Sorry. I didn't read your AOR thread. I just checked the Discover website and there are no state restrictions on the Terms and Conditions for the Discover Biz card. There is mention of special terms for Ohio and Wisconsin residents. Maybe I'm wrong though because I'm no expert at credit. I just rode as passenger with DW to go to Sam's Club this afternoon. I decided to take a couple bozes of my CC account cards in envelopes with me so I could pull them from the envelopes and put them in a 3 ring binder with business card organizer pages in it. I'm not done yet but up to this point I have a confirmed 165 credit accounts in my name or in my business names. DW has dozens more, probably over a 100. I'm going to do hers soon the same way. I bought enough organizer pages for 600 cards. Sorry to mislead you about what cards you might be able to acquire.

SCM

W3,

If you can freeze your reports, particularly the Experian, I'd do it. I've got my EX frozen. I simply apply for Ex pullers and some will send letters stating they couldn't access the file, others will call and ask for access to the file so they can process my request, and some will pull an alternate report automatically while others do if I ask them to when they call. Either way, the EX report is the one you don't want any hits on unless it's absolutely necessary. Sorry, I haven't done my reading before writing. I don't know what's going on here on FW lately because I haven't been keeping up. When the winter weather gets here, I'll be on the computer more.

SCM

SCM

You do know the freedom card doesn't report the limit, right. But chase did tell me that mine had no HARD limit. The CL was 15,000 but I could go over the limit as long as it was paid by the statement date. Same thing on my CITI BIZ card, they let me go over the limit by 6,000 (I used the wrong card), I called and made a 10,000 payment and begged for forgivness and the guy said "Oh your alright, your allowed to do that". I didn't know

You said "Infibank/suntrust"?????? I have a suntrust and just combined it with my FIA/MERRILL+ card. Did suntrust change????

Sorry to here about the 2 pulls for 5/3rd, I got the INQ and the (out of area)crap GRRRRRRRR
I applied for ZIONS last month, they just played stupid when I called and said they didn't see my app. Another waisted INQ

man they closed your wifes card quick.

SCM,

I recall you stating that your DW recently got her Phd. You know the banks are going to give her higher limits if/when she incorporates or forms an LLC. My banker at WAMU told me that Dr.s get the highest initial credit limits when applying for business credit. An M.D. friend of mine confided to me that she had recently closed all but one of her credit cards....doh!!! She has perfect credit, and lots of cash, and works only a few days a week with her practice...it's like the saying...youth is wasted on the young. For the rest of us, we have to work a little harder for the system to work for us.

Sorry to hear about your vacant properties...if I was in your area, I'd help you out with that... I have a note due from a house I sold a couple of years ago, worth about $100K, but, the market is down, and I suspect that the buyer/borrower will need my help when it comes time to refinance, especially when the appraisal comes back about $20K less than the contract price...you probably create/carry your own paper at your dealership so you know where I'm coming from...I do the same thing with real estate. What I'd like to do is restructure the note so that I get most of the cash, and continue carrying that paper at 6-7% for 30 years, and continue the payment on my note, at 4 7/8% for 9 only more years, then migrate the note into my Roth self-directed IRA, and/or use it as an income stream/asset for future credit apps.

My last R.E. deal allowed me to pay off just about all the revolving accounts...it's been 6 months, and the credit card co.'s are really missing me having a balance with them, so a few of them--Chase, Capital One, Discover--are offering me 0% balance transfers again. It's nice when they can't see that I have nearly $100K of credit on the business side. The great news is that the 30-day late from last month's mtg online pmt glich is off my TU now...that took less than 2 weeks to go from 2 derogs to NO derogs. Lesson learned. My TU went from 706 to 754, and my wife's went from 701 to 749 just by losing that 1 30-day late! TrueCredit.com DID NOT send me an alert telling me that my report had changed. Another lesson learned--they only send email-alerts for inquiries and negatives.

