Background: FAKOs from TC (779, 753, 769) with 11,1,8 inquiries (Post-AOR on 8/29 759, 722, 709 with 0,13,16 and active B*). Credit Secure showed 11,1,0 inquiries for some reason. Current lines include CITI (30K), BA (65K), AMEX (30K), Discover (28K), Amazon/Chase (18K), and Sears/Citi(2K). Average age: 7 years maybe? Average utilization: ~48% (under 89% on all lines)
Business Details: $2,500 in business revenue (actual 1099 from 2006 consulting work), same home address/phone number, SS# as TIN where requested (some apps allow you to leave it blank), always requested BT ($30K to $50K to other cards), did not ask for secondary cards, expressed interest in other product (credit card processing), 7 years in business, and 2 years at my current home. Typically asked for ~$50K credit line.
Summary: 22 cards applied 20 accepted (eliminate redundancies - $174K new credit) 2 other (Advanta redundancy and 5/3 doesn't service VA) $293K in business CL; expect $236K in BT
Cards (in order of application starting at 11 AM ET 7/30/2007):
CitiBusiness with TY Network (4)+ CitiBusiness (3) $7.5K GM Business Card by Chase (3) $10K BA Power Rewards Platinum Visa (3) $20K M&T Bank Visa Platinum Business (1) $20K National City Visa Business (1) $10K + $10K CLI Advanta Business (3)* Bank Atlantic (2) $25K Fifth Third (4) - does not service VA Chase Business Rebate (3) $10K Discover Business Card (3+) Advanta Platinum Business 2.99% for life (3)* $12.5K Advanta Business (4)* Chase Platinum Visa Business (3) $10K American Express Platinum Business (3) $19K Blue Cash for Business (AMEX) (2) $4K Amazon.com Busines Visa (3) $25K Platinum Business FreedomPass (AMEX) (1) $33K Capital One No Hassle Miles Business (2)* $20K + $2.5K CLI Capital One Business Platinum (4)* Gold Delta SkyMiles (AMEX) (3) $4K Chevy Chase Flexible Rewards Platinum Business (3) $10K
Results grouped by issuer:
$81K with Chase Platinum Visa Business 12-months, 0%, $75 fee Chase Platinum Visa Business $10K Chase Business Rebate $10K Amazon.com Busines Visa $25K GM Business Card by Chase $10K Chevy Chase Flexible Rewards Platinum Business $10K (ordered by consolidation path - also brought over $16K from personal Amazon card)
$25.2K Bank Atlantic Business 15-months, 0%, $75 fee
$12.5K Advanta Business 15-months, 0%, $50 fee Advanta called and asked which card I wanted; then cancelled the apps for the other ones. Remember - apply for only one card here.
$22.5K Capital One Visa Business Platinum 12-months, 0%, $0 fee Cap One cancelled the approved No Hassle card and approved the orginally rejected Platinum card. Remember - apply for only one card here. Got a $2.5K CLI while doing BT
$35.5K CitiBusiness 12-months, 0%, $75 fee $28K CL reallocated from Citi Dividend Platinum personal card Remember - only apply for one Citi biz card.
$0K Discover Business application aborted; no new line offered Remember - reports to personal file for sole propreitorships.
$57K AmExpress 0% on purchases for 12-months American Express Platinum Business $19K Gold Delta SkyMiles (AMEX) $4K Blue Cash for Business (AMEX) $4K FreedomPass $33K
$20K+ BA Power Rewards Platinum Visa 12-months, 0%, $0 fee
$20K M&T Bank Visa 12-months, 0%, $0 fee They pulled credit 2 weeks after everyone else b/c of a technical error on their end. Still got good results!
$20K National City Visa Business 6- and 12-months, 0%, $0 fee $10K original line plus $10K CLI
--------------------------------------------------------------------------------------- (1) pending (2) instant approval (3) delayed approval (4) rejected + Discover would not grant new CL; only reallocate from personal CL, so I cancelled the application. They underwrite the business/personal lines together. Sole propreitorships get reported to personal credit file. Add Citibank to the list of issuers that only permits one business card application at a time. * Advanta and Capital One only allow one card per small business. I mistakenly applied for the Advanta Business twice.
