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  #1  
Old 10-30-2007, 12:44 PM
SunOfBeach SunOfBeach is offline
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Default 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?
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  #2  
Old 10-30-2007, 12:58 PM
Henry17 Henry17 is offline
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Default 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.
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  #3  
Old 10-30-2007, 01:24 PM
SteveOMS SteveOMS is offline
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Default 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
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  #4  
Old 10-30-2007, 01:39 PM
Jimbo Jimbo is offline
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Default 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
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  #5  
Old 10-30-2007, 01:44 PM
Henry17 Henry17 is offline
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Default 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.
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  #6  
Old 10-30-2007, 01:47 PM
Phone Booth Phone Booth is offline
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Default 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.
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  #7  
Old 10-30-2007, 01:49 PM
Jimbo Jimbo is offline
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Default 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
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  #8  
Old 10-30-2007, 02:15 PM
SunOfBeach SunOfBeach is offline
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Default 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?
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  #9  
Old 10-30-2007, 02:16 PM
jackblack73 jackblack73 is offline
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Default 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.
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  #10  
Old 10-30-2007, 02:18 PM
jackblack73 jackblack73 is offline
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Default 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.
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