jakeru's Micro AOR [@ 12 mos; new round of existing account BTs underway!]

Let me try to explain my point in a different way. Even if you do for whatever reason determine that you need to register, what is the penalty for not registering your sole proprietorship, which conducts no business, has no clients, has no income, no expenses, no depreciation, etc... In my example above in which I have decided to create a sole proprietorship so that I can sit on the couch eating potato chips all day, what do you think will happen if I do not register?

I can tell you, for instance, what happens if a registered company, such as an LLC or a corporation, fails to maintain good standing in the states in which it is registered. It typically loses access to the courts (although its creditors are still allowed to sue it) until and unless the outstanding dues are paid.

Anyway, with all due respect to the posters here, this is a silly discussion, which I am here fueling. Sorry! You are free to do or not to do business AOR. Just don't confuse licensing and registration and don't talk about "illegitimate businesses" (whatever that means), or characterize AOR activities as stealing.

Sorry to have taken the thread off track

geo123 said: I do not know anything about Washington state, but I just used your link to read about Master Business Licenses. It seems to apply to registered business, not to sole proprietorships, especially ones that exist in concept but have yet to conduct any business transactions.There are some localities that require that any business operating in their jurisdiction (regardless of how they are organized, sole props are still businesses) be registered. Of course, this requirement only comes into play when a business is conducting transactions - the 'concept' of a business does not need to be register until it starts to operate.

But..... Opening a credit card account in the name of the business and processing transactions on that account IS conducting business, and causes your 'business' to fall under the requirements of (most) business registration laws.

jakeru said: According to my state's web site:

All businesses operating in the State of Washington must get a Washington State Master Business License.In this case, opening a biz credit card account in a biz name (even if it is a sole prop) and processing transactions on that account would require the 'business' to have this business license.

Would not registering cause problems? Probably not - since there is no contat with the general public, its unlikely anyone filing a complaint that would draw attention to your lack of a license. A credit card issuer may require a copy of the document (since they know you are in Washington and that it is required for any biz), but those issuers are few and far between and are easliy avoided.

geo123 said: If I am thinking of creating a sole proprietorship which will consist of me sitting on the couch eating potato chips all day, what records do you think I should keep? Do you think I should get licensed as well?

Believe it or not, this is a (semi) serious question. After all, if I decided to organize an LLC for this purpose, for instance, I would have had to register it with the state. Having to register a LLC (or a Corp) with the state is not relevant to this discussion. That filing is to legally create a new entity, unrelated to any registration requirements to conduct business. After being created, the LLC would still have to register for a biz license as well. Any registration requirements for operating a business, such as the Washington State Master Business License, applies to ANY business, be it a Corp, LLC, or Sole Prop.

And yes, Win333, even if you list 0 rev and 0 income, opening an account in the 'biz' name and conducting business on that account makes your biz an active business (even though you arent selling anything) and thus subject to any registration/licensing requirements. The fact you dont sell anything will only relieve you of the need to register for collecting sales tax (again, even this depends on locality).

Back to on-topic...

* Citi declined my hard-pull CLI. Ouch! "We regret we have given you the largest credit line our policy allows based on your income..." Oh well, no more waiting around for it to report.

* I got an interesting CapOne pre-approved: Credit Line "up to 30k", and no annual fee. It's got 0% on BTs and purchases for 12 months, but an uncapped 3% BT fee. If I applied, I'd probably not BT due to the fee, but take my chances they give me the full 30k CL. I'd be interested in using it for the no fee purchase check transfers with a 30k credit line. I could also probably use it for international purchases. It's got 1 mile per dollar rewards. Anyone know how what CapOne's miles to cash or gift card exchange rate is for?

* My "test" $50 payment from MBNA/BOA credit card to my HELOC went through successfully.

* Still waiting to hear back from BOA on the platinum plus -> signature upgrade

OK, I'm thinking seriously that tonight might be time for the apps! Otherwise, the "rolling compatible" Chase zero bt fee offer is going to get away.

The risk is, doing it now, I'll have more 12-mo inquiries on EX than if I waited 1.5 more month (when several will drop past the 12-mo point.)

