Debt On Business Credit Card Vs. Personal Credit Cards
I need help! I want to buy a home and i have 2 types of credit card debt business credit card -$4,000 & personal credit card debts w/ 5 credit cards totaling $5500. I will be able to pay off one side of my debt (personal credit) and still have enough for a down payment on a home. But i won't be able to pay my business credit card debt off when i apply for a home loan. will i have problems getting a loan or do the lenders only look at your personal credit history. Also i checked my fico score and it only displayed my personal credit card debts. please let me know if you have some info thanks jj
I am in this very situation. I would definatly pay off your PERSONAL credit cards as they are the ones that are directly influencing your credit. Lenders will not check your business credit unless you are self employed (even then I doubt they will check it).
If you can, pay off the personal and wait a couple of months. Then grab your credit report and make sure everything is now accurate and you have paid off everything. Your fico should now be up and you can qualify for a better loan with lower interest!
GOOD LUCK