New member, new question! Blitzed with inquiries!

[noober0x]

Hi all!  New member, but long time lurker.  It has come time to ask upon the geniuses that be in this forum for a bit of help.

I run a business, unfortunately, on credit cards.  Haven't paid a cent of interest as a PIF, but I, like most companies, have a nasty habit of running up my credit cards to their max to move the most inventory (resale, and my product ALWAYS sells out.)  Pay in full and that same day buy more.  Of vicious cycle, how I loath thee.

My current score sheet, cards and limits:

Chase Freedom - $4,500

Chase Amazon - $3,000

Amex True Earnings - $30,000 (Personal version, not business card)

Logix Platinum - $5,000

eBay Rewards - $1,500

Some Capital One Card from eons ago - $500

"Current" Balances (as of the last credit report pulled 05/29/2013)

Chase Freedom - $4,489.00

Chase Amazon - $2,978.00

Amex True Earnings - $49,928.00

Logix Platinum - $2,400.00

eBay Rewards - $0.00

Some Capital One Card from eons ago - $0.00

Couple of car loans and a lease.

Credit report showed a total utilization of 133%.  Whoopie, 100% more than what I should be using!  :-P

I have just borrowed, off report, a large sum of cash to cover ALL of these balances.  Zilch em.  Zero.  Gone.  W00T W00T.  I've gotten the timings down, and I know that the last hold out is Logix, who reports on the 26th.  Every other card is either 0'd and will report the 0 balance when the statements roll over, or have 0'd and sent already.  I can pull my next report on the 29th of this month, meaning July 1st will be a very interesting day.  So, on to my question:  I plan on doing the 4 following tasks:

1.  Apply for the Plum Card (Amex) (1.5% Early Pay/60 days no interest charge card)

2.  Apply for the Capital One Spark Card (2% Cash Back)

3.  Refinance my 2 cars (Still debating between 1.49% 48 months, 1.99% 60 months, thanks Logix!)

4.  Request CLI's on the Amex True Earnings ($90,000) Chase Freedom ($7,500) and Chase Amazon ($5,000)

All of these will be done in the order you see above, according to the importance of the product to my business and my needs.  My only unknown is will the credit application for the Plum card show up on the Spark card's pull, and likewise all the way down the line?  I want to do all these in a single day and I'm hoping there's some way I can "smash" all the inquiries together before the credit bureaus even know what hit them?  I want to hide all the inquiries, because I did have some in the past 2 years, and fear that more could diminish my chances at each subsequent desired product.  I do know that credit cards like what I have here don't count like auto loans, which give you a grace period to count all inquiries as "one," but are the credit bureaus fast enough to catch all the inquiries within the same day?  After this, nothing will be touched for maybe 3-4 years, unless my business needs see fit.

Any insight would be most helpful!

PS:  I used the search feature and found some unconfirmed rumors, but nothing concrete.  Thanks!

PPS:  Figure I should mention that everything else on my credit report is beautiful, just the utilization is horrendous.  I've run the sims:  Currently at ~650s,  I'll shoot up literally 100 points on each to the 760 mark once the balances roll over with 0s.

[09Lexie]

Welcome to the forum! To answer your question there is not a lag time for inq's but since you are an Amex member, it will be a sp. if denied. Also, Cap 1 as you know will pull all 3. Chase may or may not use the same Hp for CLI s - doubt it - so with that in mind that's 2 HPs. I've assumed you've read the thread on requesting 3x CLI on Amex and you've monitored your cr for the last sp.

The benefit of requesting your CLI's, refi's and apping in the same day would mean they will age together. As far as smashing them together - I think you are pretty much stuck with the inq's.

Good luck!

[noober0x]

Thank you for the confirmations. I was hoping I could sneak them all in, but I guess not. I was going to age them all together but let's see who complains about the number of inquiries first. 

Thanks! Off to continue my lurking. 

[myjourney]

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@noober0x wrote:

Thank you for the confirmations. I was hoping I could sneak them all in, but I guess not. I was going to age them all together but let's see who complains about the number of inquiries first. 

Thanks! Off to continue my lurking. 

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Welcome to the forum 

Lexie is correct 

And don't lurk join this merry band we would love to have you and share 

[kimmiller112]

One thing you need to do is email the EO for CapOne.  Do a web search for the email address.  When they call you, I'd ask for $5000.  It should be a soft pull.  They will ask if you will settle for a lower amount if they can't approve what you are asking for.  I've gone through the EO twice and went from $1500 to $7000.  It could help if you are thinking of a 2nd CapOne card but keep in mind that CapOne pulls from all three CRAs when you app.

[JonStur]

Welcome...we love newbies around here. Also make sure you app after all of your cards have posted Just because they have a certain statement date doesn't mean they'll report right away.. Good luck!!!

[Creditaddict]

Well would love to know what you sell and why you have not moved to business credit building!

