topic Re: This typical? in Business Credit

This typical?

Repo-ed — Thu, 24 Dec 2015 17:33:31 GMT

So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly. Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card. I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

Re: This typical?

Anonymous — Thu, 24 Dec 2015 17:41:20 GMT

@Repo-ed wrote:
So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly. Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card. I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!

Unfamiliar with Lyft. I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?

Re: This typical?

Repo-ed — Thu, 24 Dec 2015 17:57:41 GMT

@Anonymous wrote:
@Repo-ed wrote:
So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly. Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card. I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!
Unfamiliar with Lyft. I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?

Both are considered by insurance companies to be "TNC" (Transportation Network Companies) and as such each driver is an independant contractor. Both require Schedule C and can claim standard deduct or itemize.

Most fall under the Standard deduct and likely I will too. I want to track all expenses involved so I can make a well educated decision come tax time.

I prefer lyft (I use both as a consumer) because you can tip through the app, whereas you can not via uber's app and who carries cash anymore? I always feel guilty getting out of a cool uber drivers car w/o tipping.

Re: This typical?

Anonymous — Thu, 24 Dec 2015 18:02:07 GMT

@Repo-ed wrote:
@Anonymous wrote:
@Repo-ed wrote:
So in another thread, I mentioned I picked up a new car this past Saturday. At a cost of approm $45/wk, I thought about having that paid by way of working p/t for Lyft. I'm in a great location that is not yet saturated and my research shows I can easily obtain my goal.

I did some more reviews and want to keep the expenses tracked seperately from my personal so that I can file taxes accordingly. Having never owned a business before and certainly never having applied for a business credit card, I went ahead and app'd Amex Simply Cash Biz card. I did so as a Sole pro and was expecting 1 or 2 outcomes:

1) Declined

or

2) Approved with 1k CL

I didn't think that it would be a 3rd outcome:

3)Instantly approved with 20K LIMIT!

WOW!
Unfamiliar with Lyft. I assume it is like Uber?

If so, I was under the impression that Uber drivers (and therefore I assume Lyft) are not business owners, but employees for the company and therefore would not be eligible for a buisness account as they dont have a Tax ID.

Am I wrong?
Both are considered by insurance companies to be "TNC" (Transportation Network Companies) and as such each driver is an independant contractor. Both require Schedule C and can claim standard deduct or itemize.

Most fall under the Standard deduct and likely I will too. I want to track all expenses involved so I can make a well educated decision come tax time.

I prefer lyft (I use both as a consumer) because you can tip through the app, whereas you can not via uber's app and who carries cash anymore? I always feel guilty getting out of a cool uber drivers car w/o tipping.

Interesting. Because I am not a business owner I have never applied for Business Credit before. Doesn't it ask for your tax id when applying?

Re: This typical?

Anonymous — Thu, 24 Dec 2015 19:57:55 GMT

You don't need a tax Id if you're a sole proprietorship. Many people get business cards by using their SSN instead of tax ids.

Re: This typical?

Repo-ed — Thu, 24 Dec 2015 20:36:26 GMT

@Anonymous wrote:
You don't need a tax Id if you're a sole proprietorship. Many people get business cards by using their SSN instead of tax ids.

^^^This

I used my SSN and my company name (required to input in the app) is "Driver"

Re: This typical?

Anonymous — Thu, 24 Dec 2015 21:36:38 GMT

Since Amex bases their decision for the SimplyCash based on personal credit profile, your starting line isn't surprising. Your sig indicates your scores are excellent.

Re: This typical?

Repo-ed — Thu, 24 Dec 2015 22:33:48 GMT

@Anonymous wrote:
Since Amex bases their decision for the SimplyCash based on personal credit profile, your starting line isn't surprising. Your sig indicates your scores are excellent.

Not that I'm disagreeing, but my highest personal card is a 15k CostCo card. Either way, I'll take the 20k!

Re: This typical?

Anonymous — Thu, 24 Dec 2015 23:12:35 GMT

Makes perfect sense. When they approved mine at $10K, my highest personal card was my ED at $6K.

Re: This typical?

B335is — Fri, 25 Dec 2015 16:49:33 GMT

Congrats on the nice approval Repo-ed!

Re: This typical?

Creditaddict — Mon, 28 Dec 2015 02:15:07 GMT

@Repo-ed wrote:
@Anonymous wrote:
Since Amex bases their decision for the SimplyCash based on personal credit profile, your starting line isn't surprising. Your sig indicates your scores are excellent.
Not that I'm disagreeing, but my highest personal card is a 15k CostCo card. Either way, I'll take the 20k!

Even more of a reason why you got the high starting.... you have an even higher internal score with them then just EX if you have good history with a current high limit card with them... Congrats!