Blakes quest for 1 million in credit lines

[PotO]

I can tell you, as someone who is near such a goal (maybe even there, I haven't checked lately)... Its stupid. Totally stupid.

 

The Business lines I use, Build as many as you can, as big as you can...

 

The personal lines. I've consolidated so many cards its not even funny. I use 4, maybe five a year... At most.

 

I cant wait till I have all my personal cards down to like 10 at most.

 

Some just can't do it.

 

Hello, my name is Phantom and I'm a cardaholic.

[blake10]

I can tell you, as someone who is near such a goal (maybe even there, I haven't checked lately)... Its stupid. Totally stupid.

 

The Business lines I use, Build as many as you can, as big as you can...

 

The personal lines. I've consolidated so many cards its not even funny. I use 4, maybe five a year... At most.

 

I cant wait till I have all my personal cards down to like 10 at most.

why is it stupid ?

[nysbadmk8]

It becomes a job to manage 50 cards. And you hit a point of diminishing returns.

 

So the creditors you wish to gain higher lines with become harder to get credit from because of (number of cards, Inq's, new accounts) Etc that comes with opening many lines.

 

I.E. my suggestion to rack them up on the Biz side... No new accounts on you report, hidden lines, etc... You take the hit for the Inq, but you arent messing your AAOA up, and giving chase and other's to be stubborn.

 

I solely focus on Business accounts, consolidating, and Increasing line size.

Edited May 30, 2017 by nysbadmk8

[blake10]

It becomes a job to manage 50 cards. And you hit a point of diminishing returns.

 

So the creditors you wish to gain higher lines with become harder to get credit from because of (number of cards, Inq's, new accounts) Etc that comes with opening many lines.

 

I.E. my suggestion to rack them up on the Biz side... No new accounts on you report, hidden lines, etc... You take the hit for the Inq, but you arent messing your AAOA up, and giving chase and other's to be stubborn.

 

I solely focus on Business accounts, consolidating, and Increasing line size.

good point. I am definitely more interested in biz LOC. On the personal side however I don't think you need more than 7-8 cards to reach 500k though so no need to manage 50

[direct]

It becomes a job to manage 50 cards. And you hit a point of diminishing returns.

 

So the creditors you wish to gain higher lines with become harder to get credit from because of (number of cards, Inq's, new accounts) Etc that comes with opening many lines.

 

I.E. my suggestion to rack them up on the Biz side... No new accounts on you report, hidden lines, etc... You take the hit for the Inq, but you arent messing your AAOA up, and giving chase and other's to be stubborn.

 

I solely focus on Business accounts, consolidating, and Increasing line size.

Great Advice. Most likely you will be needing the credit for your business (unless you are pulling in a high 7 figure personal income and your spending warrants it on the personal side). You can maintain 800+ scores on your personal and carry little to no balances while having (20+) $50,000 lines of credit on the business side and carrying a balance if needed without it affecting your personal history or causing adverse action. Higher business lines are much quicker and much easier to obtain and since they don't report to personal (except a few like cap1 which you would probably want avoid on the business side)...you will be golden as long as you don't default.

[blake10]

I do feel I am going to concentrate on growing my biz lines much higher. I am going to apply for the Amex Simply Cash+ next I may go ahead and do that now.

[Tyra]

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

[PotO]

 

It becomes a job to manage 50 cards. And you hit a point of diminishing returns.

 

So the creditors you wish to gain higher lines with become harder to get credit from because of (number of cards, Inq's, new accounts) Etc that comes with opening many lines.

 

I.E. my suggestion to rack them up on the Biz side... No new accounts on you report, hidden lines, etc... You take the hit for the Inq, but you arent messing your AAOA up, and giving chase and other's to be stubborn.

 

I solely focus on Business accounts, consolidating, and Increasing line size.

good point. I am definitely more interested in biz LOC. On the personal side however I don't think you need more than 7-8 cards to reach 500k though so no need to manage 50

Some of us may have $500k with only 8 cards, but the way things are going you will need 50 cards.

[PotO]

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

 

What reason did Penfed give for canceling the card?

He doesn't want to say. Blake has a history of trying to hide his issues.

 

Look at his profile. He has supposedly clean reports, but can barely break $15k with Synchrony across three cards. I smell a train wreck.

[fusioncredit]

I can tell you, as someone who is near such a goal (maybe even there, I haven't checked lately)... Its stupid. Totally stupid.

 

The Business lines I use, Build as many as you can, as big as you can...

 

The personal lines. I've consolidated so many cards its not even funny. I use 4, maybe five a year... At most.

 

I cant wait till I have all my personal cards down to like 10 at most.

 

Care to share what banks you got business lines from?

[blake10]

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

[blake10]

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

 

What reason did Penfed give for canceling the card?

He doesn't want to say. Blake has a history of trying to hide his issues.