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Do not apply for multiple Advanta, Citibank, or Capital One business cards. These issuers track open applications and only permit one within a certain period.
Go crazy on Chase. I was able to consolidate the GM Business card, Amazon.com Business card, Chase Business Rebate card, Chase Platinum Business card, and the personal version of these cards, where applicable. I expect to consolidate the Chevy Chase business card as well. This should result in one $81K card.
American Express looks to be the same way. I applied for numerous cards for which I was approved. The letter that came with the DeltaAMEX business card indicated I would be able to reallocate lines if I believed my credit line would not be sufficient.
Discover underwrites both business and personal credit together, so its very unlikely you will get much additional credit if you already have a fairly high (by Discover standards) personal credit line.
Message edited by: Venturion on 2007-08-07 07:07:31 CDT
First, thanks for linking the business card thread to your business-o-rama. You appear to have a perfect opportunity to get some major business credit and many others will likely use this thread as a basis for thier business-o-rama's (so the link is in a good place). I'm anxious to see what kind of credit lines you get with those spectacular vitals. Good luck.
this should be REALLY interesting given the fact you're showing some pretty healthy personal balances. and how old are those inquiries? is this a business AOR follow-up to a recent personal AOR? do you have any business lines currently?
Nice work. I've shifted the majority of my AOR money over to business cards to keep my personal CR clean (aside from the inquiries).
So far, I'm got most of it concentrated with Citi and Chase because of ease of consolidation. I'll have to look into the other issuers your applied with.
On a side note, Advanta absolutely refuses to issue me a card. They give a different BS reason each time. I've got 100% clean reports with 740-750 FICOs, so who knows. May try them once more.
lhendricks92 said:this should be REALLY interesting given the fact you're showing some pretty healthy personal balances. and how old are those inquiries? is this a business AOR follow-up to a recent personal AOR? do you have any business lines currently?The inquiries are fairly old - mostly related to a Fall 2005 mortgage application spree prior to buying a condo. All the TU inquiries have been b*ed. I thought EX was starting, but seems like a false start. I've been b*ing since May and recently added CS and IP while cancelling TC.
I've never done a personal AOR; just taken advantage of offers from time-to-time. I didn't have any business lines prior to this 7/30/07 AOR. Once b*age cleans up inquiries, I'm going to return to house shopping. My personal utilization is Discover 0% for Life (89%) and BA 0% for 12-months (89%).
Let me know if I can provide any additional information.
vaylon said:You applied for 21 but only have results for 7, Are the rest still being processed?According to most of the sites, processing can take up to 30 days. I'll wait 1 week and then call. Patience is a virtue with which I am not blessed.
markkundinger said:I'd wait two weeks.Will do. I am planning on initiating the BTs on the cards as they arrive since most, if not all, won't report to personal credit file, having little impact on any late pulls performed by the above companies.
When I applied for Discover Business, they did a soft pull on Experian, but no hard pulls at all. I do not see the business card on my personal credit reports yet (TrueCredit & CreditKeeper) but to may be too soon. Now, I did not have a personal Discover card with them like you did. I had also just applied for and received a DUNS number from D&B for my consulting business (sole proprietor), so I don't know if that played into it at all.
I guess I'm wondering why you think they underwrite the personal and business lines together. Did a CSR tell you that?
Then again, I may be in for a rude shock when the Discover line hits my personal credit file.
Been thinking about an all Biz AOR myself, so thanks for posting. You only claimed $2,500 in business income? Do you think they wouldn't believe you if you said $10k?
I've looked at some of these cards, and you might have problems applying for so many AMEX cards at once. Also, the chase cards may pose a problem (GM Chase, and Amazon.com included). Further, the AMEX Freedom seems to be a 0% on Purchases. Are you using google checkout, or did you have a link that gives 0% for BTs variant of the card?
