How Do I Get \"Credit\" For All Our Monthly Charges?
 

My wife and I run a consulting firm. We spend approximately $60,000/month on Adwords. This is done via having a credit card on file with Google, and they hit it once/day for about 2k for our daily charges.

Here's the rub: neither I nor my wife have good credit. In my case, because I was a young idiot living in NYC in my 20's. In her case, because she was born in Paris and grew up in London and just moved here 3 years ago... she just has little credit of any kind. I think her score is approximately 630 or so.

Here's the "problem" --> we currently have a debit card tied to our corporate bank account on file with Google. *IF* I could figure out how to get some sort of credit card with a 60k limit [img]/images/graemlins/blush.gif[/img], then I could *use* the spending we're doing each month to get her credit score up to 750+ in no time, I'd think.

So, basically I'm trying to get "credit" with the credit bureaus for all of this money we spend each month... and then use all that spending to boost her credit score to something really nice.

Does anyone have any idea of what we can do? We can't seem to get her a card over 2k or so... and even that is *really* hard. Amex and Cap One turned us down, our bank turned us down, etc.

We've had this level of ad spending for 1.5yrs and have no reason to slow it down - so it's basically "riskfree" for anyone who would give us the appropriate credit. I'd also be HAPPY to give them the money (kind of like a debit card) to hang on to, as long as we got "credit" with the bureaus for this being a credit transaction, and not have it treated like a debit-card type of transaction.

Can anyone help with an idea of someplace to contact for biggish credit limits for people with no/bad credit but *great* extenuating circumstances and the ability to fully collateralize all of the credit we're given?

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

I don't have any credit cards so I might be wrong but couldn't you just get a $2k card then over pay and effectively increase your card limit?

There are also secured credit cards where you give the credit granter $66k and they give you a credit card with a $60k limit although I don't know if these have any effect on credit score.

Also have you checked you credit report? Credit repairs relatively quickly so if you screwed up when you were <25 and are now 32+ you are probably fine.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Being self employed with badish credit = no 60k credit card! Will be really hard to get right away. Your best bet is to try and establish 1-2 accounts and work up your limits. Have you tried American Express? Maybe they can tailor a business card for your needs? I'd try and aim for 1-2 10k-20k cards and work from there. Discover is another possibility as well with their own network. Just tie the smaller cards to google and you and make intra-month payments (maybe weekly? payments) to the credit cards online to keep from going over your limit

Steve

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Am a bit confused, and am unable to figure out why you think spending $60k per month in cash (on anything at all) would correlate to good credit or an ability to secure credit. I know several doctors that make $100K a month and can't get a car loan from anyone other than a special credit program.

Jimbo

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

I think his reasoning is that this will establish a record of good payment. The CC gets billed for $60k by google then payed every month.

I don't know enough about credit to judge if he is correct.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
My wife and I run a consulting firm. We spend approximately $60,000/month on Adwords. This is done via having a credit card on file with Google, and they hit it once/day for about 2k for our daily charges.

Here's the rub: neither I nor my wife have good credit. In my case, because I was a young idiot living in NYC in my 20's. In her case, because she was born in Paris and grew up in London and just moved here 3 years ago... she just has little credit of any kind. I think her score is approximately 630 or so.

Here's the "problem" --> we currently have a debit card tied to our corporate bank account on file with Google. *IF* I could figure out how to get some sort of credit card with a 60k limit [img]/images/graemlins/blush.gif[/img], then I could *use* the spending we're doing each month to get her credit score up to 750+ in no time, I'd think.

So, basically I'm trying to get "credit" with the credit bureaus for all of this money we spend each month... and then use all that spending to boost her credit score to something really nice.

Does anyone have any idea of what we can do? We can't seem to get her a card over 2k or so... and even that is *really* hard. Amex and Cap One turned us down, our bank turned us down, etc.

We've had this level of ad spending for 1.5yrs and have no reason to slow it down - so it's basically "riskfree" for anyone who would give us the appropriate credit. I'd also be HAPPY to give them the money (kind of like a debit card) to hang on to, as long as we got "credit" with the bureaus for this being a credit transaction, and not have it treated like a debit-card type of transaction.