 

Look at his profile. He has supposedly clean reports, but can barely break $15k with Synchrony across three cards. I smell a train wreck.

are you really credit shaming me? Yes I only have 15k on 3 Sync Cards. I have had them less than 5 months. Does it help your self esteem to try and put down others? I feel bad for you. You must think very highly of yourself.

[blake10]

I am thinking about going after an FNBO biz card. Anyone have one?

Edited May 30, 2017 by blake10

[PotO]

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

He doesn't want to say. Blake has a history of trying to hide his issues.

 

Look at his profile. He has supposedly clean reports, but can barely break $15k with Synchrony across three cards. I smell a train wreck.

are you really credit shaming me? Yes I only have 15k on 3 Sync Cards. I have had them less than 5 months. Does it help your self esteem to try and put down others? I feel bad for you. You must think very highly of yourself.

 

 

In 60 days there's no reason not to have at least $75k across three Sync lines.

 

The problem, Blake, is you lie. You lied to PenFed. You lie about public records that appear on your report(s). You lie about clean reports. And then you pretend like you are a prime candidate for $500k in SL across 7 - 8 cards.

 

It doesn't matter that Ringling Brothers closed up shop. The circus lives here w/ you.

[fusioncredit]

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

 

 

240k business income ≠ 240k personal income

[blake10]

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

240k business income ≠ 240k personal income

agree

[fusioncredit]

 

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

240k business income ≠ 240k personal income

agree

 

 

In that case realize you committed fraud and PenFed chose the simplest form of action to just close the card

[cashnocredit]

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

 

If you get W2 reported wages, you are an employee. If you have total ownership or partial but effective control, you can also be considered self employed in a way but the IRS considers you an employee. If you just have a DBA then you are self employed.

[blake10]

 

 

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

240k business income ≠ 240k personal income

agree

In that case realize you committed fraud and PenFed chose the simplest form of action to just close the card

yup I truly didn't mean to. I usually put self employed and thought I did with them as I always do. When they asked me on the phone of course I told them I am self employed. I sent my tax returns. If I was trying to commit fraud I would not have done that. My biz did 3 mil in sales and biz income was well over 240k Edited May 30, 2017 by blake10

[blake10]

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

If you get W2 reported wages, you are an employee. If you have total ownership or partial but effective control, you can also be considered self employed in a way but the IRS considers you an employee. If you just have a DBA then you are self employed.

i am 100% owner

[cashnocredit]

 

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

If you get W2 reported wages, you are an employee. If you have total ownership or partial but effective control, you can also be considered self employed in a way but the IRS considers you an employee. If you just have a DBA then you are self employed.

i am 100% owner

 

That doesn't mean you are self employed. The IRS requires people that are self employed to pay self employment taxes in addition to income taxes. If you get a W2 you are an employee and not self employed. If you file a sched C you are self-employed.

 

https://www.irs.gov/individuals/self-employed

 

If you own 100% of the shares of a C corp and work there you get a W2 and are not considered self-employed. Also, share ownership in corporations is not public and not generally available to banks unless you provide it.

Edited May 30, 2017 by cashnocredit

[tobettercredit]

 

 

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

240k business income ≠ 240k personal income

agree

In that case realize you committed fraud and PenFed chose the simplest form of action to just close the card

There is a difference between overstating/mis-stating and committing fraud Eron style. These attacks on fellow CBs are not necessary. We are not here to judge others. Edited May 30, 2017 by tobettercredit

[PotO]

It's been well documented here previously that PenFed is not fond of the self-employed.

[Big Bear]

 

 

 

 

 

 

Scores have jumped to 780 768 745 with alliant loan reporting. Penfed cancelled my card. Screw them. Amazon CLI to 10k

What reason did Penfed give for canceling the card?

its actually kind of weird and shocking to me but oh well. I maxed out my 10k line the first month and PIF. This triggered a review since I am a new customer. I got an email asking for my last 2 years tax returns. So I send them to them. On my credit application it asked how much I make so I stated 240k. After analyzing my returns and doing some research they closed my account. Their reason is because they said I am a biz owner and they felt I mislead them on the application. They looked up my company online and saw I am the owner, however Apparently when I filled out the app online they said I didn't put self employed I put employed. I honestly don't remember doing that and I certainly wasn't trying to mislead them but that is the excuse they gave me. I talked to 2 different reps who were actually as shocked as I was. On to the next one. No worries.

240k business income ≠ 240k personal income

agree

In that case realize you committed fraud and PenFed chose the simplest form of action to just close the card

There is a difference between overstating/mis-stating and committing fraud Eron style. These attacks on fellow CBs are not necessary. We are not here to judge others.

 

You're implying this was a minor misstating of income?

 

Though I do agree...learn from this, don't do it again and move on.

[nysbadmk8]

As a sole owner of a LLC. I am not self employed... I am employed by my business.

 

I've never selected self employed ever.