Why you should get business credit for your AOR!

PoisnBGood said: So, I faxed Advanta a copy of my EIN document. I was told they needed something else, like a leasing agreement, utilities, or a business license. Should i just give up?

Can you get a DBA certificate from your county or something? Locally, it costs $10 at the county courthouse (a few bucks more to do it by mail + notary). Just get one as PoisnBGood & Associates or something.

Has anybody had any luck getting BofA to cap fees on biz BTs? I'm having no such luck at the moment.

lhendricks92 said: Has anybody had any luck getting BofA to cap fees on biz BTs? I'm having no such luck at the moment.Nope. I have tried this several times. They won't budge. I'm not impresseed with BOA's business department CSR's at all (for more reasons than just this).

So that begs the question...has anyone received a capped fee BT offer from BofA biz recently? The rep I spoke with today seemed to think the marketing dept had recently switched all offers to uncapped.

TyroneSchulace said: Not by calling. I had to wait through 7 months of uncapped checks to get to a good one, but I just finished a 6-month, $99, and part-way through a 12-mo, $99. I called first to confirm. The funds were BT, and the fee was a cash advance. My cash rate is 7.99%, so it rounded up to $1/mo.
How long ago exactly, please? I ask because if more than a few months, it's consistent with what others are reporting about ending the capped fees.

What's the worst thing that can happen from opening a business card on a business that is hard to verify? Though I can come up with some very small payment for a service in the past year. And anyone can always say their business is stagnating, right? If my little business had taken off, I'd be working it a lot more, of course.

They could just close my account? (so I'd be forced to scramble to another card?) I hope that is all.

Can u use TIN for regular "personal" applications?

rubyslipper said: Glitch99 said: rubyslipper said: What's the worst thing that can happen from opening a business card on a business that is hard to verify? [...]

If they close the account, the current terms typically apply until the balance is paid off (0% until XX/XX, then standard rate until paid to $0).

Won't I also get in legal trouble if it's not a more conventional, official, active business? Even though they can call the person or two who paid me $20 to fix their computers if they want.

Really, I just don't want to look shady. (or act in a shady manner...) That's my bigger concern.If you lied on application, then subsequently failed to pay the account off, then potentially. But you stated $0 revenue/0 years in biz, how could that possibly be considered fraudulant? And frankly, the dollar amounts you are dealing with are insiginificant and wouldn't be worth pursuing anyways.

Glitch99 said: rubyslipper said: Glitch99 said: rubyslipper said: What's the worst thing that can happen from opening a business card on a business that is hard to verify? [...]

If they close the account, the current terms typically apply until the balance is paid off (0% until XX/XX, then standard rate until paid to $0).

Won't I also get in legal trouble if it's not a more conventional, official, active business? Even though they can call the person or two who paid me $20 to fix their computers if they want.

Really, I just don't want to look shady. (or act in a shady manner...) That's my bigger concern.If you lied on application, then subsequently failed to pay the account off, then potentially. But you stated $0 revenue/0 years in biz, how could that possibly be considered fraudulant? And frankly, the dollar amounts you are dealing with are insiginificant and wouldn't be worth pursuing anyways.I agree with this, but note that in my experience, the nominal amount of revenue, say $20, or $100, if true, may help. I've noticed that some systems are more inclided to automatically decide denial for a $0 revenue (even though accepted as an imput), but if it is >$0, then you get past that auto denial flag, and may get an auto approval by the system, without a manual review. Then, once you get a busienss card that reports, its easier to get more .

MikeR397 said: Glitch99 said: But you stated $0 revenue/0 years in biz, how could that possibly be considered fraudulant? And frankly, the dollar amounts you are dealing with are insiginificant and wouldn't be worth pursuing anyways.I agree with this, but note that in my experience, the nominal amount of revenue, say $20, or $100, if true, may help. I've noticed that some systems are more inclided to automatically decide denial for a $0 revenue (even though accepted as an imput), but if it is >$0, then you get past that auto denial flag, and may get an auto approval by the system, without a manual review. Then, once you get a busienss card that reports, its easier to get more .