Can anyone help with an idea of someplace to contact for biggish credit limits for people with no/bad credit but *great* extenuating circumstances and the ability to fully collateralize all of the credit we're given?

[/ QUOTE ]

You don't get a higher credit score just because you're using a lot of credit. To the extent that credit scores are helped by the use of credit, it has more to do with the length of your credit use (how long you've been using credit and how long you've had the accounts you do), not the amount.

So just get a credit card and keep it.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
I think his reasoning is that this will establish a record of good payment. The CC gets billed for $60k by google then payed every month.

I don't know enough about credit to judge if he is correct.

[/ QUOTE ]

Gotcha, then I suggest he go to his bank where all this cash flow originates. He should be able to get a business/personal line of credit from them for a pretty large portion of the $60k. After that credit card offers will begin flowing in to him again. This all assumes that he makes a great deal more than he spends, then again if he does why does he need credit cards???

Jimbo

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
[ QUOTE ]
I think his reasoning is that this will establish a record of good payment. The CC gets billed for $60k by google then payed every month.

I don't know enough about credit to judge if he is correct.

[/ QUOTE ]

Gotcha, then I suggest he go to his bank where all this cash flow originates. He should be able to get a business/personal line of credit from them for a pretty large portion of the $60k. After that credit card offers will begin flowing in to him again. This all assumes that he makes a great deal more than he spends, then again if he does why does he need credit cards???

Jimbo

[/ QUOTE ]

I dont "need" credit cards. I simply want to *use* the fact that we're putting 60k/month on credit cards (debit cards now) whether we want to or not for the business, and I thought that a level of spending (and constant repaying) at that level would enhance our credit score. Having good credit would of course be good for lots of reasons, such as buying a house... etc.

Based on what some OP's are saying, though... I'm beginning to wonder if my underlying assumption (that putting 60k+ per month on a card and consistently paying it off every month would lead to a nice increase in credit score) may not be correct?

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

This could actually hurt her credit score. Let's say she was somehow able to get a credit card with a $60,000 limit (doubtful), and you ran up charges up to that limit every month before paying it off in full. Depending on the timing of when the card reports to the credit bureau, it could reflect a near 100% credit utilization ratio. That would seriously ding her credit score.

There really aren't many short cuts to building a good credit history. I think she'd be better off just using the cards she has responsibly. Over time her credit score and credit limits will rise.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

BTW, I would try to hook that expense up to a credit card anyway just to earn cash back.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Ouch! I feared that answer... but clearly it sounds as if you know what you're talking about here. Methinks it's back to the grind... [img]/images/graemlins/frown.gif[/img]

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Get a credit card which offers cashback...you are losing out on at least 1% of that 60k every month....if it's only 2k limit...make a 60k payment...tada! 60k limit

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

ok, that's cool! I was posting to find a way to enhance our credit score, but I'm sure as [censored] happy to make an additional 7k/yr, in lieu of that [img]/images/graemlins/blush.gif[/img].

Thanks for this.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Here's another idea....probably not as good or foolproof as what you have already been given...but try applying for a AmEx Small Business card. Depending on the legal structure of your consulting business, you may be able to get the card in your business name & have yourself as an account co-holder. Just a thought...I don't know if they even do that.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

What you really need is one of those AMEX black cards:

http://www.superaffiliatemindset.com...ex-black-card/

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

While that link is obviously funny... it somewhat goes to the idea that I was getting at. This guy, whoever he is, seems to be claiming that all the PPC ads he pays for have let his credit card limits rise and rise and rise. I'm assuming this is indeed having an analogous effect on his credit/FICO score? I guess that's the part that is somewhat in doubt. I have 'heard' that you get offered the Titanium card by spending >200k/yr on a regular/platinum Amex card. I'd do 3 times that just from our ads... but my problem is that we can't qualify for *any* Amex card right now...

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

You're not balla till google hooks you up with a credit account.


http://img453.imageshack.us/img453/7...leballaoc4.gif Although we only spend about $25,000 a month...

