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Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: Being asked by Amex for tax return?

Open a business credit card next time

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Being asked by Amex for tax return?


jd5189 wrote:

Open a business credit card next time


Un wise. We don't even know what he is selling to the Chinese at a profit.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: Being asked by Amex for tax return?


webhopper wrote:

jd5189 wrote:

Open a business credit card next time


Un wise. We don't even know what he is selling to the Chinese at a profit.

lol.... true.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
New Member
UtahNewbie
Posts: 11
Registered: ‎10-14-2012

Re: Being asked by Amex for tax return?

[ Edited ]

What I resell were clothes bought on Abercrombie&Fitch.com, Nike.com or cosmetic things bought on websites like kiehls.com, Ebay.com,  Newegg.com, Amazon.com .  It's simply some of these websites only accept American credit card.  And I bought a lot of them when there's a promotion and then resell them.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Being asked by Amex for tax return?


UtahNewbie wrote:

What I resell were clothes bought on Abercrombie&Fitch.com, Nike.com or cosmetic things bought on websites like kiehls.com, Ebay.com,  Newegg.com, Amazon.com .  It's simply some of these websites only accept American credit card.  And I bought a lot of them when there's a promotion and then resell them.


Smart kid. Definately smart; except when it came to lying on the application. You need startup capital to purchase inventory... not a credit card. Do you have family members who can sponsor your startup?

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012

Re: Being asked by Amex for tax return?


webhopper wrote:

UtahNewbie wrote:

What I resell were clothes bought on Abercrombie&Fitch.com, Nike.com or cosmetic things bought on websites like kiehls.com, Ebay.com,  Newegg.com, Amazon.com .  It's simply some of these websites only accept American credit card.  And I bought a lot of them when there's a promotion and then resell them.


Smart kid. Definately smart; except when it came to lying on the application. You need startup capital to purchase inventory... not a credit card. Do you have family members who can sponsor your startup?

+1. I agree with webhopper on this. Your plan has potential, this much I can see. You need to carefully think about how to proceed from here. Eventually you'll need a business card or line of credit, but for now the question is how to get off the ground. With no credit history in the US, you'll need to look elsewhere for the startup funds.

 

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New Member
UtahNewbie
Posts: 11
Registered: ‎10-14-2012

Re: Being asked by Amex for tax return?

[ Edited ]

Yes, my parents sponsor me and it's pretty much enough.  To be honest, I find a lot of opportunities here in U.S. while a lot U.S. peers are whining about contracting job markets.  And thank you sincerely for your encouragement.  

 

What I'm pretty sad here isn't that I lose some available credit limit. It is that I can't have an Amex Blue Cash Prefered card. Though there are other options, none are as good.

 

Frequent Contributor
minimock
Posts: 443
Registered: ‎10-23-2010

Re: Being asked by Amex for tax return?

Im not real sure you would have good luck with synthetic marijuana showing up on your billing statment, business or personal :smileyhappy:

 

Might be a green flag there :smileyvery-happy:

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



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Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: Being asked by Amex for tax return?

[ Edited ]

That is some pretty daring move you pulled off. As stated, you should NEVER charge business charge on AMEX personal card. With business charge and sudden spike on spending no wonder AMEX came after you. Since you cannot produce 4506-T you will be locked out of AMEX. Any future AMEX application will get flagged, and you will be asked to produce 4506-T on the spot.

 

If your parents are sponsoring your small business then for now get a prepaid card from AMEX and use that instead. Don't put your business charge on other credit cards you may have.

 

Friendly advice: Utah outlawed synthetic marijuana (plus all synthetic controlled substance). Unless you want to pay a visit to state prison, forget about it.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
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Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Being asked by Amex for tax return?


UtahNewbie wrote:

Yes, my parents sponsor me and it's pretty much enough.  To be honest, I find a lot of opportunities here in U.S. while a lot U.S. peers are whining about contracting job markets.  And thank you sincerely for your encouragement.  

 

What I'm pretty sad here isn't that I lose some available credit limit. It is that I can't have an Amex Blue Cash Prefered card which can be used to buy a $500 Visa gift card or Amazon  gift card with a 6% cashback at local grocery store, if you know what I mean. And the 3% cashback on department store is also gone.  Though there are other options, none are as good.

 

By the way, I've even come up with  a lot of bizarre ideas. As an example, I have considered reselling synthetic marijuana(I heard about this on NPR news), which is technically legal (as of August,2012 ) in both U.S. and China after checking onerous laws. The fact that Chinese government does not really obey the law makes me to ditch that idea (in addition to the moral issue). 


 

 

 

 

 

 

 

 

 

 

 

(My Mom told me once that if I couldn't say anything nice about someone, I shouldn't say anything at all...so, seems like you have a nice room in the dorm, eh?)

 


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