If I go now, my draft list, in order of application would be:

1. CapOne pre-approved -> "rolling" BT (after waiting for purchase checks)
2. Chase Free Cash Rewards (pre-approved, no bt fee, 0% 12-months) -> "rolling" BT
3. Chase Freedom (pre-approved world mastercard?) -> for reallocation and purchases

--- Pause here... monitor destination of two chase inquiries (we know CapOne goes to all three!) ---

4. Citi Associated ($0 bt fee, 12-mo 0%) -> "BT 49% and hold" (might defer triggering the BT)
5. Citi Platinum AMEX (try for 150k point limit) -> for most purchases

--- Pause here... monitor destination of citi inquiries. STOP if 6-month EX inquiries reach six ---

6. AMEX IN:LA (no bt fee, 6-mo %0) -> "BT 49% and hold", start AMEX relationship
7. BOA NEA AMEX ($30 bt fee, 12-mo 0%) -> "rolling" BT, get more BOA CL

I understand that your AOR is of a different kind, but this makes me pause:
> 3. Chase Freedom (pre-approved world mastercard?) -> for reallocation and purchases
Do you not have some Chase card already to reallocate from?
Do you really make that many purchases that 3% on this card are of any significance over 2% on CITI AMEX?
Given that it's a NPSL card it's not going to help you from utilization standpoint either (I do understand, that you want to hide most of your utilization, but still ...). Why not apply for some other Chase card instead (e.g., BP, with some really sweet rewards in the first 6 months) if you really have to pick up one more Chase card.

Also, why waiting to see where the inqs go? Look at your reports for the inqs you already have (if you have not moved since getting the inqs) and/or poll the AOR folks here from the same state as yours (Washington?), and they'll tell you who pulls what.

Note that repeating BT'ing from NEA card can ding you with multiple BT fees.

However, if it's your best way to turn BTs in cash, then it's probably preferable to getting accounts closed due to credit balance shenanigans.

Update: new inquiries in so far....

CapOne - EX 2/11
CapOne - EQ 2/11
Chase - EX 2/12
Chase - EQ 2/12

And the related FAKO credit score drops:
TU: 773
EX: 802 -> 801
EQ: 776 -> 771

I'm sure that CapOne is still going to pull T/U, but just for some reason, it just hasn't gone through yet. (Maybe that's why they couldn't tell me instantly what my credit line was.)

I'm pleased that Chase decided to pull one EQ + one EX, rather than two times EX.

Update:

Applied for AM Ex IN:LA -> instant approval $35k CL!

I submitted conservative, "income tax return verifiable" income figure too, so I'm actually kind of wanting to get a financial review.

I won't know until tomorrow morning tri-bureau pull if I have an EX inquiry left to spare for any more potential EX-puller. (IME, and in my state, BOA is a religious EX-puller. Note however that this doesn't remove WAMU, TU-puller, from being an option.) In a worst case scenario, I will already have 6 EX 6-month inquiries, and may not have another EX inquiry left to spare for a BOA app.

Questions from here:
1. Should I try to crack-CLI my Am Ex before I request the BT? As I said before, I have no F/R fears whatsover, I'll pass in flying colors. (I just want the largest CL they can give me.)

2. I'm wondering if I should apply for another BOA app even if I have an EX inquiry left? I'm a little concerned with the BT request I just made causing concern to the underwriter. However if I put the request in really quick, maybe before the BT get posted or pending, I could slip in under the radar? The other scenario is the underwriter would see I have a history of churning large BTs and large payments, so this would remove any fear.

I'd wait on doing the AMX BT until you get the card and find out what your line is (and maybe CLI it). AMX does not seem to be particularly motivated by large BT requests on the app.

Called chase 1-800 application status check number from this thread and just a few hours after application, got wind of these results:

Chase Free Cash Rewards -> Approved, $19.3k CL
Chase Freedom -> Approved, $10.2k CL

That's $29.5k combined CL from Chase for two apps and no preexisting open accounts. I've gotta say I'm pretty pleased with that, considering Citi gave me a whopping $4.5k CL on the first credit card issued to me.

I have one other BOA app idea I wanted to throw into the mix of options. It was actually a BOA pre-approved offer my wife received, however I found if I plug in the 4-letter code off the pre-approved app into the BOA online application processor, it lets anyone apply.

It's a "vanila" Platinum plus Visa card, with an impressive 0% on purch+bts for 15-16 months but a very unimpressive 3% upcapped BT fee (yeah, that is pretty much the achilles heel of this offer...), but it does have one interesting "feature" indicated in the list I have not seen on other BOA apps: "Credit Limits up to $100k."

