SCM,
1) What maximum %APR and BT fees you consider acceptable?
2) What % of your CL do you utilize - do you max out or keep it below, say 50% on any particular acc?
3) Do you treat cred cards as "one time use only" (open a new one, BT until end of special offer and put it away), or you keep flipping BT between exisitn accounts? Do you get 0%APR offers for BT?

Oh, and one more regarding investigating (it must be boring already...) - you call EQ just after opening a new acc and just say "Please investigate such and such entry in your files"? What doeas "B" mean when you refer to TU report?

Great read. Good luck. And THANKS for sharing!

Some afterthoughts about my replies. I have to watch who I request CLI's from because some will ask for my tax return. I have no errors false information on my apps but they would be alarmed to see that my 2005 return shows a "paper" loss of $67K. That's because of allowable deferred deductions for real estate improvements, and an additional income from a separate business on a separate return where I use that income to pay bills for the biz that's "losing money". I also paid my real estate taxes during the discount period with credit to save a significant amount of penalties that far exceed what interest I'd be charged by banks. My 2006 return is expected to look much, much better, and usable to submit to banks for CLI's above the $25K no-financials ceiling. The other thing is, now, I'm over $1.6M in biz and personal credit and DW is over $740K. Combined, we've got $2.348M in credit right now. I also need the reserve credit in case any of the banks gets nervous and wants their money back on short notice, although I'm performing favorably in their opinion, or I wouldn't be getting offers in the mail.

SCM

supercreditman said:Some afterthoughts about my replies. I have to watch who I request CLI's from because some will ask for my tax return. I have no errors false information on my apps but they would be alarmed to see that my 2005 return shows a "paper" loss of $67K. That's because of allowable deferred deductions for real estate improvements, and an additional income from a separate business on a separate return where I use that income to pay bills for the biz that's "losing money". I also paid my real estate taxes during the discount period with credit to save a significant amount of penalties that far exceed what interest I'd be charged by banks. My 2006 return is expected to look much, much better, and usable to submit to banks for CLI's above the $25K no-financials ceiling. The other thing is, now, I'm over $1.6M in biz and personal credit and DW is over $740K. Combined, we've got $2.348M in credit right now. I also need the reserve credit in case any of the banks gets nervous and wants their money back on short notice, although I'm performing favorably in their opinion, or I wouldn't be getting offers in the mail.

SCM

2.348 Million, this is amazing, thanks for all the details, some of these ideas I never would have
thought of. Now I will be able to increase my lines by a multiple of 10.

Hope your properties can become more profitable, have you looked in to any state or federal
programs that might offer some type of assistance? There are quite few programs that might
be able to help.

Best wishes.

This is insane.

ASDF9976,

The assets are not just real estate. 90 vehicles, 45000SF warehouse of building materials, extensive retail computer inventory, etc. According to appraisals used to get the commercial mortgage, just 25 of the properties are worth over $2M. The mortgage is secured by just those properties, and I own 41 others that are not subject to terms and conditions of the mortgage, except for the judgment which acquires them by default of the mortgage agreement. I made $40K in profits on the vehicle biz so far this year, subsidized real estate losses with that profit, held overall debt at the same level since the beginning of the year, and increased the quality and quantity of my vehicle inventory. When income tax refunds start rolling in, I'll be stocked up with vehicles bought cheaper off season and sold in season. I am never sure of any business decision until it proves profitable, but I think I'm on the road to recovery. I have all bills paid as soon as I know how much they are and none have been paid late all this year. I put out close to $20K a month on debt payments, and the rest for normal operating costs, which keep going up and up. At this point, I don't care that one biz is not profitable and the other would be, if I weren't taking it's profits away, so long as my goal of sustained operations is met. The advantage I now have that I didn't have before is assets that are very liquid (cars). Real estate can't be moved to where it's worth more or sold in a matter of hours, but cars can. Any time I need cash now, I don't tap into the credit, I take a couple of cars to the car auction and come back with a check, most of the time.

You seem overly critical that my intentions are unethical or immoral, or that I'm a fool who is running my business into the gutter. To the contrary, I believe I exhibit tenacity, determination, resourcefulness, willingness to change, responsibility, loyalty to my community, and most of all, honesty. In my opinion, anyone or any company, cannot know with all certainty, that when they borrow money, they can or will be able to pay it back, and the create LLC's and INC's to insulate themselves from potential failure. I will not do that because I don't intend to run and hide from my business debt. Instead of criticizing me for encountering challenges that I never anticipated or that never existed before now, but finding a ways to get past them, you should start your own biz and share how easy your life will become, or you should criticize somebody that abandoned the biz and stuck everybody they dealt with. Or maybe you should criticize somebody that adds to their debt by buying Harleys, Vettes, a cabin in the mountains, a timeshare, every sporting good known to man, season tickets to the football games, fancy jewelry or electronics, new cars, or other stuff average people buy every day. There are LOTS of people in the cities that have ONE property that they owe more on than I owe on all my property, and their property doesn't return ONE PENNY in income. All it does is cost them taxes, utilities, insurance, mortgage, and maintenance. I haven't bought a new car in over 20 years, and buy almost everything I have for fractions of it's value at auctions.