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Any tips on how I get that?

Send off an email to customer service and say 'hey, I spend 2k/day and dont have a credit account, but my buddy spends half that and does'?

Did they just contact you and offer it (because you had an account for awhile or whatnot?). I've been with them since March 2006, so maybe we need to build a longer-term history?

Seriously, *if* that "counts" as credit, methinks I'd *really* like to get that. Though if it doesn't, I guess what's the point?

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

It doesn't count for "credit" it just counts for Brags, Beats, Variance. It also saves google a ton of money in credit card processing fees.


If I were you I'd start with 2 cards at whatever limit you can get and max them out and immediately pay them off - do this several times per month if possible. After several months the card issuers will be glad to raise your limits. I'd bet you can easily be up to $25K+ in credit by May next year.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

I just popped them an email. Worst case, it'll make accounting easier (no more weird ~2k/day charges to reco each month from online banking), and I'll get some of that BBV street cred. Best case, they report to the bureaus our payment history after a period of time, and it boosts the ol' credit score after all.

I'll try the cards thing, too. It's just so frustrating to have $300 limits and to try to charge/pay frequently enough to get the limit raised from such a low point to a level that makes some sort of difference [img]/images/graemlins/crazy.gif[/img].

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

AMEX turned you down? That's the easiest card to get 25k credit limit with. Even if they give you a $900 card, after 30 days just log in to their website and ask for a 25k limit and you will get it instantly. If you go above 25k, you are risking having a financial review where you will have to send them a bunch of junk.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

The amount you go through each month on a credit card has very little to do with your credit score.

eastbay

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

I'm going to try them again tomorrow morning and see if I can get a pathetic 1k limit if I send them a 10k credit balance or some crazy nonsense like that [img]/images/graemlins/blush.gif[/img]. Then we'll see if the fun limit increases come my way!

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
The amount you go through each month on a credit card has very little to do with your credit score.

eastbay

[/ QUOTE ]

Hi Eastbay,

You basically taught me how to plan SnG's about three years ago via several hundred of your posts [img]/images/graemlins/cool.gif[/img]... so your word carries alot of weight in my household.

You're pretty sure about what you said in your quote above? If yes, then I'll just drop this whole darned thing (other than the possibility of getting some cashback, miles, or reward points... as some OPs have suggested).

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
[ QUOTE ]
The amount you go through each month on a credit card has very little to do with your credit score.

eastbay

[/ QUOTE ]

Hi Eastbay,

You basically taught me how to plan SnG's about three years ago via several hundred of your posts [img]/images/graemlins/cool.gif[/img]... so your word carries alot of weight in my household.

You're pretty sure about what you said in your quote above? If yes, then I'll just drop this whole darned thing (other than the possibility of getting some cashback, miles, or reward points... as some OPs have suggested).

[/ QUOTE ]

It has everything to do with the score. That's your available credit to limit ratio. If you max out a card every month even if you pay it off on time, it'll hurt your score.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Your score is based on

Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years.

Credit History- NO late payments. Again, no way to fix this other than continue making payments on time.

Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low.

Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways)

Probably missing a few minor things..

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

ok, so this makes me think:

If Google, for example, gives me 100k in monthly credit, and I use/payoff 60k/month... then is the large available credit line (100k) helpful to a credit/FICO score, *provided that* I'm not maxing it out? Or, is a large amount of available credit irrelevant (as eastbay said).

As an aside, I wrote GOOG for credit as OP suggested, and it looks as if it will be trivial to set it up (they wrote back quickly and we're in the process now). I've yet to know if they even report this activity (hence potentially helping my score)... so this all may be moot (especially since I'm now wondering if this may even *hurt* the score).

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
Your score is based on

Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years.

Credit History- NO late payments. Again, no way to fix this other than continue making payments on time.

Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low.

Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways)

Probably missing a few minor things..

[/ QUOTE ]

Thankyou for this - this was really great.

Sadly, you're confirming what eastbay said (that having a large available credit line is irrelevant)... eh? Well, methinks the whole idea is pretty much squashed, then [img]/images/graemlins/frown.gif[/img]...

