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V2.0 Complete Biz / Personal 29 card A0R; V3.0 Planning Phase Archived From: Finance

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Applications

		Card					Mos	Fee		CL
1 B UPS Store Rewards 12 75 D
2 B Office Depot Worklife Rewards 6 99 D
3 B Amazon.com 6 99 D
4 B GM World 12 99 D
5 B Priority Club Rewards 6 99 D
6 B Advanta Platinum 15 90 DA
7 B Chevy Chase Bank Flexible Rewards Platinum 12 75 D
8 B Capital One Platinum Preferred No Hassle Miles 12 N/A DA
9 B CitiBusiness ThankYou Network 12 N/A D
10 B Chase Platinum 12 75 D
11 B Bank Atlantic by Juniper 15 75 DR
12 P Associated Bank 12 N/A A 25,000
13 P Citi Professional with TY Network 12 N/A DA 20,000
14 P GM Flexible Earnings Card 12 99 A 600
15 P Sony 12 DA 38,000
16 P MilesEdge bank of america 6 EX
17 P ESPN Visa, WAMU 6 A 10,000
18 P Pulaski Bank Visa Gold 6 O
19 P State Farm Bank Good Neighbor Credit Card 9 DRA 10,000
20 P HSBC Weekend Card 12 99 EX
21 P National Park Foundation Platinum Juniper 12 50 A 12,700
22 P Citi Upromise 12 75 DA 15,000
23 P RBS Platinum MC 10 60 DRA
24 P Carnival Cruise Lines by Juniper / Barclays 6 50 D
25 P Emigrant Direct Platinum by Barclays 6 50 D
26 P Starbucks Platinum Visa by First USA 6 99 DO*
27 P PetRewards Visa by BofA 6 EX
28 P Bank Atlantic by Juniper 6 50 D
29 B FNB Omaha DR

Total New (to date): $121,300 - 7 cards

Key:
B/P - business / personal
D/R/DR/A/O/EX/DA - deferred, rejected, deferred then rejected, accepted, other, experian puller, deferred then accepted

* Nice Chase rep called and said I could only have Sony OR Starbucks. As Sony has longer BT duration, I chose it. Fortunately, I had put the same BT amount on both apps so it seemed less dubious.
-----------------------------------------------------------------------------
INTRODUCTION
I did Business AOR 1.0 in July 2007.

Strategy:
Conduct two biz A-O-Rs for a sole prop and for a legit S-corp (purchased in late 07)
Conduct a personal A-O-R
Frozen EX
B*ge using PM123, NCIP, AMEX-CS
Use Citi & BA for BTs

Goals:
Plenty of 0% cash for refinancing biz A-O-R 1.0 from 7/07
Cash rewards (cardselection, miles, etc.)
Rebuild personal credit

Your help:
Please provide cards for which you would like me to apply. The sky is the limit. I will consolidate the list with links and execute in about two weeks. Your critique is greatly appreciated. OP will be updated with any missing information.

Stats: 32; high $2xxKs HHI; FAKOs 754/0, 741/5, 748/1 (T, EX - frozen, EQ)

Debt: $50K student loan (2.75% fixed), $250K unused HELOC (6% until 9/2010), $23K Discover
(house with no mortgage and car with no loan)

Business A-O-R 1.0 summary: 20 cards, 100% acceptance, $325K 0% money, paid off mortgage + HYS (~$75K)

Biz Cards for sole prop. (card, balance, CL, offer expiry):
Advanta 0K 12.5K NA - closed on 1/31/08 so ready to reapply per CSR
AMEX-FreedomPass 90K 99K 8/08
BA 19.2K 20.0K 5/08
Bank Atlantic 23.8K 25.2K 10/08
Cap1 19.9K 22.5K 9/08
Chase 75.8K 81K 7/08
Citi 33.4K 35.5K 8/08
M&T 19.2K 20.0K 8/08
Nat City 18.1K 20.0K 7/08
($300K / $336K / 89%)

Personal Cards (card, balance, CL, offer expiry):
AMEX-Blue 0K 5K NA
BA Quantum 0K 1K NA
Discover 22.6K 28K 0% for life
Citi daily spender 1K NA
SearsCiti 0K 2K NA
Amzn Chase daily spender 2K NA
Usair BA 0K 64.5K NA
($22K / $104K / 22%)
* I severely reduced personal credit by reallocating ~$85K during biz A-O-R 1.0


