Looking to apply for CC's that take a long to report to CRA's. I am trying to establish some "back up credit" for my business, but my score will take a HUGE DIVE if I open any new accounts. Help....
I think you mean your score will take a hit if you have any new inquiries on your report. It doesn't matter how long the CC company takes to report. Each time you apply for credit they pull a "hard" inquiry and that is what lowers your score.
I am not too concerned about inquiries damaging my FICO scores. Thanks to bumpage I have 0 on EQ and one on TU. But in the last four months, I have opened several new accounts, including a CC, home loan, and a car loan. My oldest account is only 5+ years old. In the last year, I have opened a total of 5 new accounts. I was at almost 800 FICO for TU and EQ, until my oldest TL (or should I say Aunt's oldest TL), opened over 20 years ago got deleted. I lost over 60 points when this TL fell off. It wasn't my account anyways but an older relatives account with same name, but when the account fell off my report, I took a HUGE HIT. The average age of my accounts dropped a lot. According to the FICO simulator, I could lose up to 35 points if I open a new CC account......OUCH!
I understand your explanation. What does "back up credit" mean? I read on this board where one CC company took 6 months to report. Maybe someone else can help you with that.
MBNA is instant. Bank of america takes about a month. GM card takes about a month too. this thread should be added too, It would make a wonderful resource. I think you should apply for a business card, which will be hidden... Why dont you do that?
Most of my financing will be through a bank, I will get my loan. I am pretty sure I will have to jump through rings of burning fire to get it. But in case, which may be very likely, I do not receive the full amount of my financing needs through a bank loan, CC's and vendor financing are my back-up. So, I am definitely taking a hard look at both personal and business credit, especially those that do not report. The only problem I have with business credit, is that most of the business CC's tend to run the Evil EXP, which I am not likely to be approved for if they run EXP.
