topic Re: Staying Under the Radar in General Credit Topics

Staying Under the Radar

joeyv1985 — Wed, 08 Jul 2020 17:01:20 GMT

All,

Over the past 12 months, I've raised my credit scores to over 100 pts to about Mid 750's(Fico 8) from about 620 a year prior. I recently quit my 6 figure job and started my own company and plan on keeping costs down by forgoing any excessive spending and just do a little gardening and keeping my CU down. I have a relatively slim file, so I understand I just need to keep my nose down and don't do anything irrational. Because of my job change, any tips on staying under the radar of the CC companies? There was some capital outlay that I did 2 months ago, but those should be paid off in the next week. The last thing I want is a financial instituion requesting more info on my income. I just don't want the attention. Input is greatly appreciated. Thanks.

Re: Staying Under the Radar

sccredit — Wed, 08 Jul 2020 17:06:19 GMT

Just keep your usage under control and you'll be fine.

Re: Staying Under the Radar

joeyv1985 — Wed, 08 Jul 2020 17:13:04 GMT

Thank you. I can only assume "excessive" spending, higher CU will put you in their crosshairs.

Re: Staying Under the Radar

SouthJamaica — Wed, 08 Jul 2020 19:13:40 GMT

@joeyv1985 wrote:
All,

Over the past 12 months, I've raised my credit scores to over 100 pts to about Mid 750's(Fico 8) from about 620 a year prior. I recently quit my 6 figure job and started my own company and plan on keeping costs down by forgoing any excessive spending and just do a little gardening and keeping my CU down. I have a relatively slim file, so I understand I just need to keep my nose down and don't do anything irrational. Because of my job change, any tips on staying under the radar of the CC companies? There was some capital outlay that I did 2 months ago, but those should be paid off in the next week. The last thing I want is a financial instituion requesting more info on my income. I just don't want the attention. Input is greatly appreciated. Thanks.

The best way to stay off their radar is to not ask them for anything.

Re: Staying Under the Radar

joeyv1985 — Wed, 08 Jul 2020 19:15:33 GMT

What about a Credit Increase using a SP?

Re: Staying Under the Radar

SouthJamaica — Wed, 08 Jul 2020 19:17:48 GMT

@joeyv1985 wrote:
What about a Credit Increase using a SP?

That's exactly the type of thing you should not do.

They always ask you your income.

Re: Staying Under the Radar

joeyv1985 — Wed, 08 Jul 2020 19:18:43 GMT

Gotcha

Re: Staying Under the Radar

dragontears — Wed, 08 Jul 2020 19:20:00 GMT

@SouthJamaica wrote:
@joeyv1985 wrote:
What about a Credit Increase using a SP?
That's exactly the type of thing you should not do.

They always ask you your income.

Some also ask for the name of your employer

Re: Staying Under the Radar

zerofire — Wed, 08 Jul 2020 22:12:49 GMT

The cards should be properly managed without any ridiculous spikes in spending. Extra $5-10 on food is fair game but the $5,400 bedroom set should probably wait. Asking for anything except a CLD or closure will usually show the new income and possibly employer if not other things. The biggest thing they are going to be pissed at is if you miss a payment or have a payment bounce. Neither things are good even during positive times. If you list the lenders we might even be able to tell you what their tendencies are. Some care more than others.

You might want to check out the abbreviations list as CU is Credit Union. It looks like you are using it like Util or Utilization.

Re: Staying Under the Radar

joeyv1985 — Wed, 08 Jul 2020 23:45:42 GMT

You might want to check out the abbreviations list as CU is Credit Union. It looks like you are using it like Util or Utilization.

Sorry about that zerofire.

As far as lenders, here they are:

Wells Fargo-Mortgage

Wells Fargo-Car Loan

Chase Sapphire Preferred($5K Limit)

Citi Double Cash($11K)

Citi Aadvantage($8,500)

Capital One Venture One($4K)

The Chase and Citi cards were opened about the middle of Q1. All cards are at zero balance with the exception of the CSP, which is my go to card. Credit Utilization is at about 10-11%, but I should be under 7% in the next 2 weeks or so. Also, I opened up a Wells Fargo Business checking account about 2-3 weeks ago. The car loan I'll probably pay off sometime in Q4 if not earlier. Articles of Incorporation and EIN# were created in early May. Let me know what you think.

Re: Staying Under the Radar

RadioRob — Thu, 09 Jul 2020 01:36:04 GMT

As others said... don't bother them and they should not bother you.

Keep running as normal. Dont do anything unusual such as trying to buy a car on credit and you should be fine.

Re: Staying Under the Radar

RadioRob — Thu, 09 Jul 2020 01:38:17 GMT

Also later once you have the business rolling, in most cases lenders accept what you enter into the income field. However if you do get asked, it will be typically be for tax return access. So I would try to stay off the radar until you have at least your first year tax return for the business.