NEW CARDS/APPROVALS


_____________________________________Balance_____Limit________BT Fee_______BT
Business........Chase................28,499......28,500........99........28,400
Business........Chevy Chase..........43,999......44,000........75........43,924
Business........CitiBusiness.........18,000......18,000........-.........18,000
Business........Advanta..............-............2,500
Business........GM HSBC..............-..............600
Business........Capital One..........-............2,000........-
Business........PriorityClub Rewards.-..............100
Business........UPS Capital..........-............1,000
Business........Cambridge Trust......25,000......25,000........-.........25,000
Personal........National Parks.......12,550......12,700........50........12,500
Personal........Associated Bank......23,750......25,000........-.........23,750
Personal........Citi Professional....20,000......20,000........-.........20,000
Personal........ESPN WAMU Visa........9,500......10,000........-..........9,500
Personal........Sony / Chase.........35,075......38,000........75........35,000
Personal........State Farm............9,400......10,000........-..........9,400
Personal........RBS..................13,360......14,000........60........13,300
Personal........Baylor / USBank......30,000......31,000........-.........30,000
Personal........Citi Upromise........-............5,000........-
Personal........BofA Platinum Plus...-...........75,000........-

Total...............................269,133.....362,400......359........268,774
[/code]


INQUIRIES
EQUIFAX_
(* means still showing; total = 4)
02/21/2008
Date of Inquiry: 02/16/2008
Business Name: ADVANTA BUSINESS CAR*

02/27/2008
Date of Inquiry: 02/24/2008
Business Name: (local dealer) TOYOTA*

02/16/2008
Date of Inquiry: 02/13/2008
Business Name: CAPITAL ONE BANK

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CHASE BANK

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CITI CARDS CBSDNA

04/07/2008
Date of Inquiry: 04/04/2008 *
Business Name: CITIBANK SD NA
(pulled in an effort to reinstate card which failed renewal)

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CITIBANK USA

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CITIBANK USA N.A

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CITIBANK USA NA

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: CITIZENS BANK

03/03/2008
Date of Inquiry: 03/01/2008
Business Name: ELAN FINANCIAL SERVI

02/02/2008
Date of Inquiry: 01/31/2008
Business Name: FIA CSNA

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: FIRST BANKCARD CENTE

02/16/2008
Date of Inquiry: 02/13/2008
Business Name: FIRST USA BANK

02/16/2008
Date of Inquiry: 02/12/2008
Business Name: HOUSEHOLD CREDIT

02/27/2008
Date of Inquiry: 02/25/2008
Business Name: TOYOTA FINANCIAL SER*

02/24/2008
Date of Inquiry: 02/21/2008
Business Name: US BANCORP

TRANSUNION
(all b*ed; total = 0)

02/25/2008
Date of Inquiry:
Business Name: (local dealer) TOYOTA (showed 784 score)

02/20/2008
Date of Inquiry:
Business Name: BK OF AMER

02/13/2008
Date of Inquiry:
Business Name: BRCLYSBANKDE

02/14/2008
Date of Inquiry:
Business Name: CAP ONE BANK

02/22/2008
Date of Inquiry:
Business Name: PULASKI/IBER

02/14/2008
Date of Inquiry:
Business Name: ST FARM BANK

02/13/2008
Date of Inquiry:
Business Name: WASHMTL/PROV

Message edited by: Venturion on 2008-04-17 09:57:50 CDT
alert mods    

Are you planning to do the AOR with all those balances? I've wanted to do it but I wonder if it will work, I also have a SoleP and an LLC.


alert mods    

cardselection is dead for extra money. Most of the personal cards I used here are still good.

I understand how you can "re-fi" the business AOR but isn't it a one way street? As soon as you have rebuilt your personal credit (and taken the bt money), your next business AOR will show all sorts of debt on your personal credit and thus no more credit for you. Am I wrong? Whats the plan to keep 300K floating?


alert mods    

win333 said:Are you planning to do the AOR with all those balances? I've wanted to do it but I wonder if it will work, I also have a SoleP and an LLC. The only balance showing on my credit profile is the $23K from Discover.


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dmlavigne1 said:cardselection is dead for extra money. Most of the personal cards I used here are still good.

I understand how you can "re-fi" the business AOR but isn't it a one way street? As soon as you have rebuilt your personal credit (and taken the bt money), your next business AOR will show all sorts of debt on your personal credit and thus no more credit for you. Am I wrong? Whats the plan to keep 300K floating?
Sucks to see that Cardselection no longer works - what happened?

As to the second question, I plan to do all three A-O-Rs (2 biz, 1 personal) simultaneously. Perhaps that's a mistake? Any personal BTs I take will be conservative (below 50% individual line and total lines). Or, I'll just consolidate them to business again.

[edit] PS - thanks, I'll incorporate your links once the card mix is decided.


alert mods    

Cardselection appears to be *partially* back. The got rid of all bonuses for a bit, but they have put some back now. Not as good as it was though.


