Staying Under the Radar

[RadioRob]

As others said... don't bother them and they should not bother you. 

Keep running as normal. Dont do anything unusual such as trying to buy a car on credit and you should be fine.

[RadioRob]

Also later once you have the business rolling, in most cases lenders accept what you enter into the income field. However if you do get asked, it will be typically be for tax return access. So I would try to stay off the radar until you have at least your first year tax return for the business. 

[joeyv1985]

Thanks radioBob

[core]

I don't see why there would be any issue or any need to stay under the radar aside from avoiding new apps.  If anyone asks for your tax return, you've got a nice looking one from last year.  Nothing will change until late next year when they begin asking for 2020 returns.  I've never been asked for pay stubs after opening an account.  Just tax returns.  OK I take that back, I remember Fingerhut asking me for bank statements for a CLI once, but that was only after I refused to give them my tax return.

On the Amex thread many knowledgeable folks said something to the effect of, "You're supposed to put down your 2018 income, duh!"  Now I'm sure those same folks will say "No, you have to put down your current income".  You can't have it both ways, guys.

[joeyv1985]

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@RadioRob wrote:

Also later once you have the business rolling, in most cases lenders accept what you enter into the income field. However if you do get asked, it will be typically be for tax return access. So I would try to stay off the radar until you have at least your first year tax return for the business. 

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Copy. Thanks Bob

[Anonymous]

Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!

[joeyv1985]

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@Anonymous wrote:

Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!

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Thank you corpcrmgr!

I thought about doing this a year ago but good money was still coming in. Now that it's down, I figure I'll be in a better position when the economy turns adn I get to be my own boss. I was just tired of all the micro managing. 

[zerofire]

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@joeyv1985 wrote:

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@Anonymous wrote:

Totally agree with what the others posted regarding not applying for anything and no large purchase. Also, good luck on your business!!

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Thank you corpcrmgr!

I thought about doing this a year ago but good money was still coming in. Now that it's down, I figure I'll be in a better position when the economy turns adn I get to be my own boss. I was just tired of all the micro managing. 

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I know the feeling. My own bosses at times give out orders that are either stupid or in direct conflict with one another. I have literally been paid to take a scenic tour of the building for 10min a few times. In the end I just check that the order is legal and then do it. The company is a Fortune 100 so they have cash to spare.

@joeyv1985 wrote:

You might want to check out the abbreviations list as CU is Credit Union. It looks like you are using it like Util or Utilization.

Sorry about that zerofire. 

As far as lenders, here they are:

Wells Fargo-Mortgage

Wells Fargo-Car Loan

Chase Sapphire Preferred($5K Limit)

Citi Double Cash($11K)

Citi Aadvantage($8,500)

Capital One Venture One($4K)

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Don't mention it.

Wells Fargo already gave you their loans and they are secured. I seriously doubt they will have any leverage in the contract to call for just you working for your own business. They might get slightly spooked and tighten the threshold before they pull the security but otherwise they are good. Chase has a 5k minimum on the CSP so you really cannot get a CLD there. If they start being concerned they only have closure as an option. Chase also tightened approvals and are happy to reduce exposure(letters come out with lower limits) but usually once approved you get to keep the card. Capital One has been tightening approvals but they really do not like messing with good customers or rather the computer does not like to. In my opinion this is a duplicate of the Citi Double Cash just with an annual fee. The PayPal 2% Cashback MC might have been a better choice. Citi is the fun one. They are the largest issuer of cards worldwide and are almost as bland as Capital One. They have been known to tighten up but are very liberal at issuing cards. As long as you can show you are a decent investment Citi is happy to find cash to put in.They already have marked funds proactively for the pandemic for loses that is how good they are. As long as you still show a solid existence they should leave you alone. While I cannot see the full picture I am going to guess that as long as you keep paying your lenders they will gladly keep your accounts as they are even if you report the new income. The credit extended is not excessive just yet.

[joeyv1985]

Thanks zerofire.

As of this moment, I'm at AZEO. The CSP card has about $2200 on it. I'll pay another $1K before it reports on 7/19. It should be paid of by the middle of next month. My recent purchases: Computer equipment, a new mattress, water heater and filter, business license, car registration, and so forth were made in the past 3 months. So between now and the next 2 years I don't see any major purchases(ie >$1500). Just gardening my credit scores and building my business. Maybe throw in the occasional business trip and dinner. Nothing crazy. 

[joeyv1985]

I know the feeling. My own bosses at times give out orders that are either stupid or in direct conflict with one another. I have literally been paid to take a scenic tour of the building for 10min a few times. In the end I just check that the order is legal and then do it. The company is a Fortune 100 so they have cash to spare.

Glad to know I'm not the only one. We had 2 Zoom meetings a day, expected minimum daily Salesforce activity....it was suffocating. The meetings were useless. As an outside sales rep, we couldn't visit anyone. Nonetheless, I enjoyed the company I was with but it was time to move on.