Take advantage of the economy; everyone else is

Matthew Norman

Matthew Norman

Moderator
I called one of my credit card companies got my interest rate cut in half.

Seems the government wants to bail out and help everyone that didnt' pay there bills it's time the people that pay there bills on time get a break too.
 
We call about every 6 months and cut our interest rates and raise our limits. Everytime we do, our scores jump a little because it improves our debt to limit ratios.
 
Scott D. said:
We call about every 6 months and cut our interest rates and raise our limits. Everytime we do, our scores jump a little because it improves our debt to limit ratios.
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They have actually gave your an increase? The dropped my limits to the balances. I never missed or paid a late payment. My credit score dropped because of this.
 
Last time we called it was about 8 months ago, so its about time to d oit again, but yea, everytime we've called we get temp. rate decreases and limit increases. Sometimes just small increases like $500, but I always ask to double and we've gone from $7k on a card to $14k before, but that was a couple of years ago. I dont know what they would say right now if I called. Once I call I'll let you know.

Who uses programs like MyFico to monitor your score? We pay like $12/month and we can access it at any time and see what our scores are, and if there is any fluctuation it sends us a email message telling us how much it changed and why. Its nice to be able to see real time changes in your credit.
 
If you are concerned about credit scores, open some company credit cards. Make sure they do not report to your personal credit (you are personally guaranteeing them) and do balance transfers to them. Your DTI (debt to income) will plummet and your scores will jump up.
 
Jonathan Ellis said:
If you are concerned about credit scores, open some company credit cards. Make sure they do not report to your personal credit (you are personally guaranteeing them) and do balance transfers to them. Your DTI (debt to income) will plummet and your scores will jump up.
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Great idea!
 
I have found that the limit on my business credit cards that I have been offered are to low. But it is a great idea.
A couple times I have seen my limit increase on my personal cards without a request.
 
I dont know how much it has changed in the past 6 months, but I know if you are set up as an llf or a inc. then it is easy to get decent business limits. Even if you just get $ 500 and you transfer $ 500 to that card, you still reduce anything that shows up on personal credit limits by $ 500.
 
Jonathan Ellis said:
If you are concerned about credit scores, open some company credit cards. Make sure they do not report to your personal credit (you are personally guaranteeing them) and do balance transfers to them. Your DTI (debt to income) will plummet and your scores will jump up.
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Most of the time to get a card with out a personal guarantee you will have to been in business for more than 5 yrs. This may not be an options for someone starting out. You always have to personally guarantee if you are a sole prop.
 
That is correct. Now and days, it is hard to find non pg'ed cash loans and lines no matter the length of time in business. They are still available though. Can you turn me on to any that still offer no pg'ed cash loans and cash lines.
 
PowerWash Pros said:
Most of the time to get a card with out a personal guarantee you will have to been in business for more than 5 yrs. This may not be an options for someone starting out. You always have to personally guarantee if you are a sole prop.
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You should be able to get some retail cards. I have a shell and dell card under my business. Without my ssn.

I haven't been able to take my business credit to the next level though.

http://www.ptstate.com/index.php/topic,4834.msg62881.html#msg62881
 
shell is pointless in business building. If you need a gas card that is fine, but if you are charging on it just to have a tradeline, for now, you are wasting your time, they do not report.
 
Jonathan Ellis said:
I dont know how much it has changed in the past 6 months, but I know if you are set up as an llf or a inc. then it is easy to get decent business limits. Even if you just get $ 500 and you transfer $ 500 to that card, you still reduce anything that shows up on personal credit limits by $ 500.
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I am sorry, just for clarification, that should say llc or inc.
 
It takes time. Do you have a duns number and a paydex? have you done any credit building with any of the bureaus?
 
Jonathan Ellis said:
It takes time. Do you have a duns number and a paydex? have you done any credit building with any of the bureaus?
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I have a Duns number. Not sure about a paydex number. I haven't done any credit building with the bureaus. I would like to learn more about it though.
 
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