Here's what credit we got from 1-20-04 to 4-3-06

[williambyrne]

I would like to add my two cents as well.

If somebody actually had a plan to create a trail of lies wrt to their credit lines, or what they've achieved so far, I would think eventually that trail of lies would catch up to them.

You tell one white lie and you got to tell 15 others to cover that one. Now you gotta tell 15 more to cover each of the original 15. And so on.....

 

Well, it entirely depends on how many liars you have employed. Ask Richard Scrushy who built a megabillion $$ company on a pyramid of lies and liars.

 

http://tinyurl.com/z9qzj

 

Then when you get caught, you "simply" O. J. Simpson your way out of trouble.

[williambyrne]

Should we request the moderator to delete all my posts and I'll shut up? Better yet, why doesn't everyone that has a long list of accounts request to have their posts deleted too? Better yet, why don't all the newbies ask to have all their posts deleted because they're fibbing when the say they got a new account. Better yet, why doesn't the moderator shut the whole board down because everybody could potentially be "fibbing".

 

Sounds a bit overboard, certainly conspiratorial, not sure that this is logical at all.

 

Close your eyes, breathe in, breathe out. You should feel better now.

[rixflix]

Should we request the moderator to delete all my posts and I'll shut up? Better yet, why doesn't everyone that has a long list of accounts request to have their posts deleted too? Better yet, why don't all the newbies ask to have all their posts deleted because they're fibbing when the say they got a new account. Better yet, why doesn't the moderator shut the whole board down because everybody could potentially be "fibbing".

 

Sounds a bit overboard, certainly conspiratorial, not sure that this is logical at all.

 

Close your eyes, breathe in, breathe out. You should feel better now.

 

wb & scm,

 

neither of you is a "newbie" any longer. if you want to toss intellectual insults at each other why don't you use the pm button?

 

your on topic "business credit" discussions are informative, helpful and greatly appreciated.

 

please lets get back to business.

 

rix

[supercreditman]

I have read this board for almost 2 years now and it has never occured to me that anyone on here was feeding me a line of BS. I always thought they were just asking for advice or saying what they tried. Now you have me thinking everybody's potentially a BS'er and much of what's on here is worthless. I'm going back to being a lurker. You know-it-all's can keep doing your thing and I'll check back periodically to see if you discover anything new. I already told everything I know anyway, which according to some of you is lies, and others is absolutely nothing, yet I have more accounts than anyone I've seen on here, or am I lying? Maybe I have just a Cap 1 with $200 limit. It appears that there is very little progress lately anyway, and nothing new to be learned here. Good bye and good luck!

[williambyrne]

I have read this board for almost 2 years now and it has never occured to me that anyone on here was feeding me a line of BS. I always thought they were just asking for advice or saying what they tried. Now you have me thinking everybody's potentially a BS'er and much of what's on here is worthless.

 

Wow, how in the world did you get turned around 180 so quickly?

 

I'm going back to being a lurker. You know-it-all's can keep doing your thing and I'll check back periodically to see if you discover anything new. I already told everything I know anyway, which according to some of you is lies, and others is absolutely nothing, yet I have more accounts than anyone I've seen on here, or am I lying? Maybe I have just a Cap 1 with $200 limit. It appears that there is very little progress lately anyway, and nothing new to be learned here. Good bye and good luck!

 

Bye.

 

Edited May 14, 2006 by williambyrne

[TeeSharice]

SCM, I'd much rather you didnt lurk....if you take & learn things from this board, you will feel a lot better by giving back in the form of sharing your experiences....

 

Id much rather you & williambyrne dont argue & throw accusations.... take that as a warnign to ALL.... get this thread back on track or get official warnings

[supercreditman]

I asked M&T for a CLI to the biz LOC. Also asked for a new LOC under my partnership with a different EIN, me as guarantor. According to local bank president, both approved for $25K last week. 2 EX personal pulls, one on 5-22 and again on 5-26. EX wouldn't delete as duplicate. Today, the banker called and said there's a holdup. They want to see my 2005 tax return. Last year, it was all stated income for the original $25K. I asked if there's a chance they'll back out of the approvals and even cancel my existing $25k LOC as a result of the tax return. He doesn' t think so.

 

Also today, PNC corporate called me. They said that one of the requirements of the LOC is that you make the biz checking associated with the LOC your primary biz checking. Right now, there's no activity on the checking, only on the LOC, which I pay in person monthly. I promised (with my fingers crossed) to use the checking. She said the LOC is up for annual review and she's going to go ahead and approve it for another year!!!!!!!!!!!!!!!!!!!!!!!!! AMEN. I have a $49K balance on a $50K limit. It would have been a real hassle paying them off with other credit in a hurry.

 

I applied for CLI's for my Chase biz rewards with $5k and also the $1k one, and on the personal Signature Visa. The only one they approved the CLI on was the personal from $15K to $25K. At the same time, I applied for a biz Amazon and a biz rewards under the partnership. Several decline letters came in stating that I had too much available credit on my EQ report. However, one of the apps also/instead pulled my TU personal. None of the letters mentioned TU. Possibly the app that pulled the TU report will get approved. My TU score has just increased yesterday from a TC score for a couple of months of 722 to a whopping 778, and on Privacy Matters too!

 

Over on the personal board, MarkLA got a personal NASA FCU Visa with a $50K limit, instant approval. So I tried. They approved me too, for $50K. Wanted my tax return, and still opened the account. I checked the online banking this morning. Just the M&T and the NASA adds up to another $100k in new credit. I'll have to update my signature once I figure out all the CLI's I've gotten lately.

 

SCM

[supercreditman]

I'm wrong, my TC/TU score went from like 722 to 788. Unbelievable!

[cwhit70072]

I'm wrong, my TC/TU score went from like 722 to 788. Unbelievable!

 

Did you hit your goal for the month of June? 2 Million in credit?

 

Charles

[supercreditman]

Still if'y with M&T regarding the CLI. Haven't heard anything since I gave the local banker my tax return. Haven't gotten the Nasa FCU Visa yet, but the card's showing online, so they must have opened the account. At this point, I'm pretty sure we exceeded the $2M goal before schedule. I'm not changing my signature until I'm sure. According to my spreadsheet, I have $1,450,855 in total credit lines and DW has $659,315. That's the upside. The downside is we're using $446,500 of the credit and paying somewhere around $8K a month in payments.

[ToddieM]

SCM:

If that 400K + in business debt went toward appreciating assets (and I mean truely appreciating), then I wouldnt consider the debt any more negative than I would a mortgage on real property.

Excellent work, and so nice to see you back and posting again!

[miked0801]

Wow - good stuff. Any thoughts on trying to get a couple of 250K lines going with some smaller banks? You've got the credit, time in business, and need for it. Why not give it a go?

[supercreditman]

I did a Chase app spree last month. I applied for CLI's on 2 biz cards and a personal, new Amazon personal, new Amazon biz, and a biz rewards for the other partnership biz. Approved for the personal Amazon at $5K after explaining baddies from MBNA on my personal EX. Approved for $12K for each of the 2 biz cards with pulls on EQ and TU. The existing biz CLI's were denied but the personal was upped from $15K to $25K. That one's a signature, so the limit doesn't report. I also got the NASA FCU personal with a $50K limit. I also got in the mail. M&T withdrew the CLI on the existing LOC but did open a new LOC for the partnership with me as sole guarantor. They pulled EX twice but I had the second removed by EX with a call saying it was duplicate. Just applied for Discover biz for biz 1. Going to apply today for Discover biz for partnership biz 2 today as well to hopefully consolidate inq's. I have a total of 10 recent inq's on EX, 1 on TU, and 0 on EQ right now. I just pulled my EX right after I applied for the Discover biz and they did pull a soft on EX as they've been saying on the Discover Biz thread.

 

SCM

[supercreditman]

I just pulled my Experian biz credit file. I've got a score of 94. My DNB score has been 80 for a couple of years now.

 

SCM

[supercreditman]

I'm still searching for LOC's or CC's I don't already have, that don't pull personal, pull only softs on personal, or pull only EQ or TU. Anybody got any suggestions?

 

SCM

[Mia2mi]

ToddieM,

 

