Credit Cards Point » business credit cards

Unable To Pay BofA Credit Cards online! [business credit cards] [credit card balance]

admin — Fri, 06 Jan 2012 22:50:00 +0000

I logged BofA online banking to pay my Bank of America credit card. I saw the following messages after I logged on:
? We update our website credit card between Wednesday 18 October and Tuesday, October 24. Your credit card balance (s) are of 18 October. Small business credit cards are not affected by this change. Your account information is accurate and up-to-date again after 24 October. We apologize for this inconvenience.
Oh apologize, I have to wait until BofA to pay credit card bill until next week. They even transfer option between the depot (s) and credit card (s) 0.
Ron.

Reply:I was unable to pay BofA CC in the middle of night and now it is working.
Ron.

Reply:I just logged in to BoA and saw this message too.
You can still make a payment, just balances/transactions will not appear until the 24th. If timing is crucial, you could always pay at a BoA branch.

Reply:I noticed this last night too- but I had set an automatic payment for the 31st so I will have plenty of time to check to make sure its still there after the update….

Reply:Just paid my Merrill+ card on MBNA. No access to bofa accounts…

Reply:I just people $200 on my BOA..I was going to pay this today, I hope I don't have a problem. I don't
remember when their statement comes out

Reply:I was able to pay MBNA Platinum Plus MC online but they changed the neme of the account to Bank Of America Platinum Plus MC.
Ron.

Starter Business Credit Cards [business credit cards] [starter business]

admin — Fri, 10 Jun 2011 19:30:00 +0000

Hi, I
I start a small online business. I have approved for a card Staples. Can anyone recommend to apply for two more cards, get the not too hard for beginners?
Thanks,
guy

Best Answer: Start with your business plan. Make it easy to understand and clearly diagrammed. Bankers and Loan Officers don't like start-ups as much as they use to. The SBA has no money to lend, they will direct you to a bank. Unless you have invented an orgasm pill, it's still going to be up to your personal credit score. You might as well look for a personal loan.

Reply:Use your inquiries VERY sparingly.

Reply:Well if you check the thread you started 2 months ago when you asked roughly the same thing there were some net 30s you can get to help pad your credit reports to show creditors your credit worthy for more cards
http://{$MySite}/forums/index.php?s…p;#entry3049380
your probably not going to get any more cards per say till you show a few months of the staples reporting and some other references
this link has a good road map to follow
http://{$MySite}/forums/index.php?showtopic=315382
you really should search the forum and or look through the stickies threads they are stuck there for a reason this would help the forum from having multiple threads to look through and makes it harder for those that do search to find the information they are looking for

Reply:exxon was easy and so was office depot after i had staples first

Questions Regarding Citi Business Credit Cards [business credit cards] [social security number]

admin — Sat, 23 Apr 2011 21:30:00 +0000

Hi, I noticed a lot of people always Citi AA MasterCard Business witought with a PG but when I go to they ask me for my social security number was correct, then is there a secret link I am not related or are the people with their DUNS as a Social Security number in just a little lost, as they may be adopted without PG appreciate it if it asks for a social.
and you in advance for your answear.

Reply: do you REALLY want to apply for this card now?
Yeah, You are not ready.

Reply:do you REALLY want to apply for this card now?

Reply: Hello, I noticed alot of people are getting Citi AA Mastercard Business witought having a PG but when i go to apply for one it asks for my social security number so is there a secret link I am just not finding or are people using their duns as a social security number im just a little lost how they can get accepted without a PG when it asks for a social.
and thank you in advance for your answears.
All of the Citi Business cards require a PG. What you are reading about is that many people on here have gotten the Citi cards without a PI (Personal Inquiry), which automatically happens if you have a very strong and/or very aged business credit file.

Property bought with credit cards [business credit cards] [credit card debt]

admin — Mon, 11 Apr 2011 09:30:00 +0000

Lets say a person uses buy balance transfers from credit cards as a business investment property with.Say he makes the payments with that money buy a triplex. This would be unsecured debt correct? So, now saying, can he do “some problems have to pay the 80% secured debt of the bank's mortgage, but paying for some reason his credit card debt.
First question, can the credit card company this house to take away from him?
Second that is, if the property is a private limited company with the title that belongs to the named owner?
Is there any ways to protect that person to the credit card companies from seizure in this building who is also the default credit card?

Best Answer: I guess it depends where you live and where this rental property is. Where I live, we only take bank draft or a personal cheque for real estate transactions over $10,000. We can't do cash or credit card.

Also, the interest rate is too high. If you have the cash, use the cash, or get a line of credit. Even a line of credit will have a better interest rate than a credit card.

