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  1. I pay all of my personal cards in full every month. Never had an issue. I request a a credit limit increase every 6 months on the cards where I have not hit the wall with getting anymore credit limit increases. From my experience, to get a credit limit increase approved, the card issuer likes to see usage where you are using a nice chunk of the credit limit (at least 10%). It doesn't matter if you pay in full or even pay in full before the current billing cycle closes so the balance reports as 0 to the credit bureaus. Just use the card. It's the cards where I carry a 0 balance much of the prior 6 months that may decline my limit increase request.
  2. There is a discussion in a Facebook credit group where one of the commenters mentioned that the average number of credit cards that someone has with an 800+ credit score is 10. Another commenter called BS and linked an article that said it was 3 open cards with a total of 6, 3 of which were closed. It got me thinking...at what point did you hit 800+ ? How many open credit cards did you have. For me, it was probably at least 8 or 10 open personal cards. I have 14 open right now. Obviously age of accounts and credit mix come into play, but it would be interesting to know how many open revolving accounts that high achievers have. When I did a google search, I came across an article that said it was 10 credit cards as well.
  3. GS is losing billions. Lots of subprime credit approvals resulting in charge offs and delinquencies and they are getting burnt. The issue if Amex takes over is what happens to people in good standing with GS but on Amex's black list or if they wouldn't otherwise meet Amex's credit approval policies....Will Amex look the other way or shut down their Apple card? The other candidate for taking over the Apple card is Capital One as they have plenty of experience dealing with both sub-prime and top tier customers. I actually think Cap1 would be the better fit in this instance. Time will tell.
  4. I just read the original post and the responses. The credit score that Chase provides...is that Vantage or Fico? (as it's substantially higher 767 vs 699). I would focus on getting that Citi account cleared from your credit report. The goodwill letter to Citi should be the first action and the disputing it off your report for an inaccuracy would the 2nd action if Citi isn't willing to play ball. Having an auto loan on your report will cause a temporary drop in score for the first 6 to 8 months and again once it's paid off. The sweet spot is when the loan is about 80% paid off. You could get an auto loan. Pay most of it off in the first few months and then let the balance report to expedite the score increase. Having a mixture of installment loans and revolving credit as in credit cards is usually a good thing. Adding that Cap 1 account is probably a good idea as having multiple credit cards with 0 to low balances is usually a good thing for your credit scores. The other issue when applying for a mortgage is your debt to income ratio. By having an auto loan report your DTI will be higher than if you don't have an auto loan. Sounds like your scores will be in good shape once the Citi account falls off or if Citi deletes the 90 day late notation. Either way...now is not the best time to be buying a home with the inflated real estate prices and record high interest rates. You may be better off just waiting another 3 years until the Citi account will fall off anyway and by that time, hopefully, there will be some Real Estate deals available.
  5. I don't have the answer for this as I have no Elan backed personal cards.
  6. Comerica which is backed by Elan approved for $25k. Flagstar approved for $10k. The Elan rep said they were tightening up on the approvals with large credit limits while the economy is contracting. The $25k approval was about a year ago. The Flagstar approval was about 6 months ago. I applied for a 3rd card about 3 months ago and was declined due to "sufficient available credit".
  7. Once you have a few business credit cards reporting to your business credit report (obtained by leveraging your great personal credit), you will have established business credit reports for Experian business, Equifax business, Dun and Bradstreet and the Small Business Financial Exchange. Pay them on time every month and before you know it, you will have solid business credit scores. Not all business card issuers report to all of the business credit bureaus, but after you apply and get approved for enough of them from different issuers, you should be good. Also, you can apply for commercial mortgages using your bank statements with some lenders... if you can show sufficient deposits and bank balances for 24 months. Keep this in mind if you have any challenges getting approved for commercial property.
  8. The simplest and fastest way is to apply for business credit cards and yes, use your social security number. They will run your personal credit and if it's good, you should get approved for a business credit card. Stay away from most Capital One cards as well as Discover business as they report to personal credit reports. Go for Chase, Bank of America, Elan financial. If the reason you don't want to apply using personal is because you are credit challenged, have charge offs, delinquent accounts, etc. Then you you can go the secured route. If you have great personal credit, use this to leverage getting business credit. There are some business credit cards that do not require a personal guarantee or personal credit check but those are more for established businesses and/or businesses doing huge $$$ in sales and income.
  9. They may have been. I asked that question specifically...if they were referring to Vantage or Fico and they didn't answer.
