shaunhart

I have been using them for a ebay business. Works very good. Fees high but worthwhile for its purpose. To purchase inventory and resell. They hard pull Experian on applying, soft pull monthly, and do not report. While they do look at your credit score, there mainly going to look at your ebay, yahoo or amazon sales. Looking at your sales, feedback, paypal account etc. Think you have to be in business minimum 1 year on ebay, etc. Credit line is matched to your business volume. I have been in a position of being low on cash to buy a large deal and going to kabbage to borrow took a minute and the item was purchased minutes later. Otherwise I would have turned it away. You have to do the math to see if its worthwhile with the fees for the item you intend on selling. You have 6 months to pay it back. After you make payments available credit will reappear.

The overall best secured are Orchard, US bank Distancia. Easy approval, low annual fee. Distancia taca airlines, even is waiving annual fee, something like 10k bonus miles with a generous reward program. US bank is the only one I know that offers reward points for a secured. If you are going to do volume on a secured card this appears to be the best. Korean, etc mainly reward with air travel only, though they do offer a hotel in Los Angeles. Distancia you can currently get Disney, Universal, Sea World Orlando tickets. For big spenders with bad credit this a great feature. Try and keep the sup-prime choices to a minimal going with big bank sounding names. Others like Citi, BOA, are picky.

Sadly, litigation won't work. First, you would lose. You signed a binding contract. Done. Plus you would have to sue in there jurisdiction. If they filed with your state a business presence then you could sue locally. But if it is a scam there not going to be registering in your state. You would have to retain a lawyer and sue in there jurisdiction and a lawyer won't accept it cause it is legally binding, anyway. They would either have a flat rate lawyer whom would keep the case spinning and racking up your legal bills or not show up and you would get a uncollectable verdict. They won't pay and when they get enough pressure simply shut down the corporation and start a new one. You can try other means such as Better Business Bureau, etc. But if the contract is worded correctly they have every right to demand pg, financials, etc. They see a window whereas new business owners can't get business leasing, so they wag the sales pitch and then come down hard when it is time to fund the contract. They probably too have a few that they do fund, which would establish them as being legitimate. They can be as tough or lenient with there approvals or declines, at anytime.

Yes I own the business and draw a payroll check. However in 2008 with an intent to invest more into the business drew payroll to cover my basic living needs, 20k. It worked for the business. I have taxes showing 2008 20k salary, 2009 just over $100k and can show 2010 check stubs demonstrating Jan till now with 40k income. If I have to wait till Jan 2011 whereas I can show 2 years of 100k annual salary I will, but have found a great house now. Also I do have 200k cash but only want to put down 20%. I should have thought about loaning the company the cash in 2008 by simply not cashing the payroll checks. But then I would have had a huge tax bill when I needed all monies going toward the business. The business is the only source of my income.

2 year salary history is 20k then more recently 100k. Will this be a problem? What figure can you borrow from? House cost 500k and will have a 100k salary for a while, but it does fluctuate. Fico and everything else is in order.

Keybank now requires a PG but if the business files are good enough with age, they may not look into your credit files, but still now a PG nonetheless. They are easy to grow based upon usage and payment. What is the insurance company that reports to dnb? 1 x Shipping Insurance Account $50 - appears on DUNS report on time

Yes. They make money off both ends. They presume the newbie is naive so try and sell them a product that is not necessary for someone whom is aware of basic credit building. Once you do have basic vendors reporting they will forget the hard sell and make the money off vendors pulling your credit.

Generally they do pull dnb just to see payment patterns with vendors. But alot of great business with good cash flow have little on there dnb. There is an exclusive to the banking community version of dnb which places emphasis on the banking tradelines. And what is most important is cash flow over time. So your average daily balance is crucial. If you can indicate you have maintained cash flow in your checking over time, that exceeds the payments you will have to make, then it is a big plus to you being able to cover the payments. Poor vendor payments, bounced checks, periods of low cash flow are often deal breakers.

Seriously doubt it. I never heard anything wrong about Los. I am sure he ticked off plenty whom came on to scam cause he did call them on it. A significant quality of the bus cr board has been lost after he stopped posting. Thinking back more he did really contribute allot. We expanded a few years back and we did gain great leasing and credit contacts based upon his experiences. Anyone can contribute rehashed info but he offered real business world experiences. I suppose like others he just got tired of wasting time online rehashing the same info. He had a business I am familiar with and the industry is doing really well.

