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Everything posted by losartworks

  1. I have actually had companies with both. I honestly was not bothered by the standard corp and the paperwork related to it. But LLC tends to be more the flavor for those in your shoes. Honestly the degree of advise given in this forum on the topic is anecdotal in lieu of you going to your local CPA and laying out the specifics in detail. It's money well spent given how much more detail you can go into with someone who has their actual credentials on the wall. I am not attempting to diss on any input given in this thread or any other on the internet. But statistically speaking, you are muc
  2. I don't think enough creditors bother to report it as early and as such it's a mute point. Some may as I have known some people with a 90 Paydex. But most creditors report it was "on time" and leave it at that. I do not believe there are too many lenders out there who would offer up much scrutiny if they were to see a Paydex of 100. There was still an extension of credit and therefore as long as the terms were 'paid on time' or better, I don't see lenders going out of their way to build conspiracy theories over the borrower. All businesses operate according to their protocol. Some pay inv
  3. Asking dnb to opt out of their assault like solicitations?!? Will believe it when I see it. I think per vast majority if one asks them to not call back or be removed from the list, the best that will happen is the rep will placate you and tell you they will. But you will get a call from them again most often than not.
  4. Grainger will not pull personal if you are an LLC. they just verify you as a legit business entity and generally throw a $1K limit at you. If you give an SSN or not really a significant factor if you are legally on the hook if things go south. They can get your SSN and report to personal if they have cause to. You don't need to give it to them. Not giving your SSN does not save one if the account goes south and the steps, of which there are a few, to protect yourself personally, are not observed. This board has a wealth of knowledge. It also has a wealth of erroneous, if not outr
  5. If you are an SP you are going to have to stand behind the account personally for sure. There is no separation of yourself and business if you are an SP. If you are a newer corp you may well still have to PG various accounts. It's par for the course. It's one thing if you have bad personal credit and are apprehensive but none the less your going to have to put your personal liability on the line in one form or another with an SP or newer corp. There is a certain amount of thought one might have to separating business from personal expenses and uses. But that is a whole different ke
  6. Ive never had Grainger run personal on me. But I have always had corporations with them.
  7. FEIN is your tax number. when you register with the IRS they will automatically generate one for you. If your an SP then you may just use your SSN.
  8. While the tide has changed somewhat about land lines, Some underwriters still prefer to see one. My local phone company gives a basic business line for $9.95 a month. Sound investment for running into potential problems with some underwriters. While I agree it is not absolutely necessary like it once was, there are still a lot of underwriters who feel more comfortable when they see one. It basically helps in their mind that there is a phone at an actual physical location and provable as such. It's also an easy way to get on the 411 system as there are still those out there who are back date
  9. Many issuers prefer to match the existing CL of other issuers. That is often an indicator of potential credit limit. IF you open an account with one business and then the second, you are Not guaranteed the same credit limit. Regardless of if the businesses are related or not. While business credit profiles do have some influence upon the amount of credit granted, the personal credit that quite often holds the sole or majority influence over approvals on PG cards will dictate. The issuer will largely see it as a matter of overall exposure at the point and time of history (if any) yet establish
  10. Ok, what you are asking is frankly, ILLEGAL. Unless you get the original owner to sell or grant you the rights to the company, even though if it's inactive it likely has no assets. Honestly, your idea isn't bad, but speaking from knowing many people who have tried this or similar tactics to basically obtain 'age' on the company often go about it for the need to skirt the system. I can say most of the 'companies' who did this were not necessarily legit. Most SOS offices will reactivate an inactive company provided it has not been inactive over a certain period. This period of time varie
  11. thanks. Yeah, the market is in the tank and the credit boom is definitely over and business lending is especially more conservative. But it is attainable. Its not my goal to amass as many lines as I had back when I operated my other business. Don't need it.
  12. I do remember that Reliable was one which was hard to predict, so I might not worry too much about them. Quill processed and shipped fine, as did Uline. Maybe I will open my Duns file instead of auto create. In the past I have just let it auto create to avoid the annoying upgrade sales pitches. I've never had a problem with it auto creating and being accurate. though I can see it happening.
  13. It's been a while since I had my last business which went a number of years and was pretty successful. Because of the economy and my desire to spend more time with my family I haven't been in the active business ring for a couple years. I opened up an other company last year and didn't really desire or need corporate credit as I had a lot of leftover equipment from my previous work. But as with all things, the need arose to start building a credit file. Some of you know me and or have read my posts from way back when, so you know I know my way around things when it comes to company credit.
