Maxxing out a CC for the intro APR and it killing my ability to get a CL on another card.

[j_casteel]

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@gpfirestone wrote:

I don't really care about my Chase Freedom Card or my CitiCards.  If they got cancelled it wouldn't bother me.  I want to primarily use Capital One 2% Cash Back card.  But since that limit is so low and Capital One is so difficult to get a CL increase with I've been really going hard on the Amex.  I'm in the trade business and am able to buy 70% of my inventory on CC's so cash back is a huge plus.  I don't mind Amex Rewards points, but at a certain point you just have too many.  I'm around 400,000 MR points now and honestly don't know if I'll ever spend them all since all they are really good for is travel.

I also don't want to pay before the statement date.  I use the credit as a form of capital and extending it 20 days to the payment date is a huge plus.  I appreciate everyone here suggesting that I lower my CU but if you read my initial post, it was more a request for information on what the damage from having one CC maxxed out was, not about CU in general and whether there was a way to directly interact with a higher up at Capital One to explain my business and my credit needs and for them to actually see how well I've used credit in the past and that if they gave me a higher limit I would be putting 60-100k a month on their card.

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for you to say that is just being ignorant

[gpfirestone]

I don't need more credit...I just want more credit with Capital One.  I have way more than enough with Amex alone.  I could easily pay all of my cards down to 0 but then I'd have less cash to leverage.  Yes I am probably a bit overextended but I am by no means in debt.  If I were to let the business wind down and pay off my car and every credit debt, I would still have about $30,000 left.  To me this seems fine, but maybe I am living in fantasy land and wanting a magical credit card from weird bank.  I don't see why they wouldn't want me charging $50-100k a month on their card when I'm paying it off every month.  I just don't see it your way.

[Alcibiades]

Also, it looks like that you are relying on your Amex to buy inventory. If you do something that alters your credit profile (like rack up a lot of inquiries or open new accounts), Amex is known to Financial Review accounts like yours. They often ask you to provide bank statements, tax returns and to pay down a portion of the balance immediately with cash. If you can't do these things, they may close your account or reduce your spending limit, which in turn would reduce your ability to buy inventory and make profit.

The general advice here is to tread carefully. Slow down, try to generate some excess cash, pay down some debt and get your utilization down. That would do wonders for your credit profile

[gpfirestone]

Btw, I graduated law school in 2009 and since them have paid off over $80k in school loans, purchase my home (20k down), save up 30k, and do alot of traveling so I must be doing something right.  My business is successful and I understand my finances.  I'm not a risk to default on credit card debt and again we're getting off the simple question I asked which was whether there was a way to interact directly with Capital One to get what I want.

[Anonymous]

7 posts and you're a new member? And you don't understand what the big deal is with maxing out your cards every month?

Methinks we have all been taken for a ride on the troll bus.

Here I'll answer your question: Capital One and no other bank is going to extend you credit limit increases or additional lines of credit with you at 80% + utilization every month. The only way you'd ever get more credit is to pay in full before your due date and leave it that way. There's a good chance you will pay an acct in full one day and be totally cut off by that company and have your card shut off. Don't be surprised when it happens.

[Alcibiades]

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@gpfirestone wrote:

Btw, I graduated law school in 2009 and since them have paid off over $80k in school loans, purchase my home (20k down), save up 30k, and do alot of traveling so I must be doing something right.  My business is successful and I understand my finances.  I'm not a risk to default on credit card debt and again we're getting off the simple question I asked which was whether there was a way to interact directly with Capital One to get what I want.

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You can try, but given what you have told us, the answer is no. If you want to make yourself more presentable to lenders, follow the advice given

[gpfirestone]

I operate on a net 14 basis with biggest customers and everyone else pays up front.  If they were ever to demand a payment I could come up with it within 7 days.  Isn't the purpose of the plum card EXPLICITLY for purchasing inventory?

[j_casteel]

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@gpfirestone wrote:

I don't need more credit...I just want more credit with Capital One.  I have way more than enough with Amex alone.  I could easily pay all of my cards down to 0 but then I'd have less cash to leverage.  Yes I am probably a bit overextended but I am by no means in debt.  If I were to let the business wind down and pay off my car and every credit debt, I would still have about $30,000 left.  To me this seems fine, but maybe I am living in fantasy land and wanting a magical credit card from weird bank.  I don't see why they wouldn't want me charging $50-100k a month on their card when I'm paying it off every month.  I just don't see it your way.

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$30k left for how long? $30k won't last very long this day. the point is you want to gain more credit with cap1 but the only way to do that is to decrease your util with your other cards, but it seems as if you are set in your ways.

also, we're simply trying to explain what your credit file looks like to the banks....i could care less what it looks like, but you're not getting credit from me nor asking for more from me, but to the banks that pull your credit as see that you have X amount of credit where nearly 100% is util than you must understand why they may not want to give you more.

[09Lexie]

Can you qualify for a business line of credit? I understand you want to use your personal cc for your business purchases, use the 30 day float, get the cashback and PIF once your invoices are paid but like others have stated this is a recipe for disaster. If the cc don't wise up and you are lucky enough to pass a FR, what will happen if your invoices go unpaid 30-60 days ? You can still accomplish what you want but have a back up plan with a line of credit. 

Just my .02

[j_casteel]

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@Anonymous wrote:

7 posts and you're a new member? And you don't understand what the big deal is with maxing out your cards every month?

Methinks we have all been taken for a ride on the troll bus.

Here I'll answer your question: Capital One and no other bank is going to extend you credit limit increases or additional lines of credit with you at 80% + utilization every month. The only way you'd ever get more credit is to pay in full before your due date and leave it that way. There's a good chance you will pay an acct in full one day and be totally cut off by that company and have your card shut off. Don't be surprised when it happens.

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i agree...seems like the OP could be an askhole (google the term)