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Venturion said:win333 said:Are you planning to do the AOR with all those balances? I've wanted to do it but I wonder if it will work, I also have a SoleP and an LLC. The only balance showing on my credit profile is the $23K from Discover.

I understand the debt is not showing. But AMEX, chase, citi and Batlantic will see the debt internaly won't they?

So you apply for a AMEX biz card and they say, " hey don't you got enough".

I've been building to do something like this, but I thought maybe I could hide my debt 1 creditor at a time. Hence the name rolling Biz AOR with exp brrrrrr.

If I'm wrong let me know, cause it would be great.


alert mods    

Good questions, Win. Personal often doesn't see biz, even at the same issuer, so I think I'm okay for the Personal A-O-R. As for biz, I was planning to apply to new issuers or affinity cards for the sole prop. A-O-R 2.0 and thought the S-corp A-O-R using the TIN might not count the sole prop. credit with the same issuer. Not sure... but willing to try. I will definitely reapply for the consolidated biz cards which didn't seem to count against each other even when they were serviced by the same issuer. For example: GM, Chevy Chase, Chase all gave me $20K last time around and I was able to consolidate them into a mega Chase card while closing the branded cards. I figure I can hit them all up again.


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Wow. Paid off mortage. What was the interest rate of the mortgage? I'm just wondering how bad it will be if you have to use your HELOC to pay off cards.

Also, freezing Experian sounds like it's a major pain. You okay with the shoe leather costs?

To improve your personal credit profile, I'd ask Chase if it's pos

I'm don't think your sole prop (your own SSN, right?) is really going to get any traction on the AOR from lenders that you already have balances with. But for the S-corp and personal AORs... I say go for it. Actually, if you've still got the bumpage train working, you might want to go for an S-corp AOR first, bump away the inquiries, and then finally do your personal AOR. Simultaneous wouldn't be too bad, either.


alert mods    

Venturion said:Good questions, Win. Personal often doesn't see biz, even at the same issuer, so I think I'm okay for the Personal A-O-R. As for biz, I was planning to apply to new issuers or affinity cards for the sole prop. A-O-R 2.0 and thought the S-corp A-O-R using the TIN might not count the sole prop. credit with the same issuer. Not sure... but willing to try. I will definitely reapply for the consolidated biz cards which didn't seem to count against each other even when they were serviced by the same issuer. For example: GM, Chevy Chase, Chase all gave me $20K last time around and I was able to consolidate them into a mega Chase card while closing the branded cards. I figure I can hit them all up again.

Ya know I've really been trying to get this talked about, but I've had no luck. Creditboards hates the Fatwallet way and fatwallet refuses to try to understand how biz credit works.

So i've been on my own, My EQ is still debt free and my SP has credit with most lenders. I'm willing to try for my LLC if it will help you.

I've got biz debt with chase, citi, bofa, fnbo, m&t & AMEX. I'll hit up any lender you have in mind Tomorrow, my EQ is about to show 40,000 on the personal side so I have to do it Tomorrow.

I just applied for the CITI PP for my SP, CITI has denied my biz multiple times for any new credit. I'm hoping that having business reports now will change their mind. I should know something any day now.

I did 15 apps in Nov. with Experian frozen and only Discover wanted to see my Experian, I dropped the ball and didn't even call them. So I think it will work better than most would think.

Let me know, I'll try with any of the names listed above.


alert mods    

markkundinger said:Wow. Paid off mortage. What was the interest rate of the mortgage? I'm just wondering how bad it will be if you have to use your HELOC to pay off cards.

Also, freezing Experian sounds like it's a major pain. You okay with the shoe leather costs?

To improve your personal credit profile, I'd ask Chase if it's pos

I'm don't think your sole prop (your own SSN, right?) is really going to get any traction on the AOR from lenders that you already have balances with. But for the S-corp and personal AORs... I say go for it. Actually, if you've still got the bumpage train working, you might want to go for an S-corp AOR first, bump away the inquiries, and then finally do your personal AOR. Simultaneous wouldn't be too bad, either.

I'm with Mark on this 1, S corp or SP first then personal. Once you have 10 or more new personal cards it seems to scare off the new creditors or they just A/A you later anyway.


alert mods    

Venturion said:Good questions, Win. Personal often doesn't see biz, even at the same issuer, so I think I'm okay for the Personal A-O-R. As for biz, I was planning to apply to new issuers or affinity cards for the sole prop. A-O-R 2.0 and thought the S-corp A-O-R using the TIN might not count the sole prop. credit with the same issuer. Not sure... but willing to try. I will definitely reapply for the consolidated biz cards which didn't seem to count against each other even when they were serviced by the same issuer. For example: GM, Chevy Chase, Chase all gave me $20K last time around and I was able to consolidate them into a mega Chase card while closing the branded cards. I figure I can hit them all up again.