  10. I'm a member of a Facebook credit group and a post came up yesterday that I didn't know the answer to as I do not carry a personal charge card. I'm sure some members here would know. The post claims that the person with 4 cards reporting that he usually has a 778 credit score had a 73 point drop when his Amex Gold reported a $140 balance when he normally doesn't use the card much and it is usually a 0 balance. My question is how does an Amex or really any charge card with no preset credit limit report on your credit reports? I read three conflicting articles. One that claims that Charge Cards do not factor into your credit utilization rate and the other two articles that claim a charge card may report the high balance as the credit limit which would make more sense to me in the case of this person that suffered a 73 point drop. Here are the links to the three articles: The article that states the highest amount charged could report as the credit limit: https://www.forbes.com/sites/moneybuilder/2010/11/22/beware-of-no-pre-set-spending-limit-cards-npsl/?sh=232ff4a15c74 This article pretty much says the same thing: https://www.credit.com/blog/are-no-limit-credit-cards-bad-for-your-credit/#:~:text=A credit limit is likely,(like a charge card). The article that states charge cards have no affect on your credit utilization calculation: https://www.cnbc.com/select/how-do-charge-cards-affect-your-credit-score/
  11. I think the issue is that it's a card you hardly use. If they see you are using a bulk of the credit line on a regular basis and paying it off in full each month, I think they will give you the line increase. I have their business cards and whenever I apply, they ask me why I want the increase. My response is that my sales are growing and I need the additional credit for inventory purchases. If you are making $10 purchases on a card with a $99.9k limit, the only reason you could give them is that you are OCD and need it to have a round number.
  12. I can speak from recent experience. I added my friend to 3 of my high limit (each one at least $15k to $27k) 0 balance, and approximately 4 to 8 year old credit cards in 2021. At the time that I added the cards, her FICO score was in the low 600's with just a car lease reporting that I was a co-applicant on (all payments paid on time) and a two closed low limit credit cards. Her score shot up to 805 after all 3 cards reported. Only took a month. When she went back to the car dealer to lease a 2nd car and turn in her first leased car, she was approved on her own at the best rate. She recently applied for a Discover IT card in December of 2022 and was instantly approved for $3k limit. This will be her first major credit card in about 10 years. So from this recent experience, I would say being an authorized user of the right cards, having no credit blemishes and an average reported income still works at improving an otherwise low or non existent credit score but also helps with approvals. For reference, I did not give her physical possession of the authorized user cards. I just did it to help with her credit history and score so there was no danger of her racking up a balance or not paying. As far as the first car lease that I cosigned...she gave me the money and I made the payments to assure there would be no damage to my credit score and payments would be made on time. It wouldn't hurt to also open up at least one or more secured credit cards if the funds are available and in combination of the authorized user cards and the secured cards, a nice score and quicker success should come.
  13. I spoke to a Bank of America business rep today... Under $100,000 in total (cumulative) business credit including loans, lines of credit and business credit cards, docs may not be required. From my experience if you have strong personal and business credit, no docs required for business credit cards. Under $150,000 in total (cumulative) business credit including loans, lines of credit and business credit cards some docs including tax returns May Be required. Over $150,000 in total (cumulative) business credit including loans, lines of credit and business credit cards "a full financial package" including last 2 years of both business and personal tax returns, profit and loss/ balance sheet, etc WILL be required. Why they don't put this on their website is beyond me, but it's good info to know.
  14. I just read on the MyFico Business forum that this has happened to others. Apparently BJ's Business Mastercards with No PG were closed and not transferred to Capital One. You would think that Comenity's reps would know this nugget of info. But why would anyone think that? lol. Oh well...it was nice while it lasted.
  15. So more news regarding the BJ's Business Mastercard. As expected, my BJ's Business Mastercard was closed on 2/27/23. What wasn't expected was that I never received a Capital One replacement card. After calling Capital One, they have no record of my account being transferred. I then called Comenity and after the rep dug deep into the notes on my account, she said the account was closed and a letter (that I never received) was mailed at the end of January. She told me to contact the credit bureau and gives me the number to Experian to unlock or lock my personal credit bureau account. Since this was corp liability account with no PG, I'm guessing that there is no place for this type of account at Capital One. I'm debating whether I want to further this. Comenity obviously has no clue what they are doing and I don't think I want a Capital One business account since all but one of their current cards reports to personal. Has anyone else had any issues with the transfer of their BJ's business account to Capital One?
  16. If you have strong personal credit, Chase, Bank of America, any card backed by Elan Financial are my 3 favorites. If you bank with Bank of America and keep a decent average balance in your business checking accounts, they give you bonus rewards, so a card with 1.5% rewards can pay 2.25% or 2.625% and in some of the categories that pay 3%, the rewards can go up to 5.25%. Chase is known to give large credit lines from the start but require a hard pull for credit line increases unless they automatically give them. Bank of America only does a soft pull for credit line increases and if you handle the card responsibly as in pay the balance in full every month,as well as bank with them, they can be very generous with their line increases. Elan Financial which backs over 1300 smaller banks and credit unions with their card program offers one of the longest interest free promo periods (up to 20 months). They also offer 0% offers with an up front fee of 2% to 5% (depending on the current prime rate) after the iniitial interest free promo, so if you need to carry a balance, their program is one of the best.
  17. The credit guys on youtube think that if GS sells their Apple Card portfolio...Capital One will be the most likely candidate as they have the most experience in dealing with the subprime crowd and are also are large enough to absorb the number of accounts that GS is servicing.
  18. I asked this question at my local Honda dealer as I cosigned for a friend about 5 years ago. They told me that once you are in with them and make your payments on time and fulfill your obligation, they are more willing to give you a great rate and overlook some things that other lenders may not on the next loan/lease. Fortunately, my friend's credit score was much higher the 2nd time around (3 years later) and got approved at the best rate on her own.