It is true that customers observe how you run your business and when you cut back due to cash flow problems, they try to guess why. When they sense vulnerability, they take advantage of your situation by offering to do business with you conditionally or for a huge discount. They also sense distraction and try to avoid paying some or all on arranged payment plans, either because they think they can get away with it and you won't notice, or that you won't have the nerve or finacial power to cut your losses. Plus, when public debt like taxes and utilities go unpaid, that's public record in the newspaper and on county websites. Many saavy people actually will do or say what they can to kill your business so they can later come in to the liquidation sale and pick up the spoils for pennies on the dollar. It's a cut-throat world. Yes, having the financial resources to keep bills paid on time, but only as long as you can stay ahead of the payments and pay it down before you need to tap into it again. Kind of like quick sand, the more you struggle, the deeper you sink. I use ONLY what I MUST, except where an opportunity to raise quick cash comes by. Then, I'll pull money out, make a quick flip, and pay back what I pulled and use the profits to pay more in on debt. One thing I can guarantee is that I never let the illusion of available cash go to my head. I don't live for now, and die later, financially speaking. At this point, I'm relieved that I've got my situation under control, severe penalties on delinquent debt are eliminated, interest rates are minimized, and control and order are restored. I now spend what I have to to cut losses and get rid of non-payers to hopfully replace them with good customers. I still don't have confidence that the situation can spin out of control, even though I've got a firm grasp where every dollar goes. I'm in businesses that have extremely high perpetual overhead in an extremely financially depressed region, leaving a very small margin for profit, at the very best. It's very frutrating, but I'm determined to persevere, with the help of that CB'er spirit to inspire me!

Edited January 8, 2007 by Mia2mi

[Mia2mi]

I'm still searching for LOC's or CC's I don't already have, that don't pull personal, pull only softs on personal, or pull only EQ or TU. Anybody got any suggestions?

 

SCM

 

 

Sorry I placed this in the wrong post.

I know we all have questions for you since you have done so well.

When you started applying for your biz credit. Did you have biz TL reporting with

D&B or EX. I have a business for 3 years now and am seriously looking to establish

some biz credit so that I don't have to fund it with my own $$$.

Can you give us some history on that?

And if you did already, sorry I'll research it further.

[supercreditman]

I started out June 2004 with no biz tradelines reporting, only recently delinquent commercial electric and business phone bills. I started on a Sunday night, applying online for Home Depot, Office Depot, Office Max, Staples, etc. Then, a couple of months later, First Horizon in November 2004. It wasn't until the end of 2005 that I started hitting bigger success and higher lines with the big banks, once the deliquent utilities showed current over a year and the revolving biz tradelines started reporting, causing my biz scores to go up to 92. In early 2004 Ex biz was still 47 and my DNB didn't have enough tradelines to generate a paydex.

 

SCM

[Mia2mi]

I started out June 2004 with no biz tradelines reporting, only recently delinquent commercial electric and business phone bills. I started on a Sunday night, applying online for Home Depot, Office Depot, Office Max, Staples, etc. Then, a couple of months later, First Horizon in November 2004. It wasn't until the end of 2005 that I started hitting bigger success and higher lines with the big banks, once the deliquent utilities showed current over a year and the revolving biz tradelines started reporting, causing my biz scores to go up to 92. In early 2004 Ex biz was still 47 and my DNB didn't have enough tradelines to generate a paydex.

 

SCM

 

There is hope.

 

Continued luck...

Thanks for the info.

[supercreditman]

There's always hope. Determination and persistance do yield results. In the financial shape I was/am in, I'm actually considering bidding tomorrow at the auto dealer auction on a 2005 BMW 745Li that was run through last week but didn't sell. Common sense says save the money for the next RE borough/county tax bills I must pay April 30 in the amount of $35K. Then, by August 31, I've got to pay another $45K in RE school taxes. I must be out of my mind because the seller on the BMW is looking for $44K. The car is excellent but has a cracked infrared windshield. I'm calling a glass shop today to ask how much that windshield will cost to replace. I'm pretty sure I shouldn't go over $40K on it. They drop in value like a rock. If I wait a year, I'll be able to get one for $35K.

 

What drives success is goals. I've come a long way from the financial disaster I faced 3 years ago when I saw nothing but doom and gloom. If if were not for the gentleman that loaned me money when no bank would, and for CreditBoards, I'd have absolutely nothing right now, and would probably be working in a Home Depot somewhere in Florida or California.

 

There is hope!!

 

SCM

[supercreditman]

I applied for 2 more CitiBusiness cards. One for one of my buinsess names and one for my own name as a business. I already have active cards with these names on them, but applied for seconds. Both apps used the same EIN so one of the apps was declined as a duplicate. However, the other was approved, but only for $4K. Oh well, it cost me nothing, no hard, no annual fee, and no reporting to credit bureaus. No harm done, yet $4K at 0% available for 12 months. I didn't want to take any more of the credit limits from my personal Citi cards because I don't want my scores to drop. My personal ATT is still $25K, Div. Plat. Sel. is $15K, Citi Amex is $8K, Citi Professional is $31K, Exxon and Conoco are each $5K. Quicken is $20K. I could have borrowed credit limit from any of them to increase the new business one but I don't want the personal hit, which could upset the whole apple cart.