Anyway with that said I would hit Amex Plum followed by both or triple Chase Ink BOLD (Charge Card) if any issues Bank of America and USBank now offer Charge cards too.... look like you REALLy need a charge and I'm scared that you have ALL eggs in 1 basket so to speak of with Amex and although I don't like to jump on any wagons of FR or any other sort of things... pushing $50k on a personal amex with a $30k limit and then moving into a probably $75k+ Plum line and possibly a $50k+ line on a personal card with Amex while holding nothing else that even touches $10k would SCARE me to all get out especially when you are literally doing this monthly? that could be a HUGE business loss if you went 7 days let alone 30+ which an Amex FR even if comes out completely on your side will take at least 7 and it took ours like 12 or more days and did not come out terrible but not good, partner lost more than half his limit and locks on new cards and current limits and that's not even running a business by the scale looks like you are....

you need at least 2 charge cards and I would really look at splitting up some of these charges each month or at least working your pay dates and build relationship with both.... you will be much happier in the end... and for capital one... Executive office all the way on that one... and I would not apply for the spark at all... it's going to report to personal credit and you won't get the CL you need like with the charge cards.

[noober0x]

I do appreciate your extensive analysis and insight! I will not deny that I have thought and feared the dreaded Amex FR. The reason I haven't built up business credit is because I only "left" my place of employment in September of last year, and only now have started to really expand. I wanted to go into business credit building but much like any struggling college student, it's impossible if you have none. Add to that, I wasn't doing too hot on my personal lines either (maxed out cards all the same.) The only thing that has kept me afloat is the amex, and for the strangest of reasons, even when I haven't gone below a 48k balance by the time the statement cycles since my employment vanished, I haven't been FR'd. Don't know how, don't know why. 

I am shooting for the best cash back rewards. I don't fly, I don't travel, heck I don't do anything fun. As is the way of a 25 year old insaniac. I just like to re roll the rewards back into the company, make my returns on that and keep the train a-going. I saw the spark card as the best option due to the 2% cash back overall. The plum card, with its dual ability of rewards or dodge interest came up as a very good second up til I realized that it could replace my need for a line of credit from a bank. 

So... Knowing that information... I need a high limit CC or charge card, and want the best 'dern cash back in da bidness. What am I looking at? I'd like to spread my CC wings and grow this garden, as well as be safe but also have the best return for my spending. Thanks! 

PS: since you asked, I manufacture computers and sell them on Amazon.

[Creditaddict]

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@noober0x wrote:

I do appreciate your extensive analysis and insight! I will not deny that I have thought and feared the dreaded Amex FR. The reason I haven't built up business credit is because I only "left" my place of employment in September of last year, and only now have started to really expand. I wanted to go into business credit building but much like any struggling college student, it's impossible if you have none. Add to that, I wasn't doing too hot on my personal lines either (maxed out cards all the same.) The only thing that has kept me afloat is the amex, and for the strangest of reasons, even when I haven't gone below a 48k balance by the time the statement cycles since my employment vanished, I haven't been FR'd. Don't know how, don't know why. 

I am shooting for the best cash back rewards. I don't fly, I don't travel, heck I don't do anything fun. As is the way of a 25 year old insaniac. I just like to re roll the rewards back into the company, make my returns on that and keep the train a-going. I saw the spark card as the best option due to the 2% cash back overall. The plum card, with its dual ability of rewards or dodge interest came up as a very good second up til I realized that it could replace my need for a line of credit from a bank. 

So... Knowing that information... I need a high limit CC or charge card, and want the best 'dern cash back in da bidness. What am I looking at? I'd like to spread my CC wings and grow this garden, as well as be safe but also have the best return for my spending. Thanks! 

PS: since you asked, I manufacture computers and sell them on Amazon.

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You have formed LLC and have a EIN and a resale license?

Who do you do banking with?

do you have a business bank account yet or just all through personal?

I think you should do the Plum

But I think you should also do Ink Bold

if you get those 2, you should be able to figure out how to run with those and get due dates on different ends of the month from each other and build that.

at the same time if you have those 2 then you can look at building credit "card lines" vs. "charge card lines" at same time.

When everything shows paid off call "credit solutions" on your paypal card and ask for $20k, you might get it up to $10k.

I know the spark 2% is great and tempting but when you are pushing what appears to be the kind of expenses through your cards every month, you need to get it off your personal credit report or you will be fighting an uphill battle always when you need to grow or do something in your personal life because of the util.

Any way into a Navy Federal Credit Union membership?

If you want to private message me you are welcome to also.

Do you have 1 supplier that you get all parts from? do you have a net 30 or 60 with them?

you can still usually pay those with a credit card, but might give you some more wiggle room to plan for it and purposely charge your bills on the net 30 account when you already have the cash to take care of the credit card.... again it's another way to build credit off you personally.

[noober0x]

Sent you a PM.  Thank you for the assistance....

For everyone else....  Which charge card do you guys and gals think have the best rewards for a business?  I run through 75k on average through my cards a month, and double that for the holidays.  I like the straight cash, and no-wait rebates are the best because I can forward the rebates directly into my next set of purchases instantly, thus more product, thus more profit, thus more rewards... it's the only cycle I like out of the whole ordeal.

What say yee, community?