I got a call today for my amex business accounts. They said that my account has come up for credit review and they need to verify some information. Then they gave me a fax number to send the last 3 months business bank statements and 2002 business return. Has anyone ever been able to get around this, perhaps submitting an audited financial statement in place of the return and giving my personal bank statement instead. My personal bank statement is basically what I use for everything and shows monthly deposits in excess of 50k per month. Any suggestions please, they suspended my accounts until I send this info.
Are you a sole prop? Do you file individual return as self-employed? If so, then that is all they need, unless you told them something else on your application.
CreditWorks went through this procedure a few months back. We provided the statements and returns, any legit business should be able to do that. You should never mix your personal and business accounts, it is not a good practice for the business and it can be an accounting nightmare. www.creditsense.com
I have to admit their procedure has me a little baffled. It appears they issue the cards without any of this information, and then want it later, when they do account reviews. What kind of underwriting is that? I have a teensy little "on the side" insurance agency. I do not have a fiduciary or business bank account. My "Customers" make their checks out to the insurance company, not to me or my company (just a DBA), and the insurance companies send me commission checks made out to me individually. I work from home. I have a home office but do not use it solely for business - it use is mixed personal and business. I decided to get a CC because I would like to expand the side business a little more - it seems to have taken on a life of it's own and started growing, and the card is a way to keep track of business expenses, IMO. Business checking accounts are expensive. AmEx didn't ask me if I had one when they issued my card. I am kind of baffled - would their credit analysts not understand what I do and why it is set up this way? Perhaps the whole thing was a bad idea on my part and I should tell them I changed my mind, because I don't want to pay the high fees for a business checking account, when I really don't need one, just to make AmEx happy.
CreditWorks business account is free with a minimum balance of $100. AMEX charges $95 for the card, but the limits of $20000 for the business line and 17000 for the Optima are well worth the fee. Plus the benfits of concert tickets, etc. www.creditsense.com
Where did you find a free business account? The banks around here charge for deposits, statements, everything - at least, they did the last time I checked.
I can tell some wierd stories about operating a business from home. Back in the late '70's I sold equipment for a dealer out of NC - I lived in Richmond, VA. We decided to close the office we had opened in Richmond (wasn't making a big difference to the operation of the company) and I had the business phone line installed in my house, and set up a separate office. The company had a business license there, and next thing I know, the city building inspector calls wanting to come inspect the building, LOL. I tried to explain, but he wasn't listening - he was gonna get a fine one way or another. I called the company owners and gave them his number, and they did something - I don't know what, to make him go away.
The beauty of a business like CreditWorks is that we don't have anything to sell, it is all out front, we borrow money, invest it and pay it back. No license, no selling, no soliciting, it is great. www.creditsense.com
