lionfleet wrote:Thank you so much for responding!!!! You are AWESOME!
To answer your questions...
I'd use this card for my business and I spend a lot of money... thousands of dollars a month on advertising. I do pay off my cards full balance every single month without fail. One problem is that the card is at $7,500 limit. I spend much more than that a month so and I'd need to raise the limit to 40-50k or so. I don't know they'd be willing to boost it that much but that's what I'd need to make it ideal as I don't want to switch out credit cards to pay for advertising.
I've heard that because it reports to personal that if your spending a lot your credit score could get dinged. Some people in reviews reported their credit dropping 30 to 50 points. And apparently they don't just report when you don't make payment but really they always take into acct your credit utilization?
I would like to jump into real estate, possibly buy a house soon.
The Citi card on all accounts looks like a better card. No annual fee. Wish I would have gone with that card and tried to get higher limit.
Anyways, I appreciate your input. Let me know what you think is best!
lionfleet wrote:I was recently informed that they report each dollar you spend on your business to your personal credit report.
takeshi wrote:lionfleet wrote:I was recently informed that they report each dollar you spend on your business to your personal credit report.
lionfleet wrote:I have good credit and am planning on buying a duplex or fourplex and renting out this year.
regarding the source.... Somebody on a review website posted:
"Beware, beware, beware !
This is not a business card in fact.
I learned that when my credit score suddenly dropped down 50 points.
Credit card issued for LLC company became....my personal debt !
Capital One responded that this is their 'normal practice'.
Don't be surprised if you would be denied when you apply for a credit, the reason
may be Capital One which make you responsible for LLC debts."
"This is not common at all, there was a credit card issued to corporation and credit was checked as 'deep' which directly affected my score.
It is not common neither that credit card is assigned to a person which make me responsible for all company debts, even made by my associates .
Don't tell me that your CEO has business card which is reported to agency as his personal debt !
I have other business cards (Amex Gold, Amex Plum, Chase - VISA, Chase- Master, Bank of America - Visa) - and NONE of them is assigned to my personal credit report.
And THIS is common, they apparently know what LLC means.
Otherwise my debt would be $300k more....
Anyway, my intention is warn any potential business user of this card.
It should be advertised as follow :
"This is credit card only for perfect credit score bearers. When we issue it for you - say goodby your excellent score !!!"