card.

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