I have been a long time reader & have come from FICO 400s to 780 for my husband & myself. Once we reached the 700s we made the mistake of acquiring overing $100,000 in credit cards(all maxed out) under our personal credit. I say mistake because we just recently read that the most prudent game plan for raising capital for our sole prop.biz was to raise scores to 700s on personal credit & then applying & accumulate biz credit. Currently my D&B paydex is 80 as sole-prop but my personal scores are 570s(no derogs except 1onExp that I can get off but my score won't go up much because of maxed out cc:no lates yet). I am in dire need of more funds, my(& hubby) personal credit is headed straight back to the 400s from late pay(pending posting), and I just want to know if anyone knows any loop holes or possible procedures that might be in place for putting a credit card account on "hold" so no neg mark is placed or if it is placed to go back in a few months when finances are back on track & have the late pay removed by cc company after paying all past due amounts or even if full balance is paid off. I figure before the year is up I should be in a better financial position to deal with cc's.
As far as I know, most companies won't erase the lates. Have you tried getting a business line of credit or some business cards that you can balance transfer to, and pay off your personal cards with the business credit?
The biz bank cards (visa,m/c,etc...) always check personal credit to approve an account. Since mine is maxed out, they keep declining me. I ran across a possible solution, but it is not concrete & if anyone has more info on this, it would be appreciated. It's been said that at the cc company's sole discretion that if you are say 3mths behind on payments, you can request them to "cure" or "re-age" your cc account=remove late fees & overdraft fees & remove negative marks on account. I'm not sure if that last part means negative marks on just their internal system or the credit bureau also. Need more info on "curing" or "re-aging" a cc account. Anyone?
Each bank has it's own policies. Some will and some won't. When your in a position to pay them then you can negotiate. I've found right before an account charges off is when they seem to be more open minded. BTW...Home Depot just came out with a Mastercard, by Citibank, that doesn't require a PG of you have a good Paydex. If you built the scores from 400 to 700 in the past you can always do it again. Stay strong.
How did you hear about the biz cc? I called that ph# but rep hadn't heard of it. She said there was a cc that gives rewards with HomeDepot. The rep said for biz cc applics, they pull biz credit first & then personal credit next. My priv.guard score for exp is 622 but I have 1derog pdoff chgoff. Citi usually uses exp. I wanted to get more info about the HomeDepot Biz M/C cc but I am haveing trouble finding it or anyone who has heard of it.
Here is the phone number of the customer servie that called to tell me I was approved. 1-972-655-0275.....the rep you talked to doesn't realize you don't need a PG if you have 2 years in biz, or 10 employees, or 2 Million in sales. I don't know how to post links but here is the web address for the app. https://www.ecardapply.com/homedepot/web/cb/us/ commercial/thd/application.asp It is a HD rewards card that is a Mastercard. We've found out that the cash limit is only 10-30% of credit line. The rest is for purchases.