I'm using this list as a template for my wife's business AOR (788+ on all three CRAs), but those are the (IMO) obvious problems.
justshawnf said:When I applied for Discover Business, they did a soft pull on Experian, but no hard pulls at all. I do not see the business card on my personal credit reports yet (TrueCredit & CreditKeeper) but to may be too soon. Now, I did not have a personal Discover card with them like you did. I had also just applied for and received a DUNS number from D&B for my consulting business (sole proprietor), so I don't know if that played into it at all.
I guess I'm wondering why you think they underwrite the personal and business lines together. Did a CSR tell you that?
Then again, I may be in for a rude shock when the Discover line hits my personal credit file. Yes, I spoke directly with a credit analyst for about 10 minutes to discuss my situation. Since it is a Sole Prop. with the SS# as TIN, both my personal and business accounts receive one "exposure" level, which I seem to have already exceeded. There is little doubt that Discover is one of the most conservative issuers, which the rep confirmed and empathized with me.
dr84 said:Been thinking about an all Biz AOR myself, so thanks for posting. You only claimed $2,500 in business income? Do you think they wouldn't believe you if you said $10k?
Honesty is the best policy. I have a 1099 for consulting for $2,500 last year, so it's fully supportable. Look at MikeR397's thread linked at the top of this post for more discussion. You should list ZERO if that's the truth.
highmktgoods said:I've looked at some of these cards, and you might have problems applying for so many AMEX cards at once. Also, the chase cards may pose a problem (GM Chase, and Amazon.com included). Further, the AMEX Freedom seems to be a 0% on Purchases. Are you using google checkout, or did you have a link that gives 0% for BTs variant of the card?
I'm using this list as a template for my wife's business AOR (788+ on all three CRAs), but those are the (IMO) obvious problems. I was approved for two of the AMEX cards instantly, so let's see what happens - I'll keep you updated. I'm not sure about the AMEX Freedom card - I thought it was on BTs and purchases. My eyes got tired reading all of those T&C I can always consolidate it to the other AMEX cards...
Please share your wife's experience and I'll put in a lessons summary in the QS when all is said and done. Thanks!
Venturion said:highmktgoods said:I've looked at some of these cards, and you might have problems applying for so many AMEX cards at once. Also, the chase cards may pose a problem (GM Chase, and Amazon.com included). Further, the AMEX Freedom seems to be a 0% on Purchases. Are you using google checkout, or did you have a link that gives 0% for BTs variant of the card?
I'm using this list as a template for my wife's business AOR (788+ on all three CRAs), but those are the (IMO) obvious problems. I was approved for two of the AMEX cards instantly, so let's see what happens - I'll keep you updated. I'm not sure about the AMEX Freedom card - I thought it was on BTs and purchases. My eyes got tired reading all of those T&C I can always consolidate it to the other AMEX cards...
Please share your wife's experience and I'll put in a lessons summary in the QS when all is said and done. Thanks!
OK, so I wasn't missing something when I saw that several of the cards were 0% on purchases only. Your idea of consolidation is a good one if it will work.
I took your list as a template and sat down and applied for as many as I could using my wife's credit and with her permission (except those which were for 0% APR on purchases only.) I can list her results as I get them. My wife's credit is excellent, she had 1 inquiry on 2 of the three CRAs, and 0 inquiries on the other. Her existing lines are high (over 15K) on all but her JCPennys card and a chase card. So I'm very interested to see if they work out. She was instantly rejected for the BoA Power Rewards Plat. Visa, reason coming in the mail.
Also, I applied for those cards in the order you presented them.
Venturion, do you happen to have a copy or scan or screen shot of the BoA Power Rewards showing the NO BT Fees? Stupid me didn't save my application that showed the No BT Fees and now they tacked a fee onto my recent bt so I am having to wait on a supervisor call back to see how to handle the situation.
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