  19. I think they are/were approving a lot of people new to credit even if the credit lines were relatively low at the $200/$500 entry point. I read a post on another site were the customer didn't realize she had to link her checking account with the apple card app and they would automatically debit her account once per month so she ended up with late pays reporting, screwing up her credit. How anyone could be this dense and not realize they aren't going to get a bill in the mail and mail in a check is beyond me, but multiply the wrong type of customer x hundreds of thousands and I can see how what could have been a great opportunity for someone to get started with credit could end up causing losses for Goldman Sachs.
  20. I'm surprised to hear that Discover Business doesn't report. You found the 2 Biz Card issuers that I don't recommend for that specific reason. Chase and Bank of America give you the potential for huge credit limits and Bank of America does soft pull inquiries when requesting credit line increases. I also like Biz cards backed by Elan Financial. They back over 1000 banks and credit unions and offer a card with 20 months 0% interest. The part that is great about those cards, is even before the 20 months is up, they start offering 3% balance transfer offers so if you need to carry a balance year after year, other than another 0% offer, you can essentially use Elan cards as a credit line as opposed to just a credit card at a rate well below any credit line offer that I have found. Some of the banks that you can apply online are Flagstar, Comerica, Bank of California and Univest. Just make sure it's the business card with the 20 month 0% offer as they have other cards that are rewards cards that don't offer this long of a promo rate. Also, I checked a couple of the sites tonight and the links for business cards either weren't working or were presenting their personal cards. Make sure it says business on the app and asks for your business info. They pull TransUnion Personal and check Dun & Bradstreet for businesses. (at least in my area).
  21. For those looking for a low doc business loan or line of credit. Marcus (Goldman Sachs) offers up to a 12 month business loan. Here is what is required and how it works: Sign up for Nav which is a portal that shows your business credit reports. You can give Nav permission to link to your business bank accounts via a Plaid like interface. Nav will present you with different loan and line of credit offers ranging from the loan shark like Merchant Cash Advances all the way up to loans and credit lines such as Marcus with fair interest rates and terms. Maximum term for the line of credit is 12 months with payback once every 2 weeks of 2% of the outstanding balance. At the end of the 12 month term, you can apply for another line of credit or convert to a term loan up to 12 months for the payback of any outstanding balance. A business can have both a term loan and a line of credit at the same time, however there are two separate applications via Nav. We applied for the Marcus Loan as we have a specific project we wanted to finance that will take a year to payback... Soft Pull on Equifax Access to our business checking account via a service like Plaid where they can securely access your bank account and see your deposits, withdrawls, average balance, etc. They will give you an offer of a 3 month, 6 month and 12 month loan offer. We selected the 12 month loan at 9.99% which in today's world of rising interest rates is relatively good. The interest rate on the shorter terms were slightly less. We then had to upload a driver's license, last 3 months of business bank statements and our checking account routing/account number for automatic payments. Within 20 minutes, we received our approval email. You then click a link for the Docusign loan agreement spelling out the terms of the loan. Electronic signature and we were done in 2 minutes. Funds will be transferred within 4 days... being that we did this on a Friday and Monday is a legal banking holiday...we expect the funds on Tuesday. I'm thinking they wanted the hard copies of the bank statements to compare to what they saw when they connected to our bank account to make sure everything matched and there was no fraud.
  22. If you have a BJ's Mastercard from Comenity Bank, it's being serviced and replaced with a Capital One Mastercard on 2/27/23. Since Cap1 reports all but one of their business cards to personal, I'm expecting this may happen as well with the BJ's card. I welcome another high limit card reporting to my personal. I don't welcome the fact that a business card will now be reporting which can potentially affect my utilization and therefore my FICO scores. However, if I remember correctly, I did not sign personally for the BJ's card with Comenity. It was one of the few corporate liability cards similar to the Sam's Club Business Mastercard. So there is a chance it will not report. Curious to see what other's experience with this will be.
  23. I find that with business credit cards, your personal reports matter more than what is appearing on your business reports in most but not all cases. When it comes to applying for loans/lines of credit and business credit cards, the ironic thing is that most lenders check personal, but they also check D&B, however when they report, they report to Equifax business and / or Experian business. Makes no sense why they check D&B and then don't report to D&B.
  24. Although it can vary from lender to lender.. usually the best rates are with an automotive FICO score of 740 and above. At 760 and above, you are golden.
  25. I applied for a 4th Business Card at Chase. After 2 weeks of silence, a rep called me and asked if I would consider moving a portion of my credit limit from another card to the new card. I wasn't interested in doing that as the 4th card is their premier card with a $195 annual fee that has a 2.5% reward on purchases over $5k and it's a charge card as opposed to a revolving credit card. I told them that if they are unable to approve the additional line without reallocating the credit lines, it would not be advantageous. Current total limits of the current 3 cards is $97k. I'm thinking my account has an internal limit of $100k. I don't have any personal Chase cards and I'm not sure they would separate personal from business as far as their total exposure. Thought this info would be a good data point for others considering Chase.
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