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red259
Posts: 2,096
Registered: ‎06-05-2013
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Re: Any CC lenders that you would never do biz with?

Not sure what type of biz you have or the nature of your biz charges, but I remember reading about someone getting their bold closed out for high util. What that person was doing was using the bold card to buy their inventory which chase does not like. If chase thought you may be doing something like that then that could be a red flag. For anyone reading this and this is just general advice that applies to everyone, if you are going to put a lot more through your cards than is your normal custom it can help to call the lender ahead of time before the charges. It's much easier to be preemptive then responding to adverse action after the fact.

Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
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Startome
Posts: 399
Registered: ‎08-21-2013
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Re: Any CC lenders that you would never do biz with?

[ Edited ]

red259 wrote:
Not sure what type of biz you have or the nature of your biz charges, but I remember reading about someone getting their bold closed out for high util. What that person was doing was using the bold card to buy their inventory which chase does not like. If chase thought you may be doing something like that then that could be a red flag. For anyone reading this and this is just general advice that applies to everyone, if you are going to put a lot more through your cards than is your normal custom it can help to call the lender ahead of time before the charges. It's much easier to be preemptive then responding to adverse action after the fact.

+1


After reading so much on this forum and working at a bank I've learned how true this is, anytime anything out of the ordinary is going to happen, let them know =)

 

 

Edit: I wanted to give you the +1, lol

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

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Valued Contributor
navigatethis12
Posts: 1,942
Registered: ‎01-24-2012
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Re: Any CC lenders that you would never do biz with?


Startome wrote:

red259 wrote:
Not sure what type of biz you have or the nature of your biz charges, but I remember reading about someone getting their bold closed out for high util. What that person was doing was using the bold card to buy their inventory which chase does not like. If chase thought you may be doing something like that then that could be a red flag. For anyone reading this and this is just general advice that applies to everyone, if you are going to put a lot more through your cards than is your normal custom it can help to call the lender ahead of time before the charges. It's much easier to be preemptive then responding to adverse action after the fact.

+1


After reading so much on this forum and working at a bank I've learned how true this is, anytime anything out of the ordinary is going to happen, let them know =)

 

 

Edit: I wanted to give you the +1, lol


I'm not sure where you saw that Chase doesn't like people purchasing inventory with their cards. I've mentioned to analysts more than once that I use the card for that and they said OK to approving or giving an increase. I don't cycle the limit at all, but I primarily use it for inventory. Why else would you need a 25000 or more limit if you aren't buying inventory?

 

Also, letting a card company know about a large purchase won't exactly keep them from closing the account or decreasing the limit to keep their risk down. It's good to let them know so that the possibility of decline is less, but risk departments don't care if you ring before, during, or after the charge. If they see you as a risk they will take action to keep Chase from taking a loss.

Valued Contributor
red259
Posts: 2,096
Registered: ‎06-05-2013
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Re: Any CC lenders that you would never do biz with?

[ Edited ]

navigatethis12 wrote:

Startome wrote:

red259 wrote:
Not sure what type of biz you have or the nature of your biz charges, but I remember reading about someone getting their bold closed out for high util. What that person was doing was using the bold card to buy their inventory which chase does not like. If chase thought you may be doing something like that then that could be a red flag. For anyone reading this and this is just general advice that applies to everyone, if you are going to put a lot more through your cards than is your normal custom it can help to call the lender ahead of time before the charges. It's much easier to be preemptive then responding to adverse action after the fact.

+1


After reading so much on this forum and working at a bank I've learned how true this is, anytime anything out of the ordinary is going to happen, let them know =)

 

 

Edit: I wanted to give you the +1, lol


I'm not sure where you saw that Chase doesn't like people purchasing inventory with their cards. I've mentioned to analysts more than once that I use the card for that and they said OK to approving or giving an increase. I don't cycle the limit at all, but I primarily use it for inventory. Why else would you need a 25000 or more limit if you aren't buying inventory?

 

Also, letting a card company know about a large purchase won't exactly keep them from closing the account or decreasing the limit to keep their risk down. It's good to let them know so that the possibility of decline is less, but risk departments don't care if you ring before, during, or after the charge. If they see you as a risk they will take action to keep Chase from taking a loss.


I saw someone talking about it on flyertalk. The argument being that for buying inventory that is going to be resold your supposed to get business loans from bank vs putting it through on credit card. I don't know for certain and have no personal experience with this issue but that was what some of the people were saying when one of the guys had their bold closed by Chase and they yanked back all his points. 