Some of you really know how to push my buttons! STICK TO THE SUBJECT OF CREDIT PLEASE!

SCM

My biz is my life. It is ALL that I think about from the time I get up in the morning 'til I go to sleep at night. And I sometimes get up at 3-4AM to go pull cars in from where I bought them, which makes for a very long and exhausting day. I do my own bill paying and rent collection and deposit too. And no, I am never sure of myself. I am very afraid of failure! Fear is what brings out the survival instinct in me. I've come close to failure and I sure don't want to ever get that close again. Weekly financial reviews, credit card and utility bill collectors calling non-stop, utilities being turned off, tax claim sale ads in the newspaper, and a acute feeling of doom that kept me awake all night, every night, for almost 2 years, and probably took years off my life in stress. You bet I'm afraid. Anybody with a concience would be afraid. I know several people that have no concience at all and running up debt they can't pay is a way of life for them, but not for me. I don't need counseling to give me peace of mind, I need money. Money is one of the biggest single issues that families in counseling deal with. It is more than numbers printed on paper, it affects peoples lives, and I'm not immune to it's effects. As a matter of fact, I have to make 20 times as much as most people I know, just to survive.

SCM

I don't have a plan.

Why are you antagonizing me? This is a financial forum and I'm here to share my personal experiences about the credit I got over the last couple of years with anyone that thinks I have a useful answer. THAT'S IT. If you don't have a credit question, or you don't think I know anything about credit, then we don't have anything further to communicate about.

You are the one asking me questions that have nothing to do with credit. I don't know anybody on anyof the forums, but since I got so much out of the forums, particulary Creditboards, I just wanted to share as people shared with me. People are nosy here! I didn't ask you anything about you. I don't want to know about and you don't want to tell me about you, so let's get back to what's important. People seem to disqualify my experience because of my motivations. My motivations aren't important, it's only the results that are relevant. Anybody that wants to know how to get credit HAS a reason, and THEIR personal reason is THEIR business.

SCM

Thanks for wishing me good luck. I need that and more importantly, answered prayers. Sorry to everybody for my mini-novel. I have lots better to do with my time than share my life with strangers on a forum. But again, the thread's title says what I was really sharing, although, to quote an old saying, "don't care how much I know until you know how much I care". In other words, all of you on this forum aparently come off as being saints, criticizing people on Creditboards for ditching debt, and won't listen to real people with real problems like the majority of the population, who is supposed to be the people you want to help. I hear all this stuff on the other threads about you just got the cash out of the credit so you could invest it in CD's or interest bearing accounts, and not take any risk, employ anyone, or provide a home or car for someone. I do good with my credit including paying the banks plenty of interest for using the money. Every car I sell is sold for 60-75% of it's true value. People could literally wreck the car the next week and get the full value for it from insurance, making money on the car a year after they bought it from me. My philosophy is to save people money and still make money. It obviously isn't profitable, but I'm in a depressed area, so that's how it has to be.

I don't think this forum wants people like me. I'm considering not posting here any more. This is all BS. I get BS all day long and I don't need it here too. I thought these forums were for people to get support and help, not criticism, interrogation, and cross-examination.

SCM

supercreditman said:I don't think this forum wants people like me. I'm considering not posting here any more. This is all BS. I get BS all day long and I don't need it here too. I thought these forums were for people to get support and help, not criticism, interrogation, and cross-examination.

SCM

Oh SCM, plz don't go. I can understand how you feel and I really don't know what to say other than some of us here are really digging into your credit strategy here and can respect your wishes to stay on track with the credit questions. I have seen threads go both ways, were someone asks about their finances or a business plan or something to that affect, and then threads were people talk about specific strategies. You and others on this thread have repeatedly asked that we stick to the credit questions, but then a new page starts, people don't see the post asking to stay on topic and then it starts all over again. I have some on-topic points, but I will put that in my next post (in case this gets deleted).

DaveHanson said:What SIS just said, SCM. Please ignore the peanut gallery.

Cyclone,

What can I try to answer for you?

SCM