OK first AOR for me. Experian score is 775 with 1 hard inquiry in last 12 months. I do have an LLC formed, but 0 business history (business will open late this year). I chose to do business AOR b/c 1. i have a business opening and want max lines to consolidate so I don't have to deal with using my high limit personal cards 2. i want free stuff (yay airline tickets, hotel nights and other rewards) 3. AOR has less an effect on my personal credit than AOR for personal cards. I needed to do my AOR before my business loan closes and becomes official and likely dec my credit score.
Cards applied for on 9/5/07. All are business cards: 1. AMEX Business Gold: approved. no pre-set spending 2. AMEXDelta Gold: approved 3k limit. 3. AMEX Starwood: approved 45k limit.
4. Advata business card: approved. 2500 limit 5. chase rebate visa: approved 10k limit. 6. chase continental: approved 9k limit. 7. chase 5% Cash Back: approved. 8k limit. Notes: I applied to multiple chase cards to consolidate lines of credit. According to another business AOR, you can go crazy with chase and consolidate.
8. Citibank Citibusiness: approved. 4000 limit Note on this: I accidentally hit BACK when I was applying for it and a bonus offer of 5000 extra points on top of the 10,000 point offered popped up! So that's 150 dollar in gift card. So HIT BACK to get extra points!!
so far 3 hits on experian. none on other two.
9/13/07 update: 3 exp hits, 1 Equifax hit. 0 TU hits. 9/17/07 update: all cards approved. 81,500 in increased credit limits. 2 free airline tickets, 150 in rewards, 3 nights hotel stay and 15k continental miles.
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Im not trying to rain on your parade, but is your business loan finalized, meaning they wont be pulling any more credit reports on you? You may scare them away if they see 10 recent inquiries on your credit report.
this thread shows multiple AMEX apps w/o review: http://www.fatwallet.com/t/52/752794/ hopefully i won't get any. hopefully i can use rewards first....i can always use the master/visa cards for my business.
i am already approved on my business loan and have been drawing from it. it is the hard inquiry on my credit report. i don't think it shows up yet b/c i am still using money to build out my office. once i open doors, the loan is wrapped up. i guess that is when it shows up on my report.
There may be a lag for when a credit inquiry shows up on your credit report based on when the lender pulls the report; however, I suspect the lag has nothing to do with milestones on your office build out. You may be SOL if the lender pulls another report when your loan is fully drawn and converts to fully amortizing or whatever end form it takes.
I have already signed every paper I need for my loan with all the terms laid out. I pay a higher interim interest while my office is being built out. When the build out is complete, it is matured into a loan with the terms/interest already laid out for me. besides, this is a business AOR and even though there is a credit hit, it shouldn't be that significant anyways.
With every post your limited knowledge of these concepts shows. I say this not to offend, but to warn. Just because your apps are for business cards, that does not change the impact of the credit inquiries as compared to inquiries from personal apps.
If you are only waiting for 1 inquiry from your business loan to show up on your credit report, it would make A LOT of sense to just wait until that inquiry shows up (or your loan repayment starts) before doing this A-O-R. Good luck.
thanks for the warning. i am in a specialized field where my loans are 0 down and complete financing based mainly on my skill and w2 form. i read my papers and just confirmed with my loan guy that everything is set/finalized and that no more credit checks are needed.
Sounds like a green light to me: go forth and apply! If you need more ideas for which biz cards to apply, here is a link to my biz A-O-R. I also used cardselection.com for a good list of biz cards.
update: email from advanta says approved. limit unk yet. contrary to another tthread saying you need business income >0 to qualify, i got approved w/0 bbusiness income.
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