Re: Staying Under the Radar

joeyv1985 — Thu, 09 Jul 2020 03:55:54 GMT

Thanks radioBob

Re: Staying Under the Radar

core — Thu, 09 Jul 2020 04:10:16 GMT

I don't see why there would be any issue or any need to stay under the radar aside from avoiding new apps. If anyone asks for your tax return, you've got a nice looking one from last year. Nothing will change until late next year when they begin asking for 2020 returns. I've never been asked for pay stubs after opening an account. Just tax returns. OK I take that back, I remember Fingerhut asking me for bank statements for a CLI once, but that was only after I refused to give them my tax return.

On the Amex thread many knowledgeable folks said something to the effect of, "You're supposed to put down your 2018 income, duh!" Now I'm sure those same folks will say "No, you have to put down your current income". You can't have it both ways, guys.

Re: Staying Under the Radar

joeyv1985 — Thu, 09 Jul 2020 16:58:58 GMT

@RadioRob wrote:
Also later once you have the business rolling, in most cases lenders accept what you enter into the income field. However if you do get asked, it will be typically be for tax return access. So I would try to stay off the radar until you have at least your first year tax return for the business.

Copy. Thanks Bob

Re: Staying Under the Radar

Anonymous — Thu, 09 Jul 2020 17:21:22 GMT

Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!

Re: Staying Under the Radar

joeyv1985 — Thu, 09 Jul 2020 17:25:33 GMT

@Anonymous wrote:
Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!

Thank you corpcrmgr!

I thought about doing this a year ago but good money was still coming in. Now that it's down, I figure I'll be in a better position when the economy turns adn I get to be my own boss. I was just tired of all the micro managing.

Re: Staying Under the Radar

zerofire — Thu, 09 Jul 2020 20:00:53 GMT

@joeyv1985 wrote:
@Anonymous wrote:
Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!
Thank you corpcrmgr!

I thought about doing this a year ago but good money was still coming in. Now that it's down, I figure I'll be in a better position when the economy turns adn I get to be my own boss. I was just tired of all the micro managing.

I know the feeling. My own bosses at times give out orders that are either stupid or in direct conflict with one another. I have literally been paid to take a scenic tour of the building for 10min a few times. In the end I just check that the order is legal and then do it. The company is a Fortune 100 so they have cash to spare.

@joeyv1985 wrote:
You might want to check out the abbreviations list as CU is Credit Union. It looks like you are using it like Util or Utilization.

Sorry about that zerofire.
As far as lenders, here they are:
Wells Fargo-Mortgage
Wells Fargo-Car Loan
Chase Sapphire Preferred($5K Limit)
Citi Double Cash($11K)
Citi Aadvantage($8,500)
Capital One Venture One($4K)

Don't mention it.

Wells Fargo already gave you their loans and they are secured. I seriously doubt they will have any leverage in the contract to call for just you working for your own business. They might get slightly spooked and tighten the threshold before they pull the security but otherwise they are good. Chase has a 5k minimum on the CSP so you really cannot get a CLD there. If they start being concerned they only have closure as an option. Chase also tightened approvals and are happy to reduce exposure(letters come out with lower limits) but usually once approved you get to keep the card. Capital One has been tightening approvals but they really do not like messing with good customers or rather the computer does not like to. In my opinion this is a duplicate of the Citi Double Cash just with an annual fee. The PayPal 2% Cashback MC might have been a better choice. Citi is the fun one. They are the largest issuer of cards worldwide and are almost as bland as Capital One. They have been known to tighten up but are very liberal at issuing cards. As long as you can show you are a decent investment Citi is happy to find cash to put in.They already have marked funds proactively for the pandemic for loses that is how good they are. As long as you still show a solid existence they should leave you alone. While I cannot see the full picture I am going to guess that as long as you keep paying your lenders they will gladly keep your accounts as they are even if you report the new income. The credit extended is not excessive just yet.

Re: Staying Under the Radar

joeyv1985 — Thu, 09 Jul 2020 20:18:44 GMT

Thanks zerofire.

As of this moment, I'm at AZEO. The CSP card has about $2200 on it. I'll pay another $1K before it reports on 7/19. It should be paid of by the middle of next month. My recent purchases: Computer equipment, a new mattress, water heater and filter, business license, car registration, and so forth were made in the past 3 months. So between now and the next 2 years I don't see any major purchases(ie >$1500). Just gardening my credit scores and building my business. Maybe throw in the occasional business trip and dinner. Nothing crazy.

Re: Staying Under the Radar

joeyv1985 — Thu, 09 Jul 2020 20:21:35 GMT

Glad to know I'm not the only one. We had 2 Zoom meetings a day, expected minimum daily Salesforce activity....it was suffocating. The meetings were useless. As an outside sales rep, we couldn't visit anyone. Nonetheless, I enjoyed the company I was with but it was time to move on.