Personal or Business Card. Can I use business revenue for a personal card?

[tparks5961]

In roughly a year, I'll have a clean credit report and will be in the market for 3 credit cards.

1 Amex card

1 Chase card (Business Ink)

1 Capital one card. (Spark Business)

I own a business with revenues of roughly $700,000.00 per year and have  a personal income of around $30,000.00.  Most of the money I generate is used for business growth so Im not taking much of a salary.

I'm in the garden till Jan 2020 and want to maximize my credit limits when I start apping.

I figured that if I were to apply for a personal card with a $30,000.00 salary I probably would't qualify for much of a limit.  Can I report some of my business revenue with my annual income on a personal App?

In the end, I think I really only think I'll maintain 3 very high limit cards.. I'm just wondering if i should just stick to business cards.. Any thoughts? 

[Anonymous]

Hi,

You would be surprised what you could get on that salary . All of those cards would be a hit on your personal so I would apply for the Amex personal and then do a business app so the inquiry would be 1. The business cards typically go by your revunue and checks your personal for their decision . Be careful of the Spark as it will report on your personal if you had to carry a balance . I would say you have some pretty good choices for your main 3 but I would say swap out the Spark for the new discover business card as it matches cash back but your business has to have been open for 3 years .  

Hope this helped

[tparks5961]

So, if I apply for the American Express personal and Business in the same day it counts as 1 inquiry?

My only problem with the Spark Card is the reporting on my personal report.. So I will take your advice and check into the discover business.

I like the spark card because of the easy to follow 2% back on everything.

[shoegal]

Discover business also reports to personal credit just like Cap1 Spark.

[tparks5961]

Yeah, discover is a no go as well. The unfortunate truth is that my credit file will be thin enough that High UTI will definitely cause huge swings in my score.. So for a while I have to stay away from the spark and discover.

[Anonymous]

If you have 700,000 business revenue, don’t you have an existing banking relationship for it?  They can help you with this.  

Apply for the cards you want.  You can always ask for a credit limit increase and show proof of income and business revenues.

[SouthJamaica]

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@tparks5961 wrote:

In roughly a year, I'll have a clean credit report and will be in the market for 3 credit cards.

1 Amex card

1 Chase card (Business Ink)

1 Capital one card. (Spark Business)

I own a business with revenues of roughly $700,000.00 per year and have  a personal income of around $30,000.00.  Most of the money I generate is used for business growth so Im not taking much of a salary.

I'm in the garden till Jan 2020 and want to maximize my credit limits when I start apping.

I figured that if I were to apply for a personal card with a $30,000.00 salary I probably would't qualify for much of a limit.  Can [I] report some of my business revenue with my annual income on a personal App?

In the end, I think I really only think I'll maintain 3 very high limit cards.. I'm just wondering if i should just stick to business cards.. Any thoughts? 

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No you can't.

[tparks5961]

I guess I should have mapped out my strategy a couple of years ago.  My primary bank is regions and as you can see in my signature, I have one of their secured cards. In aniticpation of a clean file in a year, I also opened a savings secured loan with regions as well. I think their best card gives 1% cash back so I have no real desire to make that one of my permanent cards.  I signed up for the regions secured before I found the MyFico forums.  I would have skipped it for the Citi secured that could graduate to the double cash.

I've successfully removed 20 of 22 collections showing on my reports and have a paid the last collections to hopefully get them  removed. I had 2 repos in 2012 which is keeping my score in the low 600's. First fidelity bank out of oklahoma never charged off the balance of $6400.00 and they're updating it every month,  never allowing the debt to age. Every month it's reporting 149 days past due. The other repo was charged off in 2013 with a DOFD of 12/2012 .  In 6 months I can ask for my first EE.. 

If I knew that it would do any good, I would pay off the $6,400.00 to first Fidelity.