I think it's time for us to lock our Experians, clear out our TU and EQ inquiries and transfer out my personal revolving balances to business lines, and go for a real AOR around Christmas time. Meanwhile the wife's LLC is seasoned (6 months old) so she's ready for business apps anytime now. Our scores are sitting at 754-TU/718-EXP/775-EQ, DW> 749-TU/703-EXP/776-EQ. Wish me luck!

got a side question, I have been working overseas for 3 years, so is my credit score still the same as 3 years ago, or it got worse since I haven't been building any credits?

supercreditman said:

I don't contact the creditors. I don't ever dispute inquiries with TU or EX. I call Equifax.

SCM

Hola supercreditman,

Thanks for this great thread. I think your sharing with us will make a big difference in my second AOR later this month. I appreciate your help

Question, why not dispute -- or "investigate" -- Transunion inquiries? What happens if you do?

Thanks!

Chad

question if I apply for a mortgage my credit score will be lower, but if I pay it off in like 3,4 months then will my credit be back to the same as before? or better?

what happens to the people who flip houses, what happens to their credit since they keep on getting mortgage etc

win,

I didn't pay that much attention to the Freedom but I know I won't apply for it. Chase upped DW's one Chase biz card limit by $4K from $19.8 to $23.8. Infibank definitely services Suntrust personal cards. I don't know about the biz cards. I'm thinking of calling about the biz card soon, maybe tomorrow.

Paraleagle,

DW didn't get a PhD. She got a second masters, not quite as good but still impressive. She's got lots of biz credit established. She doesn't care for more. I, on the other hand, need all I can get so I can BT and keep the rates low.
I have only sold property when I got close to forclosure. Hopefully, I won't go there again. My blanket mortgage has $955K balance and just reset to 9% for the next 12 months. The payment is going down from $10600 to $10,300 a month. But since my monthly healthcare plan payment went up to $1272 a month recently, and utilities and taxes keep going up, it will be harder and harder to keep going. If I wan't making a couple extra thousand a month with the cars, I'd toast long ago.
Now, I've got a couple more vacancies that I know won't get filled until spring, 5 months from now. It sounds like you're on the right track with the BT's to biz credit. I managed to keep debt from showing on the personal side until 3 months ago when I upgraded my lot and bought 50 more cars. I have over 150 vehicles now. Many of them SUV's, which go great around here. I just sold one that I bought 2 1/2 months ago for $2000, and put another $400 in repairs into it because it needed an exhaust manifold. I sold it for $4K cash. I was worth $4850, but I think that's a decent profit. I certainly can't get that kind of profit with renting the RE. I had to average $550 a month per tenant to break even, but I've only been averaging about $400 a month per tenant in rent income, and the market is very weak for rentals here. I have significant competition.
I don't do dealer financing or buy-here-pay-here. Too much paperwork and many times the repos come back in poor condition. A dealer I carpool with takes his repos back to the auctions and I help him by bidding on the cars up to what he wants and then stop bidding and hopefully someone else bids a little higher and he sells the car to them, or if nobody bids higher, he turns down my bid, of course. He's trying to get away from it because it's such a hassle. I know other property owners who wanted out of real estate, including this dealer friend of mine, but couldn't find a buyer for the properties year after year. So the made rent-to-own deals with the tenants. Many of the tenants gutted rooms to prepare for remodeling or trashed the properties in other ways and the owners took them back, having to spend thousands to make them saleable again. Now they've resorted to renting them again.
Freezing EX is a great idea. I don't think I'll freese the other 2, unless TU "b" stops working, then I'll freeze that.

Chade,

TU won't investigate inquiries, period. Other content yes, inquiries no.

Vinnie1,

I don't see the humor in the story, but that's because I'm living the nightmare. Sometimes, the crafty deals you guys talk about on FW and do are way over my knowledge and comfort level. I know zip about investing and will never risk anything investing on someone else's business. I don't do BT's on a weekly or monthly basis because when my wife tries to do the financial reports, it's extremly complicated already what account was used for what type of purchase and then part of it BT'd to an account that has a balance from a different kind of purchase or BT. Mizing RE, propane sales, computer sales, building material sales, and dealership lending accounts, plus her counselling income, is an income tax nightmare already.

Sucks,

Thanks for answering that question.

General info,

USAA dropped my $26K CC limit to $1K due to high personal utilization and 2 old MBNA settled accounts reporting on my EX report. I hope that doesn't start a tideal wave of CLD's.

SCM