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  1. I agree with this.... My first card back from the brink was a Cap 1. Started with a small limit, now over $14K. Keep it, you already took the hard pulls (probably three of them). If your credit is good you should have no problem PC'ing the card in 6 months to a year.
  2. Banks are strange sometimes... I was sitting at $11,750 with Capital One, and I asked for a CLI to $15K. They countered with $14,750. Like the $250 really makes that much difference to them. I have close to $150K in unused lines, but they can't give me that extra $250.
  3. Well, it took a few days, but I got that CLI from Bank of America. Not sure if it was a 'hard" yet, but the link did show up in a new place for me. I went from $8K to $15K (They asked, I didn't want to be greedy, and $15K would have been my biggest limit, now matched by Amex and Capital One Venture (I asked for $15K and they countered with $14.750K... really? The extra $250 was too much?))
  4. They put it in your checking or savings account that you designate. Does anyone know if they frown on using the funds for business?
  5. Thanks Kat... It must be Sunday, that's why it didn't even occur to me to do a search. Interesting stuff. I wonder what I should list as the loan reason? Would business expansion be frowned upon? Repayment of gambling debts? Maybe I should tell 'em that a loan shark is going to break my legs if I don't come up with some cash? The reality is that a cousin that I never knew I had from Nigeria needs some money to get the government hold on his account released. He promised to share his windfall with me... honest. Funny, I don't remember seeing him at our families picnics.
  6. The reason I asked how they send you the money is that I can use a 3% cash back card to buy my inventory if they deposit the funds into my bank account (and on 25K, that's a good chunk of change). Also, I know I'll be paying interest, which will be slightly offset by better discounts, credit card cash back, and the increased sales that having these goods will result in.
  7. So, I'm thinking about an American Express personal loan. I've been getting the 'you've been pre-approved for up to 25K' offers in the mail, and when I log in. My credit card / limits /scores are all in my siggy. Everything I've been doing is PIF every month (slight stumble this month, due to vacations and vendors charging the wrong cards I ended up with 1.1K reporting, but it's been paid already). This would be my first loan in a long time that would be paid over time, I plan to use the money for inventory for my new retail store. I've been in business selling these items for 9 years now, I know what sells and what doesn't, I'm not worried about the risk as I know I can sell the goods (i's be stuck with a 2 month supply instead of a one month supply). My biggest problem over the last year has been running out of merchandise, it seems that no matter how much I order it's never enough. Good problem to have, I guess. I just worry about how I'm going to look on my reports, going from 0 to 25K on 60K in income (I touch far more money than that every year, my 'spend' is around $150K. I started building business credit but it's no where near good enough to get me a meaningful amount. So, 25K would fill my store nicely, and I'd probably set it up so that I'd pay off the loan early. I haven't considered other loan options, although Kabbage and Sqaure Capital would both loan me around 12K each (I don't think I'd want to do both). What am I not considering? It's a big step, taking out a large loan, but it's no bigger than your average car loan (and it makes me money on top of it, instead of losing value). Has anyone done the American Express personal loan? How do the send you the money? Thoughts?
  8. I've been pumping a lot through my BOA account, with only a 6K limit (usually 4K per month) and I've never got a CLI. (I did burn BOA for 10K or so in the past - 9 years ago). After reading this post, I'm going to see if I can get a soft on Tuesday (I'll give 'em an extra day, I'm in no hurry). I'll be sure to report back.
