dunn2015 wrote:Hi All,
I'm new here and would like to know:
Do you recommend having a small business owner needing funding use my name under their company to improve their credit score in order to qualify for a business line of credit?? It's a 3 year old real estate llc. I'm not sure how this works can someone plz advise me on this issue....
I wouldn't put my name on anything for anyone especially for someone with bad credit. It makes no sense.
do NOT do this. its most likely a scam, or well it starts out as a good idea and looks great. lemme guess, they came to u showing you deals, or you met them at a "seminar". they show you a flashy, awesome "deal" of a rehab or real estate project that is a "sure fire" winner. Just need the money to buy the materials and closing costs, etc. You sign for them, they get awesome lines of credits, they either a) use it legitimatelly in the deal, but they are new to the game (most seasoned vets would NOT need to use someone elses money, they already have it), and the deal falls apart, crashes and burns. you lose out,and are on the hook. or b) there is no real estate project, they use your line of credit to party it up in their "business". do NOT DO THIS. you will thank me later