Hah nice. Since I turned 18 I've religiously called up my CC company every six months requesting a $6,000 AUD limit increase. That started quite a long time ago, I've never once been denied and I haven't had an income in Australia for nearly four years now.
Another Fucking Credit Card Thread
- Thread starter cardine
- Start date
Hah nice. Since I turned 18 I've religiously called up my CC company every six months requesting a $6,000 AUD limit increase. That started quite a long time ago, I've never once been denied and I haven't had an income in Australia for nearly four years now.
Oh, and just to add, this might help you at some point American Express - Moving Abroad - Global Card Transfer Amex is nice enough to transfer your limit if you ever move back.
Applying under an LLC isn't going to do you any good since most business cards are still tied to your SS# and approval is based off of your personal info, not the business.
I went from Sole Pro. to LLC, and was denied on the LLC credit card. Good luck on that. (26 yrs old, 775 credit score... but the NEW business has NO credit...) BOA, by the way. This was 13 months ago...
that's not how it works, really.
the tax ID has its' own credit history at a variety of credit reporting authorities that handle businesses (think Dun & Bradstreet).
if its' credit history isn't sufficient/impressive enough, any creditor will want a personal guarantor. then you'll have to provide an ssn, and that person's credit will come into play. this generally won't report on that person's credit, unless you don't pay and they go after them for monies owed.
@ cardine:
Depending on where you bank at, you can get a credit card with cash back option given that you put X amount as collateral i.e. $300 min. and/or a $10K max limit to build your credit history.
I was presented this opportunity from my bank when I told them the nature of my online business whilst getting my wire intel set-up w/ the networks I run with. I never thought about having established credit at your age; you're really in an advantageous situation to get your credit history established proper. Take your time, do more research and go with your best option.
Depending on where you bank at, you can get a credit card with cash back option given that you put X amount as collateral i.e. $300 min. and/or a $10K max limit to build your credit history.
I was presented this opportunity from my bank when I told them the nature of my online business whilst getting my wire intel set-up w/ the networks I run with. I never thought about having established credit at your age; you're really in an advantageous situation to get your credit history established proper. Take your time, do more research and go with your best option.
Adding aged trade lines doesn't work anymore.
Why the hell did you have an LLC if you were not running any income through it. 2 years of P&L's you could have gotten a credit card with ease.
This also is considered commingling of funds and if that LLC was setup for asset protection any lawyer worth their salt will pierce that corporate veil with ease.
Bottom line.. look to upgrade your lawyer and tax professionals.
who says? its *entirely* dependant on the *type* of credit report being issued.. even if you know the bureau being pulled, and its a "consumer" report, there are still quite a few variations of reports, all which will report your score and factor the variables to determine the score, differently.
In theory this was supposed to be fixed by the newest changes to the scoring models (fico 08 for example), however, with 38976827672867276728 financial institutions in america (random figure of course), how many do you think actually changed to the newer models? Not that many..
In all honesty, I see inflated credit reports all day long.. the methods used in the past to inflate credit, still work. it simply depends on the report being pulled. luck of the draw unless you have some inside information.
OP - Try looking at some Credit Unions in your area.. Some are so lenient its absurd (I could name a few.) Some, not so much. But find a good one and develop a good relationship with them, and you'll be set. If your parents can vouch for you, and you can show them bank statements or some form of verification of income, they will work with you.
start small, work up.
also, thug ninja speaks the truth. if i was you, i would look at getting a "Secured Credit Card" if possible.. or if just looking to establish some credit: a share secured loan (some may call this a passbook loan) - secure if against your funds and you will generally find lower interest rates, a "guaranteed" approval (in most cases anyways), a definitive way to establish some credit, and a bargaining chip for future loans/revolving lines with that institution (build. a. relationship.)
The LLC was initially set up when I was flipping sites so that my (and my parents) assets were protected from possible lawsuits. It was never originally intended for AM, and when I started doing AM I never thought to run it through my LLC as it seemed much easier to just use my parents credit cards that were already activated with high spending limits.
If adding an aged trading line doesn't work, what does? Does the fact that I'm making a lot of money and that I have a lot of money in the bank count for anything?
Adding aged trade lines should still work for you: Piggybacking is still an option, but proceed with caution
The key part:
Get Rich Slowly - Personal Finance That Makes Cents covers this stuff on a real regular basis. My 2 cents, get a credit card, any card you can that doesn't have an annual fee, ignore the interest rate.
Buy something for $100 or so, sneakers, clothing, whatever. Then fill up your car once a month on that credit card. Pay off the gas charge each month + an extra $10 towards the initial $100 deposit.
This shows that you 1. can make payments and 2. continue to use the card each and every month. Not paying the balance in full shows you can "give" money to the credit card company and still not mis a payment.
Speaking of, do not ever miss a payment your first two years of having a card, no matter what!
Personally, I carry an AMEX blue card, easy cash back, no stupid points or miles, I don't spend enough on my card to actually get 40k miles for a free $150 voucher for an airline.
I also carry AMEX because nearly every bank I've had with Visa has screwed me, but I will say I'd take AMEX or Visa over Mastercard any day, if for nothing else, the doubling of any warranty up to a year past the factory one is golden. Saved my rear on a $3k digital camera a few years back + means I rarely ever have to think about buying any extended warranty from a store. Additionally, my AMEX blue (can't speak for the rest) will refund me up to $300 (I think, have to double check) on any item that a store refused to return / refund for me. Haven't had to use it yet, but it's nice to know it's there.
Buy something for $100 or so, sneakers, clothing, whatever. Then fill up your car once a month on that credit card. Pay off the gas charge each month + an extra $10 towards the initial $100 deposit.
This shows that you 1. can make payments and 2. continue to use the card each and every month. Not paying the balance in full shows you can "give" money to the credit card company and still not mis a payment.
Speaking of, do not ever miss a payment your first two years of having a card, no matter what!
Personally, I carry an AMEX blue card, easy cash back, no stupid points or miles, I don't spend enough on my card to actually get 40k miles for a free $150 voucher for an airline.
I also carry AMEX because nearly every bank I've had with Visa has screwed me, but I will say I'd take AMEX or Visa over Mastercard any day, if for nothing else, the doubling of any warranty up to a year past the factory one is golden. Saved my rear on a $3k digital camera a few years back + means I rarely ever have to think about buying any extended warranty from a store. Additionally, my AMEX blue (can't speak for the rest) will refund me up to $300 (I think, have to double check) on any item that a store refused to return / refund for me. Haven't had to use it yet, but it's nice to know it's there.