Usually the BOA apps disclose max CL's far lower than that ("up to $25k" is generous compared to most others), sometimes they are even lower.

If I were to apply to this BOA card, I wouldn't be able to use it however without reallocating to another card, or perhaps through Billpay. It could be a way of getting a high CL BOA card though...

I'm not sure it's worth it to me. In any event, I think I'll need to monitor my EX inquiries before making any BOA application move... as I still intend to aim on keeping the 6-mo EX INQ's at 6 or below.

win333 said: Care to share the code, I got 1 for a LOC up to 100,000 with HHI of 600,000 I got 5,000. YUK!
Funny you should ask, because I have no interesting in sharing it with someone who has repeatedly insulted not just others on fatwallet, but has insulted me directly, repeatedly, and in my very own thread! Not to mention your repeated jumping the the wrong conclusions and assumptions on there, and offering plain dumb advice. And then not even understanding it or respecting it after others point it out, cause your threads to be remarkably annoying.

In case you truly are socially inept, below are the specific insults you made in this thread I am referring to. So, I am now choosing to no longer respond to any of your posts without an apology. You seem to have have nothing useful to offer here.

win333 said: I guess Jakeru wants to be a brain surgeon and he needs to register.

WTF is the problem. You've just been wasting space here and not reading AT ALL.

you are so lost I'm not even sure it worth it. I'm to busy stealing money to even deal with your ignorance.

Ooops Just started another 1, Thats 3 new businesses in the time it took to type this post.

7 apps isn't exactly opening your mailbox.
With all that said, go find the code yourself dude! Buh-bye!

others - For others who have been pleasant around here (that would be... about 99% of the readers on FW) and are interested in the "up to 100k CL" BOA Plat + code... IM me and you shall receive tonight.

jakeru said: Mortgage rates dropped this morning, to where for refinancing my 10/1 IO ARM product just became slightly profitable; I figure it would shave $25 / month off if I refi'ed now to same product with no closing costs. However I don't think it's worth the time effort yet for that much savings, and the new inquiries and account hit on my credtic report.

Win333 - does your local jurisdiction (IE: city, country) have requirements for licensing a legitimate business? Mine does. How about your state? If so, have you performed the required business licensing for each jurisdiction? Are you going to file all the required taxes for each of your businesses? Are business tax filings required by your State? They certainly are required for Federal tax filing, best as I understand it. Are you going to evade federal taxes and risk being audited?

Are you keeping separate accounting books for each of your businesses, so that you can track the business's assets, income, owner's equity, etc, separately from each of your multiple businesses, and separately from your own presonal belongings? So you can prepare financial statements as needed for tax purposes? If you are not doing all these things, in my opinion you are not only operating an illegitimate business but perhaps you have lied on each of your business credit card applications which have language you have agreed to to the effect of: "I agree to use the credit card only for business transactions". (read any of the business credit card applications.) For me, whenever I give my word, regardless of whether it's my signature, in person verbally, or electronic signature, it means something.

It seems to me that you have really lied on each of your business credit card applications, and as a result you have been able to steal significant amounts of money.
EugeneV and Venturion - thanks for the info; I appreciate your guys thoughts. It's great to hear some other opinions that that a small handful of inquiries and new accounts won't tank my score! I think that will be the route I will probably take here. Just not sure if I should trigger them now (Chase 0% 12-mo, $0BT fee pre-approved is burning a hole in my pocket!) or wait a couple months for a little extra aging.

Let me refresh your very short term memory, even though others told you that filling isn't required for every business type.

PS JERKARU, I do have a business. IT'S YOU that doesn't have 1 or imagination

Applied for BOA NEA Am Ex -> deferred (30 days)

Moments after applying, I checked EX and found a new BOA inquiry. This was just a little bit risky, due to the large BT I initiated ~24 hrs ago on my other BOA card. It hasn't yet posted or reduced the available credit reported through automated phone system though, so perhaps will pass under the radar. I will just have to wait for a bit and see what they decide.

That makes 7 applications total. I think that's all the cc apps for me for a while.

More results!

CapOne - received a $30k CL (WO WO WO... SWEET!)

BOA NEA Am Ex - Approved, $5k CL (despite a pending 99% util BT... Awesome!)

The Citi Household is still being reviewed (and is the only one left undecided.)

