Credit Card Limit: Fastest Way To Raise?
- Thread starter Cashito
- Start date
Be careful when paying large amounts over the required payment as this got my account flagged. I later found out that it was considered to be a money laundering technique because of the points or something.
Just pay as soon as you can - not when you bill is due. Try to max it fast as you can and pay as fast as you can. That is the name of the game.
Just pay as soon as you can - not when you bill is due. Try to max it fast as you can and pay as fast as you can. That is the name of the game.
NickRac
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Take a look at Discover Card - they're doing similar programs to AMEX 10+ years ago when they really started taking off...
I just got my first Discover Card with a limit 3x my AMEX with 0% interest for 12 months and 0% balance transfers for 12 months. That mixed with their "cash back" program(not sure on all the details yet) made for a pretty nice offer.
I just got my first Discover Card with a limit 3x my AMEX with 0% interest for 12 months and 0% balance transfers for 12 months. That mixed with their "cash back" program(not sure on all the details yet) made for a pretty nice offer.
I use checks if I want to pay someone really slow once in a while and have a few extra days of the money earning interest or doing something for me. When I mail a check I get an extra 5-7 days of having that money.
That's odd, Since I got my amex and discover card at the exact same time in november (applied the same day), and my amex was 5x more than the discover, and the amex had 12 months 0% while the discover only had 6 months...
You must have a total fucking shit load of cash then.
I once put over a million dollars into my savings/checking account and left it there for a month to see what kind of interest it would draw and over the course of a month it only earned like $400. I left it in there a bit longer and some months it would be 300, some 400, and it dipped down to 200~ 1 month.
Wasn't worth it so I put it back into the investments I had it in for the first place. Even at say $500 a month gained in interest, thats $16 a day. Considering you have to pay tax on that as well ( and lets assume highest tax bracket but no state taxes ) your only gonna make like $10 max a day, which over the course of 5-7 days could be $50-$70 you earn for writing that check.
However, if invested properly you could make 3x that. Is you check coming out of a default checking account or like a Money Market account?
Can't you just schedule the payment for a later date? I do that all the time with my bills (ie, I pay it as soon as I get them, but schedule the payment to hit a few days before they are do, which is usually 2-3 weeks ahead of when I get the actual bill).
I actually had a card cancelled over this. It's all about the points.
Ended up getting a line of credit at the local bank secured by cd's. Line of credit is tied to my bank account, which has a visa card.
Biggest issue was getting the daily cap on spending removed for the times I did have a big payment to make on-line by card.
I'm NOT a PPC baller, no damn clue how you guys keep up with the 10k a day spends and crap.
If you pay it off daily you're going to get flagged and your payments are going to start getting held multiple days, even weeks.
More than a couple payments per month looks like fraud. Different banks draw the line at different points, but once a day? I don't know a single bank that wouldn't flag that.
There are many protections you get from using a credit card that you do not get from a debit card.
Debit cards are in general a very bad idea.
OP, different banks are known to be more liberal than others when it comes to CLI's.
In my experience, Credit Unions are the way to go. (Though an Amex Green is nice to have as well as a prev poster mentioned).
If you have any military connection, NFCU and PenFed are both great and very easy to get large credit lines on assuming you have solid fico scores.
After those 2, the next would be Alliant. You can join the national PTA for $20 to qualify for Alliant memership. Each major milestone in my credit was had from a CU: My first $10k card, my first $25k card, my first $50k total line of credit (between a reolving line and credit card at NFCU).
Open an account. Move assets into it. Call or go into a branch (if possible) and talk to a loan officer or credit analyst.
If you want to go to a traditional bank, Amex is great for large guidelines/limits but they will probably Financial Review (FR) you if you want really large limits. That means signing a release allowing amex to requerst past tax returns from the gov't. If you're unwilling to do this, don't get an amex. At any moment they could decide to FR you and if that's the card you're running your business on it could cause you misery. At the very least, have a good backup.
In my experience, Credit Unions are the way to go. (Though an Amex Green is nice to have as well as a prev poster mentioned).
If you have any military connection, NFCU and PenFed are both great and very easy to get large credit lines on assuming you have solid fico scores.
After those 2, the next would be Alliant. You can join the national PTA for $20 to qualify for Alliant memership. Each major milestone in my credit was had from a CU: My first $10k card, my first $25k card, my first $50k total line of credit (between a reolving line and credit card at NFCU).
Open an account. Move assets into it. Call or go into a branch (if possible) and talk to a loan officer or credit analyst.
If you want to go to a traditional bank, Amex is great for large guidelines/limits but they will probably Financial Review (FR) you if you want really large limits. That means signing a release allowing amex to requerst past tax returns from the gov't. If you're unwilling to do this, don't get an amex. At any moment they could decide to FR you and if that's the card you're running your business on it could cause you misery. At the very least, have a good backup.
get a plum, no matter how much i spend they beg me to spend more. They have people calling me trying to get me to put more crap on it.
debit cards in america are a horrible horrible idea that people are suckered into because they have been incorrectly taught that credit cards are evil.
They aren't evil - just a silly thing to try to run a business off of these days. No matter your credit they can do whatever they want.
I suppose if you don't have the money yourself it's your only option. I won't say I've never floated a business expense on a card ever - but I haven't for years.
It's a much calmer experience if everything you do you basically pay cash for. A line of credit is a great way to keep building your credit with out screwing with a CC.
I'd love to know how many of you doing PPC actually carry a balance on those cards from month to month. It would easily turn a barely profitable campaign into a loss I'm sure.
I use my amex... i pay it off in full every month... why would i use my cash when I get lots and lots of points each month for free?
Really? I've been paying off a couple cards weekly with no probs for a couple years, sometimes every other day. Maybe I should change that if it raises red flags.
Amex Plum ftw though. Unlimited limit on that bitch.