Gardening and Security Freeze

[webhopper]

@Jason 86423.

Thanks! this is good to know! I don't want to preclude myself from CLIs with my current cards

[Open123]

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@webhopper wrote:
On the business cards what does it take to get those? I've owned the rental property for 4 yrs now as an investment and have put a lot if money into remodeling, so I'm not showing a profit yet, but my profit/loss statement shows I'm only losing $47 per month (this is the number they came up with during the processing of the mortgage for the new house)

I could see having something like the ink or ink bold in the future, but I bet I actually need to show a profit first! I do my leases through my LLC, but the property is owned under my name, not the business name.

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Sorry, forgot I also have a BofA 123 cash rewards card.

Ah, initially when you apply for a business card, they primarily make the decision based on your personal credit history if your business doesn't have a history of its own. 

I'd highly recommend that you run your business through a business tax ID #, and depending on which state you reside, run your business as an LLC S-Corp to reap the full benefits.  Once you have a business credit file, it becomes much easier to attain any kind of credit.

Do you have any business cards?  If not, why don't you try this.  Look into it and see if you can set up your business (assuming you're planning to continue this business in the forseeable future) as an LLC S-Corp, and apply for a business tax id # with the IRS.  File all the necessary paperwork.  Get everything in your businesses name.  Then app for a business card of your choice.  App for a business card with your tax id #, but they'll run your personal credit.  If approved, then you begin building your business credit file.

[webhopper]

Right now I've got it as an LLC partnership with me and my daughter. The property is mortgaged under my name, with an FHA loan, since I bought it as my first home to actually live in. We lived there for 5 yrs. I'm not sure that I can change title on the house with it still having a lien.

[LS2982]

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@webhopper wrote:
I just sent off for my security freezes for the 3 bureaus, as I intend to garden for the next 5 yrs at least. Anyone have experience doing this?

Background: just got a great rate on a 20 yr mortgage great location. I'll never move again.
I have two vehicles that are paid for, both are less than 4 yrs old, I can't see myself needing a vehicle in the next 5 yrs and if I do then I'll buy with cash.
Just got approves for Amex Zync npsl, chase amazon.com platinum visa 5k limit, and I already had a discover more with a 4.2 limit. The Amex internal limit is at least 2k, I checked online when I got the card today, these cards should more than cover any travel / work expenses for reimbursement through my work.

How does the security freeze affect my current accounts, will they still be able to do soft pulls for credit reviews? Your current creditors will have access to your reports with a security freeze on files.
How does the security freeze affect my ability to check my own reports through myfico? You'll be fine pulling your own credit.

Thanks for all who respond?

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[JRomulus]

I froze all 3 last summer and I personally am glad I did.

I have more cards than I need, and am basically gardening.  I am watching my inquires drop month by month, and they will get close to zero in about a year.

I currently get CLI with those companies that will give them with soft pulls.

Today, I spent the $10 to put a temporary lift on TU so I could app for a Marriott card, since my company recently ordered us to start staying at those properties in certain cities I travel too.

The rest of the time I garden, doing product changes and getting increases with soft pulls only. 

For example, I used to spend $400 for an Admiral's Club memebership and $85 for a Aadvantage MC.  I pc'd to the Citi Execu MC which saves me $35 and gives me the Club membership, other perks like Pin&Chip, No FTF, elite miles, etc.

Not as much of an adrenaline rush as hitting the submit button on a new app, but I get more satisfaction from saving rather than spending these days anyway.

[webhopper]

Thanks for your story . Why is your one score so much lower than the other two?

[Tonya-E]

Webhopper I have had security freezes on all my reports since Dec.  Your current creditors can still do soft pulls on your reports.  I am unsure if they can do HPs but I suspect that they can if you already have an account with them. I will say that when you pull your report initially on myfico.com you will have to verify some information.  However after the first time, you should be good to go. I tried pulling my report after the freeze and got the "contact our representative" message. I called in and verified some account info and they released the report. I asked the rep if he thought it was likely due to the recent freezes on my account that I had to call in and he said yes.  You don't have that problem with reports directly from the bureau, but you will initially have it on myfico. Of course if you want a TU fico score you would have to come here anyway....

[webhopper]

Thanks for the input.  I probably won't be pulling my real FICO in a while.  No need for it, and I use ScoreTracker with Discover card to monitor my reports..  They give a PLUS score, which is worthless, but at least I can see when accounts post and what my open tradeline accounts are reporting to the bureas. Plus, its 9.99 per month, which includes unlimited EX, and once per month 3 bureau. Not too bad

[Tonya-E]

No problem.  Yeah you should be good to go then. I use credit karma and had no trouble seeing anything after the freeze.  So I wouldn't think you would have any problems. 

[Anonymous]

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@webhopper wrote:
I just sent off for my security freezes for the 3 bureaus, as I intend to garden for the next 5 yrs at least. Anyone have experience doing this?

Background: just got a great rate on a 20 yr mortgage great location. I'll never move again.
I have two vehicles that are paid for, both are less than 4 yrs old, I can't see myself needing a vehicle in the next 5 yrs and if I do then I'll buy with cash.
Just got approves for Amex Zync npsl, chase amazon.com platinum visa 5k limit, and I already had a discover more with a 4.2 limit. The Amex internal limit is at least 2k, I checked online when I got the card today, these cards should more than cover any travel / work expenses for reimbursement through my work.

How does the security freeze affect my current accounts, will they still be able to do soft pulls for credit reviews?
How does the security freeze affect my ability to check my own reports through myfico?

Thanks for all who respond?

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How come in this post you state that your two vehicles are paid for and yet in another thread post you made just 2 days prior to this one, you state that you have 2 vehicle loans?  Post is below:

Re: Chase App Question

 02-09-201208:06 AM - last edited on 02-09-201208:08 AM

"...........2 car loans:

            1 4wd with local CU since Feb 2011

            1 Volvo with Chase since May 2010, will be paid off this year with bonus. The car is worth 18k........................"