Checking a partnership exists on credit checks
Discussion
Hi have my own business - its a partnership.
I tried to get a business credit card but failed in my application. The bank manager was unable to tell me why but said maybe I have too much credit with companies I purchase from.
I've spent the last few months keeping this as low as possible and now want to reapply but I wanted to do a credit check on myself before moving forward.
I signed up to a company called checksure and my business does not seem to exist on their systems.
I could pay £20 odd to Experian but am concerned I may get the same result and what that may mean.
I've been submitting accounts to HMRC for 10 years no trouble and am registered for VAT but are there any other databases I should be on which are checked?
I've just made sure we are added to Royal Mails address listings.
I took a personal credit card out with the same bank and have linked this to my business bank account so its not me personally.
I do not believe my partner was credit checked as the application was for one card for me.
I tried to get a business credit card but failed in my application. The bank manager was unable to tell me why but said maybe I have too much credit with companies I purchase from.
I've spent the last few months keeping this as low as possible and now want to reapply but I wanted to do a credit check on myself before moving forward.
I signed up to a company called checksure and my business does not seem to exist on their systems.
I could pay £20 odd to Experian but am concerned I may get the same result and what that may mean.
I've been submitting accounts to HMRC for 10 years no trouble and am registered for VAT but are there any other databases I should be on which are checked?
I've just made sure we are added to Royal Mails address listings.
I took a personal credit card out with the same bank and have linked this to my business bank account so its not me personally.
I do not believe my partner was credit checked as the application was for one card for me.
The problem is the Bank Manger will often give you a reason, but generally he wont actually know the exact reason. Obviously saying "i don't know" does't sound to professional so they will give a reason that sounds logical, you can then work on that reason but it might not help. Its all a dark art, they have their criteria for lending and if "the computer says no" then thats that.
Ordinary partnerships are not legal entities in their own right - so they cannot have a credit rating allotted to them as an entity. The credit ratings would be attached to the individuals who make up the partnership.
Limited Liability Partnerships (LLP) are more like limited companies so, on that basis, I would expect that LLPs can have a credit rating attached to the partnership rather than the individual partners.
Limited Liability Partnerships (LLP) are more like limited companies so, on that basis, I would expect that LLPs can have a credit rating attached to the partnership rather than the individual partners.
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