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Regular Contributor
Startome
Posts: 399
Registered: ‎08-21-2013
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Re: Any CC lenders that you would never do biz with?


red259 wrote:

navigatethis12 wrote:

Startome wrote:

red259 wrote:
Not sure what type of biz you have or the nature of your biz charges, but I remember reading about someone getting their bold closed out for high util. What that person was doing was using the bold card to buy their inventory which chase does not like. If chase thought you may be doing something like that then that could be a red flag. For anyone reading this and this is just general advice that applies to everyone, if you are going to put a lot more through your cards than is your normal custom it can help to call the lender ahead of time before the charges. It's much easier to be preemptive then responding to adverse action after the fact.

+1


After reading so much on this forum and working at a bank I've learned how true this is, anytime anything out of the ordinary is going to happen, let them know =)

 

 

Edit: I wanted to give you the +1, lol


I'm not sure where you saw that Chase doesn't like people purchasing inventory with their cards. I've mentioned to analysts more than once that I use the card for that and they said OK to approving or giving an increase. I don't cycle the limit at all, but I primarily use it for inventory. Why else would you need a 25000 or more limit if you aren't buying inventory?

 

Also, letting a card company know about a large purchase won't exactly keep them from closing the account or decreasing the limit to keep their risk down. It's good to let them know so that the possibility of decline is less, but risk departments don't care if you ring before, during, or after the charge. If they see you as a risk they will take action to keep Chase from taking a loss.


I saw someone talking about it on flyertalk. The argument being that for buying inventory that is going to be resold your supposed to get business loans from bank vs putting it through on credit card. I don't know for certain and have no personal experience with this issue but that was what some of the people were saying when one of the guys had their bold closed by Chase and they yanked back all his points. 



Business Lines of Credit are the most common for inventory, they typically have a much lower interest rate. We've had several businesses apply for them specifically to buy inventory.

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Established Contributor
andre181
Posts: 627
Registered: ‎07-29-2010
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Re: Any CC lenders that you would never do biz with?


enharu wrote:

JasonKR wrote:

lenders that does not take financial aid as income!


Financial aid is not earned income, with federal work-study programs being the exception. Only in that scenario they are considered as earned income, which makes them subject to taxation.

 

 


Lots of incorrectness with that statement. First, any kind of financial aid can be taxable if the total amount of financial aid received exceeds the amount of qualified education expenses paid in that tax year. The excess is taxable, no matter where it came from.

 

Also, credit card lenders do not care whether your income is earned or unearned. All they care about is whether its yours and you have it. Think of an annuity from lottery winnings. That is unearned income, but you bet a credit card company would consider that on an applicaion. Or even something simpler, SSI, retirement income, alimony, child support, interest income, rental income, etc. All of those are considered unearned sources of income, and all can be considered for credit purposes if you disclose it. 

 

As a recent college graduate, I can say for 100% certain some creditor do count financial aid as income. All of my credit cards as well as 2 car loans while in college all considered my financial aid as income while I was a student.

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USF813
Posts: 342
Registered: ‎06-04-2013
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Re: Any CC lenders that you would never do biz with?

Discover.
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parakleet
Posts: 1,145
Registered: ‎04-13-2013
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Re: Any CC lenders that you would never do biz with?

I have cards with Chase, Discover, Amex, BoA, Citi, Comenity, and GECRB. My DH has a CC with WF. Do I like some more than others? Of course. Some cards offer more for our needs than others. But I haven't had such terrible experiences that I would declare to never do business with a particular company. I have no interest in getting a WF CC but that's because I don't think their cards are that great. But if they were to amp up their CC products and come up with something compelling, I would take a look. I think everyone is going to have their differences regarding various banks but to say I'm never going to deal with a bank because they won't give me a SP CLI or some other perceived right you may think you have is not very productive. 


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sweettea
Posts: 351
Registered: ‎07-13-2013
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Re: Any CC lenders that you would never do biz with?

Sometimes beggars can't be choosy, but I know I don't trust the cards from companies that charge a fee AND an annual fee for having their card. I'd rather have a secured card with another lender, which is what I did.

I also want to avoid Citibank simply because my banking experience with them was just that awful. Their TYP looks nice, but fortunately, others offer similar.

Past - CH7 BK Discharged 01/09 | Rebuild Started 05/12 Present - All IIBs GONE! Future - 2015 Mortgage
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longtimelurker
Posts: 7,309
Registered: ‎04-22-2013
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Re: Any CC lenders that you would never do biz with?


parakleet wrote:

I have no interest in getting a WF CC but that's because I don't think their cards are that great. But if they were to amp up their CC products and come up with something compelling, I would take a look.


If you don't mind short-term, this is compelling!  https://www.wellsfargo.com/credit-cards/cash-back/

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