Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


FixnCred

Members
  • Content Count

    1,668
  • Joined

  • Last visited

Recent Profile Visitors

420 profile views
  1. Depends on your volume, frequency, and speed of shipments Sent from my SAMSUNG-SM-G891A using Tapatalk
  2. Amex, Chase, BOA, Citi, PNC, NFCU do not report to personal. Sent from my SAMSUNG-SM-G891A using Tapatalk
  3. Equifax shows SP. TU/EX requires backdoor. If you get denied a CLI its a free reason to access the backdoor and see your SPs. They limit the # of times you can do this within a certain time period. I don't know what those limits are. Sent from my SAMSUNG-SM-G891A using Tapatalk
  4. WH is junk. I wouldn't be surprised if tomorrow or the next day you score jumps. Get a FICO score. Sent from my SAMSUNG-SM-G891A using Tapatalk
  5. I don't think so since its a cobrand? Although I've never tried. Too bad Citi doesn't have any other nice Biz Cards that aren't store cards. Sent from my SAMSUNG-SM-G891A using Tapatalk
  6. Get the Costco business and combine the limits into the Costco. Sent from my SAMSUNG-SM-G891A using Tapatalk
  7. In store Sams Club Application Sent from my SAMSUNG-SM-G891A using Tapatalk
  8. I got $10K Dell with 5 tradelines. It seems they want 2+ years. Sent from my SAMSUNG-SM-G891A using Tapatalk
  9. Your question is vague. What type of loan are you looking for? Sent from my SAMSUNG-SM-G891A using Tapatalk
  10. Your friend probably has business credit. He just doesn't know it. I'm sure they put a UCC filing in place as well with this loan. Let's say he needs a second loan for $1MIL or he needs to lease equipment. Is he going to want to PG those as well? Probably not. Worst yet, with a UCC filing in place and no other business credit history... it's likely he won't get approved. Even with good cash flow and assets. That UCC puts any future creditor in 2nd place in the event of a default. This is another risk factor for the lender. So im this case how much would it hurt to not be credit ready? It's shortsighted for you to think your business can't benefit from good credit. Example Dell Biz Credit of $50K no PG, no money down and 0% 12 months offer all the time. Your IT solutions solved and you got what you nees upfront so you can grow your business on their dime and risk. Same with Quill. Office supplies solved and you get to invest your money 30 days longer. What if you could return 10% on your Net 30? You need to monetize each aspect of your operations. Use your cash to save or make money for as long as possible. His first loan and its performance coupled with payment data is what gets you past the UCC. They look to see if... are you paying your bills on time? How much are you paying? Are you carrying a balance each month? Those metrics matter and shows stability which therefore risk. Sent from my SAMSUNG-SM-G891A using Tapatalk
  11. Business lending is riskier than personal. Hence why everyone is looking for a non PG option. For this reason, unless you're doing $25MIL with good cashflow you have to PG. Otherwise, you could get the loan and do whatever you want with the money to include making dumb decisions and then default with no repercussions. PG effectively reduces the chances of you doing this. Once youre in the $25MIL range its less likely that is what you will do with a loan. The end game? To always be credit worthy in the event that you need a cash infusion into your business or you want to grow. There is nothing wrong with a PG for a legitimate business person other than hes on the hook if the business defaults. Sent from my SAMSUNG-SM-G891A using Tapatalk
  12. Well not a dumb question. A good one actually. With all due reapect. Your line of thinking is what keeps small businesses... well small. Debt is horrible. It's a ball, chain, and whip. If you spend your profits on interest debt you will never grow. For some people, they just want to make $50K to $75K per year which is enough for them to be happy. Theres a right way and a wrong way of being content on that annual sum. The difference is interest paid to creditors rather than being paid to yourself. I'd rather pay myseld interest than the banks. I do this by using their cards to earn rewards or to float a balance interest free. I manage my account balances well enough that I can pay in full each month and rack it back up again. This makes me roughly $3500 to $5000 per month alone as we spend north of $200K each month on our CCs. This is all regular organic spending for our entire operations. Do you really want to pay the banks interest? Sent from my SAMSUNG-SM-G891A using Tapatalk
  13. Yeah you really need to go through all the proper steps. Otherwise no one is going to take you seriously. You might get some piddly Net 30s but thats about it Sent from my SAMSUNG-SM-G891A using Tapatalk
  14. Almost always better to have a dealer do it in the commercial space. Mileage is also tax deductible when used as business expense. So it doesnt matter if you want to use the lease or mileage. It's deductible and for the most part six in one and half a dozen in the other. Sent from my SAMSUNG-SM-G891A using Tapatalk
  15. You could try for the Chase Ink Preferred or Cash. However, the best way to maximize Chase is with in branch pre-approvals. Look for a $500 checking account coupon and then put that $25K in there. Make sure you meet with a business bankee to open the account. Find one of the smaller branchds with a business banker and set an appointment. Bring that coupon and open a checking account. If they don't mention it ask if there are any pre approvals for you. With your recent approval it might not be available. If there are no pre approvals you can have the banker submit a paper application which goes to a separate UW dept. than the online application. They can also bypass 5/24 in this dept. Net 30 high balance showing or any business revolving credit product with the high balance reporting is what you want. However, you need to time due dates and statement cut dates to ensure you don't pay interest by paying in full. Lets say you have a $25K CC and rack it up to $30K because its a siggy card and you usually can go over the CL. You'll still want to pay in full to avoid interest. It will report the high balance as well as low UTL because you PIFd. This is ideally what you want. The exception would be for 0% interest periods. If you carry a balance on credit products which report to personal then it will lower your score guaranteed. There is no upside to carrying a balance other than 0% promo periods. Sent from my SAMSUNG-SM-G891A using Tapatalk

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines