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  1. I think I just found another helpful data point. I just received an alert that there is a new inquiry on my Dun and Bradstreet Business Credit report. I would think this is Elan financial as I haven't applied for business credit recently.
  2. So far I have one Biz card at 25k that's about 6 months old and just got approved for another Biz card at $10k for a 2nd card. Little disappointed at the 2nd card's credit limit but I'm guessing they probably have an internal limit across all cards. I will let them age and see if they raise the limits in time.
  3. I understand what you are doing, but if your personal scores are in the 760 range, it would make sense to get 0% APR business cards and pay off your personal cards. Your FICO scores will most likely get you into the 800 FICO score category and you will then be able to leverage your 0 balance personal cards and 800 FICO scores for more business credit cards as you need them. Essentially doing the same thing you are doing now with personal cards, but using business credit cards that don't report to personal.
  4. Elan Financial is the actual card issuer behind hundreds if not thousands of banks business credit card programs. Curious to know how may Elan back business credit cards can one business have without raising red flags. Elan offers an 18 month interest free intro offer which is the longest I've seen so far. They also periodically offer really low interest periods when doing balance transfers using existing Elan cards. 1.9, 2.9 and 3.9% offers for between 12 and 18 months are quite common. If you you have multiple Elan cards, please chime in.
  5. If you subscribe to TransUnion and can lock and unlock your credit report. The GM card is similar to the Apple Card in the respect that you can apply and get an approval for the card and Goldman Sacs does a soft pull to accomplish this. You can then lock your TransUnion report immediately after the approval. They don't attempt to do a hard pull until as much as several hours later and since you locked your Trans Union report, they won't be successful in the hard pull. This doesn't seem to affect your account in any respect.
  6. If I am reading this correctly, much of your debt is related to your business. This is a trap that many people get stuck in...they use personal credit cards to finance their business which tank your personal scores and makes it difficult to get out of. My suggestion is to pay down your personal cards to under 10% utilization (on a per card basis) and once your FICO scores are in the high 700's, apply for business credit cards that don't report to personal. You can be maxed out on 0% business cards and other than Capital One and Discover Business, most do not report to your personal reports. As long as you make your payments on time, you can be approved for more business cards and keep your personal cards with little to no balances which will keep your FICO scores high.
  7. Every year, I get a notice from credit monitoring alert that my Paypal Mastercard credit limit was reduced from $10k to $1024. (was always amused by the odd figure). I call underwriting up immediately and request they put it back and 10 minutes later, I'm back at $10k. The reason they said they do this is "for my protection" because they showed no use of the card and in the event the card was misplaced or lost, they were "protecting" me. I thanked them for protecting me and kindly went on my way. I'm thinking they could do as other card issuers do and send a letter advising of a credit line reduction or closing the account if the card is not used within the next 60 days, but what do I know. lol
  8. I just called in for a credit line increase on one of our Bank of America Business Credit Cards. Within seconds the credit line increase was approved. No Hard Pull on Personal The analyst advised that they can approve up to $120,000 with no financials required. Over $120,000, they require financials. I believe this is on a per credit card account basis not total of all accounts combined.
  9. I believe average age plays a lot into this decision. If you have a 30 year history and have a stellar credit score and have amassed a small fortune in credit lines evenly over the years, you most likely are not going to do a "bust-out" compared to someone with a 2 year credit history that is trying to amass as much credit as possible in the shortest amount of time. For those of you wondering what a bust-out is...A bust-out is a type of credit card fraud where an individual applies for a credit card, establishes a normal usage pattern and solid repayment history, then racks up numerous charges, and maxes out the card with no intention of paying the bill.
  10. We called Chase on this subject and they said they do not issue two of the same business cards under the same EIN. However, Bank of America had two cards that we had not yet obtained, one of which had a 0% offer for 9 months so we applied for that one and we were approved which solved our bulk inventory purchase situation.
  11. While searching for a new 0% business credit card offer, I found a service called "my chase loan" Apparently, if you qualify, you can get a loan deposited directly into your associated checking account (doesn't have to be a Chase checking account) within 1 to 2 business with no credit check or traditional application process using a portion of your Chase business card credit line. Interest rates are based on the term with the lowest interest rate based on a 12 month term with slightly higher rates up for 18 month and 24 months. Apparently this promo started back in 2019 and is available with both Chase personal and business cards. Here is the website: https://www.chase.com/business/credit-cards/mychaseloan
  12. I've read these requirements as well. Fortunately, we meet them, but there are plenty of people that have a home office and work out of a spare bedroom or basement. It deft helps to have a separate business phone line and I would recommend having a separate business entity set up (not a sole proprietorship). A website is basically a must these days. Even if it's one page that describes your business. Once you show up in google, you are golden. Banks like to see you aren't just a scammer with no substance. They can verify a real business much easier when you show up on line. I would also recommend getting set up with Linked-In which is basically like Facebook for business.
  13. We have 2 Chase business credit cards that offer a 12 month interest free period. We have an opportunity to purchase product in bulk and would like to get another business card to finance the purchase at 0%. Chase offers some generous starting credit lines. Is it possible to get approved for more than one of the same card? If not, can anyone recommend another business card issuer that offers at least a 12 month 0% sign up offer? We already have Elan, Comerica, GM Business Mastercard and all of the Bank of America business cards. US Bank although related to Elan and Comerica will not approve us because we are not in their service area.
  14. I had a Bank of America business credit card in good standing and was using it regularly, coming close to maxing it out each month and paying in full. I called and asked for a credit line increase. B of A rep asked questions about my business and was very thorough, He wanted to know what we sold, how we sold it, our customer base, how long we've been selling our products, etc, etc. I explained that sales were increasing and therefore I needed a higher credit line. He had access to my checking accounts so he could see the rise in deposits / bank account balance so he approved it. He used the word "support". As in "it appears your banking activity can support the line increase". This was about 4 years ago. I haven't called for another increase since then as it was enough that I don't come close to the limit any longer.
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