lhendricks92 said:beckles, are you asking gross vs net?I'm not asking anything, I think that the OP is representing business revenue as business income, which are not the same thing.

Beckles said:lhendricks92 said:beckles, are you asking gross vs net?I'm not asking anything, I think that the OP is representing business revenue as business income, which are not the same thing.

Its prorated for this year and that figure is somewhere in the middle of revenue and income, but I've been up there for about a year and a half. I do think a lot about no w-2 job and is my goal. I have no interest in being traditional and getting my butt up at 5:30 every morning for 30 more years. I just want a substantial financial base in place before I do it, it is a lot of pressure to provide for your family with no w-2 job. Everything becomes extremely magnified when its all on you. I dont see myself making (anywhere near) that much long run and while I could document it, I took advantage of it for application purposes.

man, i wish i had the sack to put unrealized capital gains on my applications. i say anything contributing to net worth qualifies as "income."

chuckalo said:It is interesting if you go read the archived threads that some of the "elders" who preach to never lie about income and to not get business cards if you don't have business actually recommend that if you have $10,000 a month in rental revenue but $9,999 in mortgages and expenses that you should include the entire $120,000 in income.

I'm not sure why real estate and self-owned business should get to put top line revenue instead of bottom line profits.
I think the difference is that when you're paying a mortgage, you are essentially building equity (as well as paying interest of course). When you are selling on e-Bay, the difference between what you paid for an item and what you sold an item (minus fees) is your profit or income.

Notice I said the ENTIRE $120,000 in income. Certainly a portion will build equity but a great amount will go towards expenses, taxes, and interest that will never be recovered.

Also if you are counting the equity as you build it as income this year, are you telling me you aren't going to count the capital gains when you sell the property as income? Because that would be counting it twice as "income".

Beckles said:Gross income = Revenue less cost of sales.

yep, you're right. i stand corrected. however, there's also a difference between gross income and net income. your original comment referred to the generic term "income," which was confusing. that was my only point.

carry on.

r0man said:21 Wachovia -- phone app. Was much higher on the list, but I didnt catch I couldnt apply online. Wachovia 6 months no fee 0% BT -- long shot but figured I'd try. 'send to CC dept' -- Pulled EQ

kkerty89,
I phoned in my Wachovia app on Monday and was initially denied. I called the credit department at 866-900-0662 and was told that the computer automatically rejected me because of too many inquiries (about 8 TU at the time). After manually reviewing my file, the nice lady approved me and asked what kind of credit line I wanted. I mentioned I wanted to do a large BT and she game me $20K line of which I BT $17K to my BofA BillPay card. I definitely got the impression that the BT request allowed her to give me a higher line.

It was the only one of my ~30 apps that was denied so far, with 4 more to go. But then I avoided FNBO, Principal and State Farm. Most were initially deferred.

Good luck.
Roman

thanks. great input and advice. Another thanks for updating the credit card application status thread.

amalpani said:lhendricks92 said:nice call on the 3 Bank Atlantic business card! Where'd you find that one?

so, did you report 375K as HHI? 71K personal? does your business not pay you a salary?

What was the line on the Bank Atlantic Card?


Just updated. Quite pleased with 30K.

kkerty89 said:Kind of unhappy with 6K from RBS, I didnt see much on these guys in terms of CLI, I did see cardjuggler got ~16K from RBS in the card issuer FAQ. Any thing additional known?

I only got $7K from RBS. I've received plenty of $20K+ lines from the same AOR, so I'm in the same boat as you.

WRT Bank Atlantic, the credit department there claims that they didn't receive an app from me. I applied on 6/18 and can't tell if they did a hard pull. Could you please tell me which CRA they pulled and what they were listed under? I called 866-383-0312, but maybe there's another number to try?

Thanks.
Roman

r0man said:kkerty89 said:Kind of unhappy with 6K from RBS, I didnt see much on these guys in terms of CLI, I did see cardjuggler got ~16K from RBS in the card issuer FAQ. Any thing additional known?

I only got $7K from RBS. I've received plenty of $20K+ lines from the same AOR, so I'm in the same boat as you.

WRT Bank Atlantic, the credit department there claims that they didn't receive an app from me. I applied on 6/18 and can't tell if they did a hard pull. Could you please tell me which CRA they pulled and what they were listed under? I called 866-383-0312, but maybe there's another number to try?

Thanks.
Roman

try calling this number for status (866) 663 6536

amalpani said:They pulled TU and it is under the name " BRCLYSBANKDE ". I applied for the Bank Atlantic Card as well.

Thank you amalpani,
Yep, they pulled my TU on 6/18. When I call the regular Barclays status line (866-663-6536) they tell me my business application is 'pending'. I'm only worried because my TU report was listing an incorrect address until a few days ago and I had to verify my address on several apps in order to have them processed. I've called 3 or 4 different numbers given to me by reps at the Barclays line with no luck.
I haven't received a letter from Bank Atlantic like I did with RBS, National City and Hooters. I think I need to speak to their credit department directly before it's too late.

kkerty89, I apologize for jacking your thread. I won't take it personally if you tell me to go away.