Again, thankyou for this.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
Am a bit confused, and am unable to figure out why you think spending $60k per month in cash (on anything at all) would correlate to good credit or an ability to secure credit. I know several doctors that make $100K a month and can't get a car loan from anyone other than a special credit program.

Jimbo

[/ QUOTE ]


Just off topic curious question. Which doctors earn 1.2 million dollars a year?

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
[ QUOTE ]
Am a bit confused, and am unable to figure out why you think spending $60k per month in cash (on anything at all) would correlate to good credit or an ability to secure credit. I know several doctors that make $100K a month and can't get a car loan from anyone other than a special credit program.

Jimbo

[/ QUOTE ]


Just off topic curious question. Which doctors earn 1.2 million dollars a year?

[/ QUOTE ]

Did not to mean to imply this was commonplace but all the ones I know of personally (with the credit problems) are long established practicioners. Even at that I did exaggerate the income for the simple act of doctoring alone.


Three personal friends of mine and one guy I just met in the car business.
1. Anesthesiologist (He made 500k last year)
2. Hand Surgeon (for sports celebrities) He does make $1 Mill plus
3. Cardiologist
4. I don't recall the speciality of the guy whose credit app I took but do remember both his income and that he got turned down [img]/images/graemlins/smile.gif[/img] He did make 1.2 mill a year but it was his practice and all additional income he showed on his app
5. Just remembered another one, he is a fertility specialist, for rich folk I guess lol cause he has a stable of polo horses.

Jimbo

PS: keep in mind that I was a car salesman before retiring and have made more than the average surgeon will this year.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
[ QUOTE ]
Your score is based on

Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years.

Credit History- NO late payments. Again, no way to fix this other than continue making payments on time.

Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low.

Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways)

Probably missing a few minor things..

[/ QUOTE ]

Thankyou for this - this was really great.

Sadly, you're confirming what eastbay said (that having a large available credit line is irrelevant)... eh? Well, methinks the whole idea is pretty much squashed, then [img]/images/graemlins/frown.gif[/img]...

Again, thankyou for this.

[/ QUOTE ]

That's not what eastbay said....he made a vague stab at it without giving you any details.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

I'm not really sure what your goals are Sun... do you just want to improve your credit score so that loans taken out in the future can be had at better rates? If so, maybe open up a couple credit cards and just wait a few years.... again, AMEX is messed up and you can get 25k credit with them if your accepted. That will in turn let you increase your other cards.... since companies will see that you have a 25k card and will be more accepting to giving you a higher limit.

There's no short-term way to improve your credit other than a minor increase by removing some inquiries w/bumping, but that can backfire and probably isn't worth it.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

UPDATE! THANKYOU for this - we just got a confirm from GOOG that we've been approved for a 75k/month credit limit... and now I only have to pay once/month via wire rather than getting those damned ~2k/day charges mucking up my banking/records. I may not get 'credit' for this... but I'm glad you pointed me in this direction.

MUCH THANKS!

PC

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

As someone mentioned, utilization is a big factor. It'd be better to get 3 secured credit cards and put $5000 credit limits on them and have balances lower than 10% of the limit.

I'd do that first. Once you have credit, I'd try getting a a business credit card or line from your bank.

The forums on www.myfico.com are an excellent place to explain your situation and get solid advice.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

Is it really this hard to get credit in the States?

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

No, I think Orchard Bank and Capital One approve almost anyone. Citi is another one (maybe not for long hah). Store credit is easy but only good if they report.

Going the secured credit card way is just a method to build up your credit, especially if you have bad credit since good credit is always better than paid/closed accounts that were negative.

Meaning that I think it'd be better to put $5K in a secured credit card than pay off an old debt for $5K unless they agree to do a Pay for Delete and remove it.

Re: How Do I Get \"Credit\" For All Our Monthly Charges?
 

[ QUOTE ]
Store credit is easy but only good if they report.


[/ QUOTE ]

Not so any longer though I do agree with the rest of your post. Trying to get a revolving deptartment store credit account is harder today than ever in the past.

Jimbo