 

SCM

[supercreditman]

I just logged into BOA online banking to monitor my balances. I checked the recent balance on one of my BOA LOC's with a $50K limit opened about 9 months ago. The interest rate has been prime +5 since it was opened. Today, I see that the interest rate has aparently been decreased to prime -1 because it now shows as 7.25%. The other LOC is still at 13.25%. This is a shock to me. Maybe the terms were prime-1 for the first year and somebody charged me the wrong rate from day one and now corrected it for the remainder of the first year. Otherwise, I'm baffled. Banks don't set the permanant rate of an LOC below prime, do they?

 

SCM

[snowboard]

I just logged into BOA online banking to monitor my balances. I checked the recent balance on one of my BOA LOC's with a $50K limit opened about 9 months ago. The interest rate has been prime +5 since it was opened. Today, I see that the interest rate has aparently been decreased to prime -1 because it now shows as 7.25%. The other LOC is still at 13.25%. This is a shock to me. Maybe the terms were prime-1 for the first year and somebody charged me the wrong rate from day one and now corrected it for the remainder of the first year. Otherwise, I'm baffled. Banks don't set the permanant rate of an LOC below prime, do they?

 

SCM

I am new here, new to Biz Credit. I have read a ton of SCM posts and want to congratulate him. I am in ahh, its rather amazing. i think i will name my first born SCM. I am not easily impressed, but SCM has made my top 5 players that i respect.

 

Game on....

[supercreditman]

Welcome Snowboard,

 

Game on Hu? Thanks for the compliment. Life is a struggle but you can beat the odds if you work HARD and steady. I've had to slow up for a couple of weeks. I'll be able to start applying for more as soon as I land a motor vehicle bond which will require credit pulls. My EX will has 7 inquiries within 6 months. It will have only one within 6 months by the end of march. Then LOOK OUT!! I'm going to do a major app spree again. My EQ and TU have no inquiries on them right now, but I'm having trouble locating TU pullers here in PA. My scores are expected to rise within the next 2 months as the 6 open Citi personal cards age beyond 2 years old. I just used 5 of them last week at the gas pump for $1 purchases each to keep them active. The 6th one is the Citgo which was converted a couple of months ago from Visa to MC, so the card doesn't have to be used yet to keep it from being closed from inactivity.

 

I haven't done anything that remarkable that anybody can't do. Plus, many on here think my limits are way too small on some cards and, for that reason, some disqualify my accomplishments. What I've noticed though is that as the age and scores increase, the auto CLI's start coming a little at a time. DCU bumped me from $10K to $12.5K. Western bumped me from $10K to $12K. All the Circuit City Visa, USBank and Elan cards are giving CLI's by phone every 3 months. So some of the low limits are turning into respectable ones.

 

My wife is drowning in bank statements. We've got ring binders broken down by biz and personal, alphabetized cards A-F, G-L, etc. It's a LOT of work organizing them for the accountant. She's been at it for about a week, off and on, and has got about 2 weeks to go, when we get all the statements and year end summaries.

 

Like I said though, it's way better to have too much credit available than not enough, when you're in business.

 

I can't wait until income tax refunds start coming in. People are already looking for cars to buy the minute they get their check. I'm ready with about 90 vehicles. And, I've got calls coming in for rentals too. Things are starting to pick up. I may acually pull things together eventually. Still struggling!

 

SCM

[supercreditman]

I had a close call last week with M&T Bank. DW didn't like me drowning in CC statements and bills stacked on top and all around my monitor and in stacks and baskets on the floor on and around the folding table I used for a desk. SOOO, she got me a desk and "organized" me. Well, you guessed it! An LOC statement got lost in the confusion and went past the due date. This hasn't happened in 3 years. I waited for it in the mail daily and 6 days after the due date, I went to the bank to inquire, and found out I was late. They said I had a grace period. I paid over the minimum that same hour. When the new statement came in yesterday, it said I was late and risked suspension of the account. It was generated on the 21st, the payment made on the 19th, but not credited 'til the 22nd. The statement called for a payment double what it usually is. Things are cool though. I went to the bank and found out that the payment due is now to expected amount and no late charges were added. Phew!!

 

My EX biz report says risk score 94. 4 accounts have the little plus signs indicating that I pay earlier than average. None are late, and I want to keep it that way.

 

SCM