------------------------------

Also, I called the Chase application check line and asked that the $10.2k CL be reconsidered to $20k. I tried to make my case but no dice. The lady did say the main customer service could combine the two into one... (hmmm wondering if I did that quickly enough, if the 2nd account wouldn't get reported? I know others have tried and found the consolidated account reported, perhaps if act quickly enough after application the outcome would be different?)

Thanks for your thoughts, Venturion.

I went for the BOA NEA Am Ex, to extend by 11 months the "rolling compatible" $30 capped BT 12-mo 0% terms. Without this time extension, I'd be reliant on the monthly churning of Billpay to borrow the funds, which I haven't tested yet in large numbers (IE: 45k payment to HELOC each month), and also has risk in drying up in April when an upcoming change in BOA Billpay terms and conditions takes effect (the new terms could possibly impose a transaction fee on such billpay transactions.) A nice side benefit is a little bit more CL.

I could consider applying for the $100k BOA Plat Plus to try to make a play for additional CL. However I am resistant a bit for two reasons:
1. I am leary about having another new account report. Relying on BOA to consolidate CL to other account without the new account report at all is risky.
2. Timing is not the best, with pending 99% util BT. I have small apprehension they wouldn't grant much additional CL (Out of all the issuers they have already currently extended me the largest combined exposure.)
3. It was pre-approved for my wife not me (might matter, might not.)

---edit---

Ventuirion, I now understand that you were asking me about using the BOA offer, for your own AOR. If you were so inclined to give it a try, I think it would be a great experiment to watch unfold. My recommendation would be to couple the "up to $100kCL" app with another BOA app with a capped BT fee and 0% for 12+months. One of the two NEA's (each w/ $30 bt fee) or the Hello Kitty ($75 capped BT fee), maybe the NEA Ratesmart ($150? capped BT fee) are potential candidates.

I took a closer look at the the "up to $100k" offer and it's 0% is for 14 months. So might try asking a CSR (or someone in new account? I dunno) for a BT cap, however my sense is I'd be surprised if they granted you terms more favorable than those in the introductory offer. Wouldn't loose anything by asking though! You could have as a back-up plan, to dial through to a "normal CSR" and have them reallocate or consolidate to the capped BT card, and perform the BT for the reduced 12 month period.

Tonight I'll check out the code and PM it to you. I'll see if I can recreate the full application URL as well, and you can at least give the offer a closer look.

PS - The "up to $100k CL" offer reminds me of the old (now no longer available) MBNA Quantum, in that I believe each had the same advertised max CL.

Update - I called a different Chase number this time, with the intention of dialing a standard CSR, to ask them about consolidating the Freedom to the Free Cash Rewards, and if it would could be done without the Freedom account getting reported to the CRAs.

By chance, the number I seem to have found was for "new account lending" department. This was a different number than the automated one I dialed earlier to "check application status".

The lady there was pretty pleasant, and informed me that she might be able to actually help reconsider my new account for a higher CL. She tried to access the info, but the system was down, so she requested I call her department back in about 1 hour. I think I think I'm going to give it a little time and try calling them again.

Update -

Called chase new account lending back (888-609-7805 8AM-10PM EST), and requested credit line reconsideration increase on the freedom card from $10.2k -> $20k. She countered with a $5k CLI offer (bringing the freedom CL to $15.2k), with no docs needed, which I accepted. (Bringing the combined chase exposure to $34.5k).

Does anyone know if citi has a new account lending department that can be called?

jakeru, thank you!!!

2Cor521

Venturion - hope you are able to put the "up to $100k" BOA offer to good use.

update:

The BOA BT funds are already sitting in my 4.25% Wa Mu savings. (Well all but $2k worth, which paid off my 6% HELOC). I routed the funds as a HELOC payment (coupled as a HELOC draw to savings) so they are all immediately available. So, ready for payoff / paydown before next statement close.

I tried calling AMEX for a credit line reconsideration increase; even spoke to new account lending. Both the main customer support dept and new account departments were adamant about no further review allowed until 60 days.

On this morning's tri-buerau report, first new account (BOA on EX) made an appearance. It's amazing that BOA was the first to appear, as it was the last application I made. They are QUICK!

I can't help wonder if BOA would have granted me significantly more CL on the new account if I hadn't triggered the 99% util BT prior to application.