Years ago my credit card company sent me an offer–more of a notice, if I recall–that my card was going to be converted to a “Business” card. (Yes, in fact I still have the notice from July 2006 giving me the choice to decline the conversion pending on my account, and emphatically stating I had nothing to lose and lots to gain.)
Things have been going along fine since then until more or less recently when I decided to get another card from a different company. They did not offer me very much credit at all which I thought was odd, but I figured they were nervous because of some recent changes in my residency and let it be while I dutifully paid bills, remained employed, and kept a single place of residence. After a little while I asked for a credit line increase, which was declined.
I asked again recently and I got a very sparing increase. So I looked up one of those free credit reports and found that all the years with my first company, going back at least into 2003, did not reflect on my credit history–only a very brief time when I was a secondary cardholder under one of my parents.
The credit reporting agency allows the history’s accuracy to be challenged so I asked them to verify my information with this company. Promptly, within a few days, they responded by expunging all history with this company from my credit history.
I am at a point in life where I would like to know that my credit is good enough so that I can get good rates on mortgages or major loans, should I need such. Here I find that I have a very feeble credit history due mostly to the shortness of my accounts. And the oldest thing on my account has now been expunged, at my unwitting request.
Today I finally got around to calling my credit company and inquiring if my history could be properly reported. No; the history on this card has been reported to a commercial credit reporting bureau. Okay, I said, can I at least convert my account back to a personal account? No; you would have to cancel your account.
I nearly said “Okay do it, then,” but I remembered that I am relying on this card to cover larger purchases since I have paltry credit on my other account. Due to my short credit history. Bwahaha. I am not reliant on credit cards in the sense that I can pay all of my bills from checkings or savings without a problem and I pay all my credit card balances in full; I just rather prefer the convenience of credit cards. At least it is supposed to be convenient.
So the moral of this story is: Do NOT let your credit company give you a “business” account.
Also, I may have good credit to launch a small business. I wasn’t planning on doing that, but God speaks in mysterious ways.