Reply:I own 7 small apartment building and most of these were purchased with money borrowed from my HELOC and credit cards. When you purchase an investment property the bank will want to see proof of funds for the down payment. You cant just go borrow 10k from credit card, put it in your bank account on monday and let the loan company check your statement on tues and show that you have the funds. You have to show the funds are seasoned meaning that you have to have the funds in your checking account for at least 60 days. We were able to show that we had the funds using stocks, mutual funds, retirement accounts and 401k and then we used the cash advance on the card to get the actual funds for the down payment.
credit card debt is unsecured so if you default on your credit cards then the bank can file a lawsuit against you, and then get a judgment against you and then try to collect on that judgment. that collection can be garnishment or liens placed on property that you own.
It sounds like you want to use a business credit card that you did not PG to borrow money to buy a property and then are thinking about defaulting on that credit card since there is no pg but you still get to keep the property. That is just bad karma coming to you if that is what you want to do.
You are not going to get a lender to lend money in the name of a new llc. Ain't going to happen. yes you can buy it in your name and then turn around and quit claim deed the warranty deed into the name of your llc. Technically that does violate the due on sale clause of your mortgage and the bank could call the loan due in full. Most people do that because if they do a title search for assets that you own in your name then they will not find this property since it is in your llc. But any half decent title man will see that you quit claim deed this property into an llc instead of selling it and they the check articles of incorporation and see that you own the llc and they are going after you. Besides any half decent attorney that is suing you personally should give you a questionaire asking if you own or have interest in any real property and as parter in llc you have interest so you have to tell them yes.
So in conclusion buying houses with credit cards is a viable way to purchase investment properties if you don't have lots of money. Don't buy the house with credit card debt with intent to default on the debt and keep the property. Seriously bad juju coming you way if you do that.

Reply: I do not know about CC fraud but do know that if the intent is to use enough on CC's to put as a down payment then that would have to be disclosed to the lender of the mortgage or it would be fraud. If you did disclose it they would likely turn you down.
B
Would it be fraud if you just put everything on credit cards for 3 months while you collected your income as a down payment?
There seems to be a fine line there..

Reply:I think intent is the issue here.. and most credit card companies will not file on intent unless you've never made a payment and you ran it up the second you got it. Otherwise it would be impossible to prove.

Reply: Is it just me or does this sound like fraud?
Buying a house with credit cards, or buying a house with business cards that you could conceivably charge off?
Buying a house with a CC isn`t in and of itself fraud. In fact, that`s exactly how I bought a home earlier this month. Now, if I had *intended* never to pay back the CC company, THAT would be fraud, but
as long as I pay them as usual, what`s the problem? Now, in the event I fall on hard times(loss of
income, illness, ect), and start falling behind, fail to make timely payments, accumlate "lates", and, in
general, become unable to pay, that wouldn`t be fraud either, anymore than the millions of folks who, for whatever reason, can no longer keep their heads above water debt-wise aren`t trying to defraud anyone. An unsecured line of credit is just that, unsecured, and due to the higher risks, carries a higher APR. Unsecured debt is unsecured debt. COs ocassionally do happen. Often, to good people. Thems the breaks.
As for the OP, it *sounds* to me(and I COULD of course, be completely wrong) like maybe he`s finding
himself in too deep, may be unable to pay both the secured debt and the unsecured debt, and was wondering wether paying the secured debt, and letting the unsecured debt CO, would put him
in danger of losing the home. To this, I would echo others` advice here and advise OP to talk to an
attorney.

Reply:It would be fraud if you answered the question
"Is any part of the down payment borrowed" with a lie..
If you told the truth you probably wouldnt get the loan.
Brian

Reply: Is it just me or does this sound like fraud?
Buying a house with credit cards, or buying a house with business cards that you could conceivably charge off?

Reply:Is it just me or does this sound like fraud?

Reply:As a datapoint..
Generally, credit cards are unsecured debt. Not secured debt. Unless they can prove bad faith (i.e. you go run up your credit cards and NEVER pay) – all they can do is get a judgment against you (but it will end up being twice what you originally paid.
Now – to that end, if you don't pay – as Cedski said – your investment properties will be what they find – however, if you pay off 100% of it with a business card and then quit claim it to the LLC or have the LLC purchase it with proceeds in the bank (i'm not sure they'll care where it came from in a cash transaction) – then it can be titled in the LLC's name and perhaps safe.. but real estate lawyer might be better with that..

Reply: Lets say a person uses balance transfers off a business credit cards to buy investment property with.Say he makes the down payments with this money to buy a triplex. This would be unsecured debt correct? So now lets say he doesnt' have any problem paying the 80% secured debt from the bank mortgage, but for whatever the reason, doesn't pay his credit card debt.
First question, can the credit card company take this house away from him? In most if not all states an investment property is not judgement proof so if they got a judgement it could be enforced against an investment property.
Second, what if the property is titled in an LLC who belongs to the said owner? You won't find a lender who is willing to write a loan for an LLC that has no history of buying or owning properties…while you can quit claim it into the LLC you would be violating the terms of your note…..and while I am not a lawyer…..I do believe you would be piercing your corp shield by doing this making it easier for a judgement to be enforced.
Is there any ways for the person to protect the credit card company from seizing this building in the even of credit card default?
You need to speak to a real estate attorney

Reply:I'm just throwing this out there, but I really don't know–just something to think about….
I would think that if the person maxes out their CC for the DP, the mortgage company may see that on their report when they look it up and deny the mortgage if all the CCs are maxed out and the DTI is too high. The mortgage co. will also want to know where the DP came from if it hasn't been in the bank for 2 months or more. So i don't know if this scenario would even play out?
Curious as to what the experts think?