Should I even attempt for the AMEX 3XCL?

[Creditaddict]

In this case I would ask for the increase on the Blue... If the Costco was your only Amex then I would for sure say go for it... worse that happens is they say no or ask for taxes.

[negg]

Why on earth would you want a CLI. 15k is mooooooooorw then enough with a 2k month salary. If anything Amex will FR you and CLD you. Very odd your CLI is 15 k with a 25k salary.

IMO something not right here.

[frankietown]

not to hijack,

i am on the same boat. however my income is at $60k a year. is getting the $15k bad? will i be FR'd too? and should i bother asking for a CLI in 2 months?

[Creditaddict]

If you don't mind signing the form for them to pull taxes and income is close to stated... Don't worry! It might not even happen!!
It's just not that serious

[compassion101]

Be careful putting 10k through them in a month. Especially to buy what sounds like inventory for a business. Doesn't matter that you were able to pay it off, it will raise red flags

[respect]

Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS. 

[DaylightSlaving]

---

@respect wrote:

Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS. 

---

Off topic, but I think this needs to be said:

OP, I'd be really, REALLY careful with your illegitmate (i'm assuming you're not registered as a business; i.e. you don't have a tax ID number) business practice. To my knowledge, PayPal and Ebay are both required report 1099-Ks to the IRS once you reach a certain threshold, and quite frankly, I'm pretty sure you're at that threshold. 

Buying merchandise with the intent to resell, especially with profit, is a business in the eyes of the IRS.

I'd get ahold of a tax professional immediately. 

But hey, if I've got your situation wrong, disregard. 

[takeshi74]

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@respect wrote:

My question is the credit limit they gave me is already 60% of my income, should I even attempt to ask for a increase to 45,000?

---

Have you read the 3X CLI thread?  I suspect you wouldn't be asking about anything over $25K if you had.

[Creditaddict]

---

@DaylightSlaving wrote:

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@respect wrote:

Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS. 

---

Off topic, but I think this needs to be said:

OP, I'd be really, REALLY careful with your illegitmate (i'm assuming you're not registered as a business; i.e. you don't have a tax ID number) business practice. To my knowledge, PayPal and Ebay are both required report 1099-Ks to the IRS once you reach a certain threshold, and quite frankly, I'm pretty sure you're at that threshold. 

Buying merchandise with the intent to resell, especially with profit, is a business in the eyes of the IRS.

I'd get ahold of a tax professional immediately. 

But hey, if I've got your situation wrong, disregard. 

---

PayPal will send you a 1099 once you accepted more than $25k in funds and then you are responsible with rather you need to report that or not... depending what you are doing with your paypal account there might not actually be income out of that money so you wouldn't owe on it.... ebay does not send any forms and you don't need to do any reporting of ebay because that's not actually money being prcoessed.