Good advice, thanks. As it turns out, I was denied for the first of 2 business cards for insufficient income. No biggie. I'll wait on the other one.

Update: I didn't get the other one either. Not because of lack of revenue, but due to high utilization and low income to debt.

mhesidence said: What do you do with your business cards, or more specificly the credit limits, once the intro rate expires?

I think for the most part you cannot reallocate the credit lines back to personal and Chase doesn't have any capped business cards left.Save them for a rainy day. You never know when you'll get one of those "let us pay you to use our card" offers, and there's nothing better to do with them. And the Chase cards specifically, you can charge $1.99/each per month for the small balance credits (I get a free month of cable every year)......

1)...."let us pay you to use our card" offers,....
2)And the Chase cards specifically, you can charge $1.99/each per month for the small balance credits (I get a free month of cable every year)......

Very interesting!
Care to elaborate?

P.S. Thx/green to TyroneSchulace below

I think it would need to match the number on your credit report, for example if you got it to pay taxes because you don't have a SSN

Yes, it HAS TO match. No, it has NO relations to taxes whatsoever. It's a file linked to thee number. period.

Spend $250 to get a $50 statement credit, make 5 purchases to get a $25 bonus, etc, etc. Its been kind of dry lately for these offers, but they tend to come in spurts.
Txk for clarification.
Drooling here!...

If you've PG'd the biz card, and you default, the card will show up on your personal report. Can't speak to a late payment, but my guess is anything derogatory will cause the line to appear on personal. That being said, I've been late a day or two and have been able to avoid any issues with derogatory reporting (and late charges) with a polite phone call.

Venturion said: Yes, I'm referring only to the PG'ed business cards. Can anyone offer experiences on the middle ground between late payment and default? Do business issuers have a workout / negotiation program? I'm trying to figure what situation I need to be in so that I can make an offer Chase cannot refuse. I have almost $140K with Chase business. Please call me a deadbeat as I feel like one. I just can't get my mind off ways to get MY piece of the bailout as I'm more than current on my mortgage even though I'm now underwater from a purchase price to market value basis. I also don't have a big note on two SUVs. If no one has experience, I'll be the guinea pig and call Chase with something like this: "My business owes $138K to Chase across two credit cards. That's close to $3,000 a month in minimum payments. My wife recently had to stop working full-time to care for our new baby and I had to close this business due to market conditions. I have never failed to repay a debt, but I'm very worried that I won't even be able to make the minimum payment next month, let alone ever repay the outstanding balance. Do you have any suggestions on how we can work this out?" I can't believe I'm even posting this. Please crucify me now.

Don't have any advice for you but I think you should start a new thread on the subject.

um, yeah, Venturion, i knew where you were going...

could you live with yourself if you actually followed through? i couldn't.

lhendricks92 said: um, yeah, Venturion, i knew where you were going...

could you live with yourself if you actually followed through? i couldn't. Honestly... yes. Nothing in my rehearsed speech above is untrue except the inability to pay; and that has a lot of subjectivity to it. Perhaps a new thread would be a good idea and I very much welcome your input, both practical and moral.

I'll post here and on the other thread. I think this is entirely possible as CC will fall over themselves to be the one to get back $.70 on a dollar.

However, true AOR players will ultimately lose b/c you will have to be 90 days (or something to that effect) delinquent before they do this. That type of ding will impair your credit significantly.

This hit on your report will have incredible adverse consequences. Also, if this is possible, you will receive a IRS form for the monies that are written off as it is income earned.

I believe this is entirely possible - remember supercreditman - that dude was defaulting and negotiating on everything. But who wanted to emulated his financial situation.

I want perfect credit 800 plus to be able to get money when available

Not 100% proof, but I had that feeling...
Or call it an idea..
Before negotiating THAT, call and ask, say, to skip a payment because of troubles and so on.
Next month if you call again you have a "history". Even more so if you call 2-3 billing cycles.
Different example, BoA offered me a few times a)to skip a payment or b)extra low payment
WITHOUT me ASKING, mind you!
I witnessed this sort of negotiations and Rep responses led me to believe they either are willing to do it or at least getting quite a few of such requests. In other words, Rep was ready to hear these kinds of questions