Advice needed...domino effect | I'm left with NO CCs

[SAIDFICOMUSTBEASCAMLOL]

If that's GE.. Then it's closed too. :/ I had a 1040 limit with them. I noticed the limit would increase but every time I went to use it via Paypal it never worked.

[SAIDFICOMUSTBEASCAMLOL]

I totally agree. It is my fault. I have learned from this experience. It may sound crazy, but I'm going to have to go back to not using credit cards. I've played the game both ways. I keep losing. Even with no inquiries or new accts I've had my accounts closed. Last year I lost a out $25k in credit. Here's the kicker, it happens every summer!

Between my lifestyle and demands of my business, relying on credit as a short term loan is no longer an option. The most I can do is get another relative to PG an account and support them by paying all of their credit debt off every month. Sucks.

[ElCamino]

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@SAIDFICOMUSTBEASCAMLOL wrote:
I totally agree. It is my fault. I have learned from this experience. It may sound crazy, but I'm going to have to go back to not using credit cards. I've played the game both ways. I keep losing. Even with no inquiries or new accts I've had my accounts closed. Last year I lost a out $25k in credit. Here's the kicker, it happens every summer!

Between my lifestyle and demands of my business, relying on credit as a short term loan is no longer an option. The most I can do is get another relative to PG an account and support them by paying all of their credit debt off every month. Sucks.

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To piggy back on this, I'd recommend that from now on you keep your credit cards strictly for personal use and keep your overall utilization under 10% at all times. It's not a matter of income or lack of income, it's how you are utilizing your cards.

For your business, the only option I can really see as far as credit is concerned is for you to get yourself a business charge card. Your best bet may be to establish a good relationship with a bank such as Chase, given your income level, it should be no problem for you to deposit the amount of money needed to become a Chase Private Client member. Then you can sit down with one of their reps and explain yourself, and get yourself approved for an appropriate card. It seems like you've been so scared of people "seeing money signs" when they look at you or find out who you are that you haven't been using your wealth as an actual advantage.

[SAIDFICOMUSTBEASCAMLOL]

Bingo! That's exactly my problem. There's a saying about "scared money" not making money. That's me right now. Should I wait until I PIF my accounts and my inquiries have aged?

I tried Citibank. The BM told that the underwriting process is the same for all clients. I've gotten prequalified offers from CS but those always come back as declined. They claim its inquires but in the past I've gotten a CC from them with over 20 inquires. It took them a year and no new inquiries to realize it.

Another thing I was told... Citi cards is not a part of Citibank. They aren't aware that I'm a Citigold client. The rep said the offers are general offers.

Thanks!

[JonStur]

Yea you definitely scared your creditors, whether they thought you were pyramiding or maybe even money laundering.. In my opinion I think you need to take a few seconds and go into a bank and sit down with an actual person. If you do 1milliom I would think some manager would love to do business with you I know you said there were situations where equity was demanded for investment, but sometimes giving up a percentage of something is better than not having a business at all. Get creative if need be. Offer a small royalty for less of a percentage, offer a larger percentage with the option to buyout, do what you have to do.. I know it may be hard to work your but off and feel someone else is getting money for nothing, but sometimesyou can't worry about holding on to every last dime. There's a saying " Don't be penny wise and pound foolish". Now get out there and make it happen!!! I know you can!!!

[ElCamino]

Have you sat down with someone from CitiGold and explained your current situation? Alternately, you could contact Citi's executive office.

[asphaltcowboy]

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@SAIDFICOMUSTBEASCAMLOL wrote:
If that's GE.. Then it's closed too. :/ I had a 1040 limit with them. I noticed the limit would increase but every time I went to use it via Paypal it never worked.

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BML is Web Bank

[MonkeyBelly]

Sounds like the credit card companies don't have faith that you have the income to support the spend you've been pushing through their cards. Good luck with getting this resolved. I'm guessing a clear delineation between your business expenses and personal expenses would really help. 

[SAIDFICOMUSTBEASCAMLOL]

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@asphaltcowboy wrote:

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@SAIDFICOMUSTBEASCAMLOL wrote:
If that's GE.. Then it's closed too. :/ I had a 1040 limit with them. I noticed the limit would increase but every time I went to use it via Paypal it never worked.

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BML is Web Bank

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Thanks!

[SAIDFICOMUSTBEASCAMLOL]

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MonkeyBelly wrote:

Sounds like the credit card companies don't have faith that you have the income to support the spend you've been pushing through their cards. Good luck with getting this resolved. I'm guessing a clear delineation between your business expenses and personal expenses would really help. 

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I agree.