Thanks for the reply. It's not an April Fools answer is it?

chocula said:roboson said:Thanks for the reply. It's not an April Fools answer is it?

No it is not.

The only way a lender would know is if the balance still shows on you personal card and they ask about it. The lender may ask about teh balances on yoru business cards as well.

I've never had a credit ask me anything like that. So you'll be fine.

jakeru said:Typical business credit card terms state the card "can only be used for business purposes." IMO - violate those terms (such as trasnferrig balances to a personal card, or "investing the proceeds" into a personal deposit account) at your own risk.

I would not advise it. A lot of people on FW seem to be lie on their credit card applications and use business credit card for personal use. Another aspect of credit card agreements a lot of other people on FW seem to do, is stating they have a larger income than they actually do to try and get more credit. Making false statements on a credit application may not cause any immediate problems, but this strategy could come back to bite you in the case you go bankrupt and seek to have your credit card debt discharged, in which case the card issuer could investigate and out will come any lies or failures to follow the card agreement. It is possible under such a scenario, that not only would the debt not be dischargeable, but you could be liable for penalties.

I know I'm going to get lots of red because there are a lot of folks doing this here, and it's probably easier for them to blow me off as "a joke" or stupid or something. Just keep in mind just because you read "someone on the internet said it's OK" does not make it OK to do so.

Joke or stupid? YOUR AN IDIOT, I would never call you stupid!

Every business is different, you should be running under a SoleProprietorship 1st. Then you and your business are 1 in the same!

Then maybe some people would just shut the hell up! I got 40,000,000 in my potato chip eating biz so far Jakeru.

I transfer my credit WHERE I NEED IT, end of story!

I guess my bank broke the law by giving my unlicensed business a business checking account and a business credit card right?

jakeru said:win333 said:
Joke or stupid? YOUR AN IDIOT, I would never call you stupid!

Every business is different, you should be running under a SoleProprietorship 1st. Then you and your business are 1 in the same!

Then maybe some people would just shut the hell up! I got 40,000,000 in my potato chip eating biz so far Jakeru.

I transfer my credit WHERE I NEED IT, end of story!

I guess my bank broke the law by giving my unlicensed business a business checking account and a business credit card right?

Quoted for preservation

Quoted for you to learn!

kenmoreland said:win333 said:jakeru said:win333 said:
Joke or stupid? YOUR AN IDIOT, I would never call you stupid!

Every business is different, you should be running under a SoleProprietorship 1st. Then you and your business are 1 in the same!

Then maybe some people would just shut the hell up! I got 40,000,000 in my potato chip eating biz so far Jakeru.

I transfer my credit WHERE I NEED IT, end of story!

I guess my bank broke the law by giving my unlicensed business a business checking account and a business credit card right?

Quoted for preservation

Quoted for you to learn!

Quoted for win333 to learn the definition of preservation.

Are you his brother? Same IQ?

BT speed really depends on the bank AND on the amount transferred. Some banks may cut and mail physical checks for larger BTs, so that would take more time. Electronically, it may be as fast as the next business day, most likely within 2-3 business days, sometimes up to 5-10 business days.

If you go this route, definitely transfer to a card with NO BT fees. Even if your card has 20% APR on BTs, carrying 10k for say 10 days would result in 0.2 * 10k *10/365 = 54.79. So for each day of BT on this card, you get charged about $5.50. If you initiate the temp-money-parking-cc to business account BT a couple of days earlier than the transfer from the personal to temp-money-parking-cc account BT, you may even luck out and not pay anything in interest. Creating a large negative balance MAY set up red flags, so I don't recommend it (better to pay $5.50 or less per day).

Have fun!

roboson said:I attempted to transfer from my personal cc to my business cc but was declined because both cards fall under the same cc company and I'm not allowed to transfer between the two.

If I were to transfer the 9k to another personal card and then transfer that new balance to my business cc about how long would it take and would it raise a red flag for mortgage purposes?

Thanks,
roboson