I just got approved for my first business card, the Amex BBP and they gave me a great $13200 SL. Am incredibly happy as I havent apped in 5 years and was hoping not to get declined or given a very small SL.
I was originally looking to add at least $50,000 of new credit to my personal profile TCL, BUT ended up changing my strategy to shifting my debt to new bussiness cards, since all my monthly charges are true buss. expenses. Im looking to move eventually $26,000 away from my personal to my buss. profile. My first Amex buss. card already gave me 50% of the buss. CL I was looking for, I love Amex. I had a gut feeling they would give me at least a +$10,000 SL, Im so glad I apped. Plus, 0% apr for the next 12 months which is also great.
I want to recognize and thank members such as
@FinStar @Remedios @JamP @MrDisco99 @coldfusion @lgtwriter @SouthJamaica etc, with all their bits of information, and experiences and also in particular with all the detail and ALOT of time @Aim_High dedicated in my last thread, I was able to understand to stay away from seeking new personal credit altogether. Thats at least till I get my util. back down to under 9%.
Anyway, going back to Amex buss...what do you guys think?
1. Should I app for the green buss. charge card to hopefully take care of the other $13,000 in CL or charges that I need?
2. Should I pass some of the $9800 CL I have in my Delta personal card?
3. Rep I chatted with said I could call in and try to see if they can raise my SL right away. Any success stories with this?
I welcome everyone´s opinion and please feel free to ask any DP you would like to know. I did it as a sole prop. without EIN, EX is at 723 but was 746 until 2 days ago, not sure which they used.
@WP2020 wrote:I just got approved for my first business card, the Amex BBP and they gave me a great $13200 SL. Am incredibly happy as I havent apped in 5 years and was hoping not to get declined or given a very small SL. I was originally looking to add at least $50,000 of new credit to my personal profile TCL, BUT ended up changing my strategy to shifting my debt to new bussiness card ... I want to recognize and thank members .. and also in particular with all the detail and ALOT of time @Aim_High dedicated in my last thread ...
1. Should I app for the green buss. charge card to hopefully take care of the other $13,000 in CL or charges that I need? ...
Congrats on your Blue Business Plus approval, @WP2020! That's a great card and it will serve you well, especially with that 0% offer!
I'm glad that myself and the others in the community you mentioned were able to be helpful in your decision. We have a lot of lurkers on the forums, so the way I see it, taking time to make those postings helps not only the OP of the topic but possibly also many others.
As for the Green charge card, you do understand that the Green-Gold-Platinum cards (either personal or business) are historically charge cards, not credit cards, so the entire balance is normally due at the end of the statement cycle? In that respect, that won't help you with cash flow or shifting those balances. The charge cards do now offer the "pay-over-time" feature which allows eligible charges of over $100 to be paid with monthly payments, but you have to pay a plan fee (in lieu of interest charges) which may be less competitive with other financing options. (AMEX currently has my account on a temporary $0 Plan Fee offer so that might be offered to you, but otherwise you should expect to pay a prorated charge based on your current account APR.)
Congratulations on your first AmEx Business card approval ...nice SL
Thx everyone, Im really very happy about it and I think its a great SL for me and the 0% apr for a year helps greatly.
@WayneSki Yes, I did apply as a sole prop. with my SS# and one of the great things I just learned in this great forum is that Amex will not report to my personal profile.
@Aim_High Exactly, I agree that the questions I ask and get answers to, Im sure will end up helping alot of other members. As for the charge cards, I do know the balance is due but I was thinking that Amex will end up offering the "pay-over-time" feature which I would take advantage of. I will gladly pay some momentary interest to shift my debt out of my personal to my business profile.
I could also apply for a second buss. card and/or a charge card aswell. Does Amex usually give a lower limit on the second card when applied 5 days apart? Would you go for a second one since its a SP? Is it logical to expect that I will be able to charge at least $13000 if I apply to a new charge card?
I have the Blue Bus Cash card it has been a great card to have so far. 2% on everything you buy up to 50k a year then 1% personally I would wait 30 days after the first cards approval date.
@sugarcreek67 Yes, I was thinking of waiting 30 days to apply to Blue Bus Cash card aswell, it seems a great card aswell.
Does anyone know the following?
1. Does Amex usually give a lower limit on the second card when 20 to 30 days apart?
2. I was just offered an Amex Personal loan for up to $19,000, would it hurt my chances to get approved or lower my SL on my second Amex buss. card if I took their loan?
I just think my score will be lower the following month once the PL posts so was thinking it would be best to get the buss. card before just in case. Or maybe Amex will only give me one or the other, what do you think? They are being VERY nice this month so far. Anyone have any DP on this?