  14. Thanks for the clarity. i wasnt sure. So often I see like on new cars for those with good credit you typically see the rate go up a point or two with longer terms. I was just not used to seeing a same interest rate across the board for all terms. Now all I have to figure out is where they are hitting her for something extra. I asked for the breakdown as far as price, and after going over the price, interest rate and sales tax, doc fee and license, there is still a $10 a month discrepancy which means they have about $850 earmarked for something they didn't disclose on the phone. Perhaps GAP
  15. My other half was shopping for cars and after playing ping pong with the dealer over a few days they finally came in with a reasonable rate given her limited amount of car credit. they finally came back with a 7.1% rate which is good for her on a 2010 model year. The dealer being not someone I would really trust though said it was 7.1% for 84 months. I told her that there is no need to go 84 months and to get a quote for 60 months. well, the dealer claims that the credit union came back with the 7.1 rate no matter what the term, 58, 60, 72 or 84 it would all be 7.1% Now I had always thoug
  16. It's hard to know what to say in these cases, when you know under ideal circumstances it could play out different and easier. I did call him up and asked if he'd mind telling me where these accounts were issued. He couldn't tell me the whole list as he is understandably one who has to be basically looking right at the bill for the name to hit. He did say the bulk of the debt was distributed between half a dozen accounts issued by Barclays, USAA and BOA. Said his wife pretty much maxed about 20k+ with web bank. I couldn't really offer any perspective in terms of how these specific credit
  17. I have to agree in the point of attorneys. Don't like to use them or pay them, But when it comes to fighting fire with fire, you need it. Unfortunately, I do not believe I have the ability to persuade that one with this guy. I think he probably will have the property moved to a kids name in some fashion and keep his fingers crossed that they don't try to reverse the transfer. Which was my earlier question. Is there a more complicated way to move the house? I mean sell it for a good sum to make it appear as an actual sale. the relative buying it keeps it on the books instead of paying
  18. Yeah, I was also not sure on the less than minimum thing unless it was something of a mutual agreement to lower the minimums. Not sure if the avg CC company really does that never having had to ask personally. I know he won't do BK and won't talk to an attorney. Frankly I have my own issues with attorneys, so I don't blame him on that route. I think given the parameters there are here, I am going to just have to see what info I can find and tell him to take his best shot. There seems to be two camps here with one line of thought clearly stating it will look like a fraudulent conveyance
  19. Hey guys. Lots of good info here for sure. From what I have gathered by talking to him, this is where he is at. a couple years ago, he didn't even have more than a mortgage and perhaps a single credit card. He listens to his genius local bank assistant manager who runs a credit report with him because the old guy is curious about how his credit is stacking up. Well, with only a small mortgage and one long closed credit card from several years past (good card, just got tired of paying interest he said) and it was a clean and paid account. He had I believe one singe active revolving
  20. A lot to chew on. We are talking Missouri. Not sure what laws are here in regards to that. If he does nothing he will obviously see default judgments at some point. I further assume that they would basically wait out for the clock to tick down and it to become an estate. since the home it titled in both husband and wifes names, I assume they would have to wait until both pass? No, Im pretty sure he doesnt have cash for an attorney consult or procedure to help via an attorney. Frankly, is there any way for such a transfer to not look fraudulent? Im guessing not. I think two of his
  21. Indeed an idea. I think he feels there would be some disgrace in any event but is still a realist enough to do what it takes to protect the main asset here. I was just trying to get a feel overall if it was legally acceptable to do a quick payoff and quit claim or otherwise convey the house to a relative before there were any lawsuits filed. If thats the pivotal element (doing it BEFORE any suits are filed) then he should be fine to hang on to things. Yes, Im sure he would want to stay in the house for a bit of the future for sure. But health issues may frankly cause them to want to be
  22. I would concur on the part where he better pay it off and transfer it prior to any litigation happening. I was just trying to see if that was a legal option since there was no actual judgment seeking going on yet. I would think speed would be of the essence as many creditors don't sit on these beyond 120 days before wanting to sell them off. I don't think the guy would do any form of BK. He is old and set in his ways. He knows his kids will find out. He just wants to have a solid plan in place so there is no real panic I guess.
  23. I have a neighbor down the street. Very nice people in their 70s and retired. I drop by now and then to mow their lawn and run the occasional errand. Last week I was asked if I knew anything in terms of what credit card companies would do if there was default. Seems this guy is pretty fearful of what his kids might say if they knew over time their dad had run up his credit cards. The main question I was asked that if he ultimately defaulted if his home was in danger. His home has a Lot of equity. It's probably worth $170K on the low end and he owes about $16k only. He says he has abo
  24. Clambert Totally agree with you! it's an EARNED status. I have gone off on my rants with these people in the past and they know it's an issue with me. We avoid talking much about it. Andy, sadly while this Is technically breaking the law, it's far too wide spread an issue and it's a big grey area to some who wish to avoid it at all costs. Imagine how many people would get called on fudging the numbers. Eligibility to many banks and CUs are broad. Some even going so far as to give you directions on what organization to join to attain eligibility. Many places want to give members
  25. Not that I condone it or encourage it... but I do know a person and her husband who both have USAA credit products and have never done or had any military connection. I asked her if she was ever worried about getting caught. She said they have had their accounts about 10 years. they just put that they served 4 years service back in the 60s and are recognized as full members. I reminded them that it was a clear violating of USAA terms and they could easily shut them down. They never seemed worried. saying that basically the bank wants to make money and they give them a lot of credit based
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