Jump to content


  • Posts

  • Joined

  • Last visited

Everything posted by direct

  1. 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.
  2. 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.
  3. 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
  4. 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.
  5. 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.
  6. 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.
  7. 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
  8. 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.
  9. 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.
  10. 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.
  11. From what I am reading, car loan delinquencies are very high especiallly for the subprime credit group. Most likely the lending criteria is getting stricter during a period of record high car prices as well as interest rates.
  12. From what I have read, the only business cards that report to personal are Capital One and Discover. I know for a fact that Bank of America, Chase, Elan, Comerica, Sam's Club Business, Keybank, Goldman Sachs/Marcus do not report to personal as long as you do not default.
  13. Many years ago, I was in a similar situation. Not sure if things changed much but at the time, I was getting declined for being "sufficiently obligated". Lesson learned not to use personal cards for business purchases as well as do not obtain business cards that report to personal...example Capital One. I paid the cards off eventually. My Fico went up and I applied for business cards that didn't report to my personal credit. This is the key. Leverage your personal credit scores to get approved for business cards that don't report to personal. There are business credit cards with 0% APR promo offers and once you are able to do this, you will be in a much better position. Finding a 0% intro period balance transfer card or cards for personal will most likely be a tough search with high utilization and relatively low FICO scores.
  14. We accept Paypal payments in our business. Today I received an invite to the new PayPal Business Cashback Mastercard. Approved for $30k 13.99% interest. No annual fee. 2% cash back on ever purchase with no cap or expiration (as long as you keep your PayPal account open. Free Employee Cards Application / Approval took less than 5 minutes. They associate the card with your PayPal account immediately so you can use the card when paying with your PayPal business account immediately and don't have to wait for the physical card to arrive. They pulled Experian (personal). I won't know if it reports to personal until I use it. Here is the link for application: https://www.paypal.com/us/business/cards/cashback-card?
  15. I'm watching the YouTube videos on this as well by others that have been burnt by paying for what they thought was credit repair. Apparently, Mike's ploy was not to sell credit repair but to sell educational courses as it is illegal to take upfront money for credit repair but not illegal to charge upfront for educational courses. That would all make sense if it was made clear to the people that paid thousands upfront with the implication that their credit would be repaired by the people at the credit game. Amusingly enough, everything the credit game "teaches" is available for FREE right here at the creditboard.com.
  16. Why would a car dealer want to deal with that aggravation as well as the attorney and court costs when they could just do what they are doing now...limiting their exposure to credit card purchases.
  17. Mike Rando who has a popular YouTube channel regarding credit repair and related topics and trades at the "credit game" shut down by the FTC... https://www.ftc.gov/news-events/news/press-releases/2022/05/ftc-acts-shut-down-credit-game-running-bogus-credit-repair-scheme-fleeced-consumers
  18. Other than the % paid to process the card which is usually around 3% of the charge, the dealer is open for the possibility of a chargeback as there is no lien placed on the car compared to a traditional car loan. In the event of unauthorized use of the card or other cardholder dispute whether legitimate or not, the dealer could be subject to a total loss if they were to take full payment of a car by credit card. This is not to say that no dealer would entertain the possibility of doing it or to say that no dealer has ever done it, but this is the reason why most dealers wouldn't accept a credit card other than for a deposit, down payment or other small % of the purchase price. The dealers that I have done business with usually have a max exposure of anywhere from $2k to $5k for a credit card. Some that I have dealt with, will take a higher amount with a debit card but no more than $5k max.
  19. Bank of America Chase Comerica Bank These 3 banks have issued high credit limit cards out of the gate and all have 0% APR introductory offers. If you bank with Bank of America and show consistent deposits and a growing balance (as in you actually have a successful growing business) they will review your business checking accounts and payment history on your business credit cards and work with you regarding credit line increases to accommodate your growth. I started off with a single $20k card at Bank of America about 11 years ago and now have 4 business cards with the largest one at $75k. Couple of data points... Other than carrying a balance during the 0% intro period, I've always paid the cards off on a monthly basis and on many occasions came close to maxing out the main card. That demonstrates to the bank that you can responsibly handle the credit line and can reasonably handle more. Now if you are constantly carrying a balance and only making minimum payments, then your success with getting larger credit line increases may not be so good.
  20. I started off 2021 with 2 current auto leases that were close to 2 years old each. My FICO 8 credit scores were either at or near 850 on each each bureau. In May 2021, one of my cars was involved in an accident and the car was totaled. Insurance and GAP paid off the lease. Score still remained high. At the end of October 2021, I was able to have a car dealer pay off my 2nd car lease and I walked away with a check for the difference in equity in this crazy car market. A first in my life time. Also, just before this transaction, I purchased a car off the dealer's lot (new loan) to hold me over until two ordered cars arrived which wouldn't arrive until the beginning of March. When the 2nd car lease was reported paid, my score dropped 30 points. When the new car loan reported about a week later, my score went up 6 points...So now I have 1 new car loan reporting and both leases reported paid....Net result...a 24 point drop. As time progressed from the 24 point drop in November, my score gradually went up about 5 points. In March, both ordered cars arrived the same day. I decided to lease both of them and ran each one through a different lease company. I also traded in the car I purchased in October 2021. So about two weeks later, the car loan from October was reported paid and the first of the 2 new car leases reported on my credit reports. Net result, a 6 point gain. When the 2nd car lease reported, my score increased 15 points. So now a 21 point gain. Bottom line, having 2 new car leases report resulted in an immediate net gain of 21 points and my score was almost back to where it was before the previous 2 car leases were reported paid. So having 2 car leases reporting from day 1 has increased my FICO score more than having 1 car loan reporting and paying off both of the previous leases resulted in a big drop. This is the opposite result of paying down credit card balances. It's actually better for my credit score to show 2 car leases instead of 1, even though it increases overall debt on my credit report rather considerably. Another interesting fact was the inquiries from the Car loan in October 2021 and the 2 new Car leases in March of 2022 didn't seem to drop my scores more than 1 or 2 points on each bureau.
  21. I really think someone tried to apply for credit with some of your information. The fact that L/N doesn't have your info correct and now your phone number is in a risk database. Either that or your info was hacked during a data breach and that's why your phone number is showing up in that database.
  22. I applied for the business version and the limit was about 65% of my personal apple card. I figured I would use it for a while and then request a higher limit. Business limits for me are usually substantially higher than my personal cards. Not sure if GS is more risk adverse or something else.
  23. I got the answer. They do the soft pull just like the Apple Card. I was approved but had to upload my drivers license. I locked my reports as soon as I was approved. Works just like the Apple Card. No hard inquiry on my reports.
  24. I applied for the GM business card from Goldman Sachs last week. They couldn't identify me either but didn't decline the app. They requested that I upload a picture of my Driver's License. It took a few days and they approved the app. By the way, it works the same way as the Apple Card. They do a soft pull to run your app, but they don't do a hard pull immediately. I locked my credit reports immediately after the application and no hard pull was completed.
  • Create New...

Important Information