Nearly impossible to prove in court. Burden of proof will be on the plaintiff. Disagree. It is a bit of a rarity to find a business doing it the correct way with many small business. It is fairly easy to find those that Inc to protect assets but the owner acts like it is there own piggy bank. There are certain key things to look for that the courts will rule in piercing the veil, and there is often a disgruntled secretary, financials and minutes that can expose the company. Just the actions in that direction will force a settlement in almost all cases. When you make there life hell in legal fees they often fold. Some take longer and you have to get into battle over a period of time, but if your persistent and determined to collect it is easy even in todays market. Most cc companies won't go that far but when our company is collecting we will chase down the full debt owed. Even statute of limitations I don't believe has ever stopped our collections. We do have a distinct advantage as in collecting locally as we can totally find out every source of data available on the company and its principles. The smaller the debt the easier the collection. Companies with million dollar write offs would be difficult cause they do operate as a real corp and not a shell. But small debt like 5k that balloons to 10k and even higher in legal fees are can be successfully collected in most cases. Spoken like a true debt collector. I have a PACER account. Please point me to one of your cases I can look up where you have successfully pierced the corporate veil of a company for a relatively small amount (in OP's case, less than $15k). Thank you in advance. First of all not a debt collector myself. Am a business guy of 20 years who makes and sells a product in demand. A guy whom enjoyed extending credit to the new small business owner to help his business when no one else would. And things were good. Business would go under but it was manageable with new business and charge-offs etc. But then about 6 years ago it came obvious there were fake business out to scam. It became a problem and for the formula to work we would have to start collecting from those whom were gaming the system. They knew they could stay away from the big companies whom would just move on. But our company, our employees, our families were being impacted on the threat of shutting down just cause of a relative few. Not to mention all the legit business that our assistance in the early years of there business provided generous net terms I am sure saved many. So we were forced into opening up a in house collection. We don't buy others debts or sell our own. We don't use auto-dialers or repeated phone calls. Our collection methods are great. And we do so from a unique local vantage. Of course, I am not going to reveal our company by sending you a case file. A small percentage of accounts we have to litigate, but when we do if the individual is properly served then we will be collecting. We don't care if it takes a decade to get paid. We must collect on the charge-offs to remain in business, serving large numbers of business'. While I am not a lawyer or work directly in the collection division, I certainly know the end result. And a PG is not an issue in our state and further we were advised several reasons to not get a PG. Questor pointed out a great response.

I wouldn't say that SCM was a schemer. A fraud or schemer is one whom has no real business and has built there empire of fraud, based upon bogus corporations, in my opinion. And I do believe he had legit business and cause of situations out of his control stuff happened. Those would be your definitions, not mine. Scheming has nothing to do with illegality. The negative wording towards SCM and los suggest you were saying scheming in a negative light. Of course a scheme can be just a properly planned course of action and nothing wrong, illegal, immoral etc. But your words suggested scheme in a poor light. And if Los is the same one I remember he had a strong opinion, exposing the cons and ran a legit business. If it is the correct person I am thinking, he provided lots of advice, links and contacts which we would have never found on our own.

I wouldn't say that SCM was a schemer. A fraud or schemer is one whom has no real business and has built there empire of fraud, based upon bogus corporations, in my opinion. And I do believe he had legit business and cause of situations out of his control stuff happened. I see it all over. So many of small business have great volumes of 20% credit card interest debt and are waiting it out to save the employees jobs, but they can just bankrupt it so easily and move on. But there are holding out for better days. It is the way the system works. Why do Staples etc offer easy credit, for the most part, without checking financials, personal credit etc. Because the formula works. Yes the chargeoffs are huge. But while they do pay it keeps the door open with sales. And they have to refresh with new business accounts as the chargeoffs happen so yes the entire economy is technically a pyramid to gain an edge cause they know going into it the numbers. 99% of business fail in a 30 year time span. But I wouldn't consider an individual a schemer etc for doing the same with there business as long as there is a real business with the intent to just grow/operate the business. Some struggle with walking away or filing bankruptcy and others walk away from massive debt without any concerns. Look at that guy that owned Sharper Image. Charged off like 30million just at ups and was given a 20 million or so severance less than a year before it sank. Can't recall the exact numbers but shortly after he reopened a new business. And apparently it was all done legit. Board of directors made the severance decision, etc. So I don't blame the small guy for fighting to build credit and use it to save his business. The corporate giants do based upon only business decisions with no regard for employees, vendors left with chargeoffs, etc.

They will call via the phone via a few weeks, send letters etc. CC companies will determine if it is feasible to collect based upon assets, ease of collection based upon like accounts charge-off based upon numerous factors. Local vendors can make life a little hell. The correct way is to go bankrupt but by just walking away you will be contacted off and on over the years, but generally if you don't talk them, the out of state cc companies, and return the mail, etc you will likely not be that inconvenienced. With the economy souring though suspect someone is going to take on more accounts for litigating in the coming years based upon the current charge-offs. We don't put a PG on accounts cause they don't make liability any more of an issue cause there is a signature. There is a false sense of security that no PG makes collection difficult for the individual.

Nearly impossible to prove in court. Burden of proof will be on the plaintiff. Disagree. It is a bit of a rarity to find a business doing it the correct way with many small business. It is fairly easy to find those that Inc to protect assets but the owner acts like it is there own piggy bank. There are certain key things to look for that the courts will rule in piercing the veil, and there is often a disgruntled secretary, financials and minutes that can expose the company. Just the actions in that direction will force a settlement in almost all cases. When you make there life hell in legal fees they often fold. Some take longer and you have to get into battle over a period of time, but if your persistent and determined to collect it is easy even in todays market. Most cc companies won't go that far but when our company is collecting we will chase down the full debt owed. Even statute of limitations I don't believe has ever stopped our collections. We do have a distinct advantage as in collecting locally as we can totally find out every source of data available on the company and its principles. The smaller the debt the easier the collection. Companies with million dollar write offs would be difficult cause they do operate as a real corp and not a shell. But small debt like 5k that balloons to 10k and even higher in legal fees are can be successfully collected in most cases.

Best business state in my opinion is Florida, big time. But not to get better credit lines. You do have a good choice of banks. What makes it the best is asset protection. If the business fails creditors even if fully PG, cannot touch your primary residence. Other benefits, but this is the main reason. So many build in FL so when the day comes and there business fails they can not be touched by it. Provides a pro-business environment whereas people will take risk if there neck is not on the line. Delaware is used by many large corps. But I couldn't say there is any benefit to credit lines cause of location. And FL is suffering, so if that was the only motive then it wouldn't be a benefit and possibly a hindrance for the next few years. I have noticed no decreases although many local business are failing.