  9. I of all people know how much having bad credit s**ks. I fell back in 2009, lost a job that I had for 20 years (the industry I was in dried up so I couldn't switch to a competitor), had a death in the family (and ended up with two households of bills). I needed a cell phone for work, and I really wanted a smart phone (it takes forever to text on a flip phone). The guy at AT&T checked my credit and told me he had never seen a higher initial deposit request (basically pay for the phone and two years of service up front, plus $1K). I was traveling for work and had to stay in a hotel that didn't know me (I had deals worked out with the regular places I stayed at). They demanded a $250 credit card deposit (and I HAD to stay there), so I gave them a $250 cash deposit and was assured I'd get the money back the next morning when they checked the room... Nope! The manager deposited my cash in the bank, and I'd have to settle for a check, mailed out it 4 to 6 weeks. I ended up wasting 2 hours waiting for the guy to give me my money back and was late for work (I knew I'd never see the check). The guy 'drove' to the bank, but no cars left or entered the parking lot in the time he was 'gone', and it was remote enough to where you wouldn't be walking anywhere (and in the snow no less). I got used to carrying crazy amounts (usually 10K, but as much as 30K) of cash on me, just in case. My wife was not pleased. Funny thinking you can't get a CC for $100 but you have 30K on you (I was worried that a prepay card would just convert the deposit to debt repayment). Now, things are much better. I have scores around 800, and around $175 in open limits. I can leave the house with a $20 and not worry. Things get better if you work at them. I used to dream of this card or that card... Now I have what I want and don't really apply for anything. For a time I was all about the CLI's now I don't really even care about those. Good luck on your journey.
  10. Online will get u the HP every time u should have called used the APR reduction method and asked if there was a SP CLI available. Thanks, was unaware of this. In 6 months, I'll give it another go. This years goal is to get all of my cards to $10K or better. I don't really feel the need for new cards, but I'll add a few if the SUB is good.
  11. Yesterday I tried for a online SP type CLI with Barclay for my Cash Forward card. I was at $4K and I asked for $6K more. (Maybe I should have asked for more). I got the processing message, and this morning I got an HP with TU, and my limit was raised to $10K. Was hoping not to take a hard, but what the heck. At least I got it.
  12. I got a $500 increase last week. I'm sticking to one request every 6 months, as they don't seem to give me anything more, due to my "insufficient experience" with my current line. Ya, right, I don't know how to manage a credit card with a $5K Limit. Whatever... I don't spend much on the card anyway. Maybe next year I'll try the 1.5% card with the double match (when my Alliant 3% runs out).
  13. I was hording cash back for a while, I think I got up to $800 with Citi and around $3K overall, In hindsight is was a bad idea, as cash back is not in a federally insured account, and it can be wiped out for a variety of reasons. Some may be my fault, so may not (like having you account closed due to suspected fraud). Note I said suspected, I'd hate to log in one day and find out I lost $1,000's because some bank realized I'm not that profitable of a customer (I always PIF never pay interest and always get a reward).
  14. To the OP: I've seen a few posts from you, looking for advice. I've been where you are before, you feel like you want to do SOMETHING, ANYTHING to improve your credit situation. A few years ago I couldn't buy a cup of coffee on credit. My first new card (a Capital One Platinum Card) had a limit that was less than my daily wage. The people on this board will help you with advice, but you have to take it slow, and be realistic. One of the mistakes I made was waiting too long to rebuild. Sure, I opened my first new cards unsecured, but I wish I had gone the secured route (even with a $500 limit) and got the extra couple of years of age. I know what I'm talking about. Like others on this board, I went from nothing to having (as of today) just under $105K of my own limits, and I don't plan on stopping anytime soon. Some might not agree with me on what I'm going to suggest for you, but it's what I would do if I were in your shoes. Do: Open 3 quality cards, even if they are secured (People on the board will have different opinions on what quality is). I realize that you won't be able to get in with some of the prime lenders. I'd focus on cards that will unsecure in time, or cards that will become useful (I'd stay away from all store cards, except possibly the Walmart card). Do: Pay in full, all the time... no exceptions. Don't: Worry about APR. You won't be paying any interest because you will be paying in full. Don't: Worry about your credit limits. They will improve over time. Do: Work on cleaning up any baddies. It really is simple. Every month that you have a card open and you don't pay late, you get a nice little positive green checkbox. Amounts don't matter. Charge a hamburger, pay it off, let it report at $0. It will take time, but it will happen. Like I said above, I have almost $105K in credit lines. But my credit will drop just as fast if I fail to pay for a cheeseburger as it would if I burn them for $20K. A late is a late. I don't want to seem preachy, I know that there are times and circumstances when things happen (I mean, I'm probably going to break my own PIF rule this month... (Slow income month + damaged work truck + blown furnace at home + extra inventory purchase)). Something is going to report (I always try to pay before the statement cuts), but you can bet I won't pay interest as everything will be paid before the due date). So, take it slow, and I wish you luck.

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