How was my brother able to obtain credit?
Tuesday, July 28th, 2009 at
7:57 am
riggz415 asked:
My brother has horrible credit.. And when I say horrible I mean horrible. He rented a barber shop and applied for a EIN number once he received it, he was able to get credit cards, by a car etc.. He uses the EIN number in lieu of his Social Security number.
My brother has horrible credit.. And when I say horrible I mean horrible. He rented a barber shop and applied for a EIN number once he received it, he was able to get credit cards, by a car etc.. He uses the EIN number in lieu of his Social Security number.
Does this really work?
Tagged with: Barber Shop • Credit Cards • Social Security
Filed under: Credit
Like this post? Subscribe to my RSS feed and get loads more!
What he is doing is using his business credit. This works if you have a business but it does not replace the personal credit it’s still there and just as bad, and you can ruin business credit just like personal credit.
He is doing smart business. He purchase things that help his business then use this as tax breaks. He is using his EIN to obtain business credit. Smart Move!
Your brother may be using his business to obtain credit but depending upon the type of business he has (corporation, partnership, LLC, individual etc) he could end up in deeper debt. Most anyone can get credit but the worst your credit is, the more you’ll pay in interest, annual fees etc. Don’t worry about your brother. If he’s doing anything illegal or unethical it will catch up with him.