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Sole Prop. Credit Check Impact on FICO Score*

I own a sole proprietor based business and am often asked for my SSN when setting up business services and/or partnerships with distributors. We're a retailer. Do these (multiple) credit checks against my SSN number negatively impact my credit score? If Yes....what do you recommend that I do to protect my personal credit rating; options pro/con appreciated thank you

Answers:

1) I dont think it will have huge effect on your credit card for a long term. You have credit built for a long period of time. If you have a good crdit range from 700 to 800 then , it only take a two or five to reduce from its score and it will be increase that much in the short time. If you have 650 and you plan to do something else in the short time, of course you dont want your credit score be drop under average line. Good Luck! QL

2) Select which vendors you want to work with before YOU PROVIDE YOUR SS NUMBER

3) If they are actually doing a personal credit check, it might ding your score. But your score will rebound quickly. Even if you are a sole prop, most companies would do a business credit check using your trade references. Companies dealing primarily with commercial accounts don't belong to credit bureaus and wouldn't run your personal credit.

4) Yes, But those hard inquiries only affect your credit score negatively for 90 days. I would only worry about it if youre planning a major purchase in the next 90-180 days.

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