I applied for 1 personal 1 biz with Chase and Chevy chase, I got all the chases but the Chevy's seemed to vanish and Chase just played dumb. So I got 2 cards with 4 apps and couldn't figure out what really happened. Once I called the CHEVY app status line and it sounded just like the chase status line I figured I was busted .

I know AMEX is a pain, but thisguy got 2 50,000 cards. 1 Delta and 1 Starwood card, it seems as if the systems aren't talking to each other. I've been dying to try. I can't seem to put this all together Afinity, branded, co-branded. If you can put it together I'll just copy.

I've got my popcorn and I'm glued to the puter.


alert mods    

Mark -

The mortgage was 6.0 fixed for 30-years. The HELOC is 5.99% IO until 9/2010, then Prime-.5% IO for another 7-year draw period. The lender covered ALL closing costs. As such, I think I've improved my debt situation until 9/2010. After that, either refinance or I may have possibly paid off all the original CC BT money.

Experian Freeze - done. It seemed pretty easy in Virginia. I'm prepared to call lenders. Win and others seem to have decent success here.

Could you finish/clarify your comment on calling Chase on the personal side?

Win -

Thanks so much for the thoughts and offer. So it sounds like we'll do S-corp and Sole-P A-O-R simultaneously and then personal A-O-R after some b*mge. I'm just worried that my personal credit is too weak right now for getting big lines. The other thing we need to flush out is if lenders like Chevy Chase will lend to two business entities independently. So have you tried any of the biz lenders with your LLC and Sole-P? It sounds like you have and, if so, I'll do all the issuers jointly for my S-corp and Sole-P.


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I haven't tried Sole-P and LLC with same lender yet (for major cards ) But it looks like SCM has had alot of success. I've been trying to get a LOC for my Sole-P, so I got side tracked and now my personal shows to much debt on EXP and EQ.

I'm going to move debt around and get set-up to do the same thing your doing. I'll pm SCM, i'm sure he'll jump in.


alert mods    

Venturion, I'm very curious to see how this goes with the heavy utilization on your sole prop lines.

It seems that at least some issuers will treat Mr. Venturion as a single business entity, regardless of how many sole props or S-corps Venturion happens to own. See this post about my recent experience with my EQ biz report. Discover turned down Mr. lhendricks92, sole prop, because Mr. lhendricks92, S-corp owner, had too much business debt. I'll be honest, I don't know exactly how this aspect of business credit works.

Are you going to try the S-corp A0R without PGs?


alert mods    

lhendricks - I think you may be right, but let's see what happens. I applied for a BA Power Rewards Visa for actual biz use today for the S-corp and it was approved. My sole-p has the same card. So perhaps the issuers willing to let you have two of the same card may be fair game, whereas the Advantas and Discovers of the world won't be accomodating. I think the list is still fairly large and I'll start compiling it.

I ordered my Equifax biz report - thanks for the heads up.

I'm going to go the normal route for the S-corp A0R, i.e. PGs, unless you or others convince me to do otherwise. I'm open!

From my preliminary list, the biz x 2 A0R should be about 20 cards again.


alert mods    

Some great strategy being discussed. I'll be paying attention to see how it goes. Venturion, if you pull this off, it might be a way to get 2-3 AOR's in one year done. Only its too bad HYS rates are dropping so much


alert mods    

Judging just by the way accounts are set up at Citi and Chase, I believe each business is considered separately by them. It would be helpful to know what is on your business credit report of course. It seems that there are different types of business reports that lenders can pull, some including all accounts for a company and some only those where you are a guarantor, so what you see is not necessarily what they see. Also, we don't know who reports to D&B. So far I have my Discover Biz and a closed Chase United Biz (reported only after I closed it while the open cards are still not reported). PNC Biz showed up and disappeared. Citi, Cap1, Wachovia, FNBO never showed up.

Keep track of lenders pulling Equifax Biz (if you find out that they do). There is also Experian Biz (smartbusinessreports.com and AmericanExpress.com/businesscreditsecure) but hardly any issuer reports there, although some pull it. Be sure to sign up for the AM_EX version prior to freezing your personal Experian report if you are interested.


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Venturion said:Personal often doesn't see biz, even at the same issuer, so I think I'm okay for the Personal A-O-R. One exception may be AMEX - I have 2 personal cards and 2 Biz cards (Corp, w/TaxID) with them, and they suspended all 4 accounts for my FR (and I only had to send in biz docs to unsuspend all 4). They also snagging part of my existing personal line to create the two biz accounts when I opened them.


Edit: I'd close the Advanta card a couple weeks prior so you can apply for another 15 month promo.


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