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Author Topic: Best CC to use - Reseller  (Read 3248 times)

Offline cbarkly

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Best CC to use - Reseller
« on: November 11, 2011, 01:44:33 PM »
I resell on eBay and Amazon.  I have an Amex (Personal) that I have been using.  Last month, my bill was 60k... and I paid it off in full, no problems.  This month, my balance is 53k and I plan on paying in full again.

I got a phone call from AMEX today from someone who must be in F/R (asked for additional info about my spending and mentioned a 4506-T) who said she is researching the business.

Now I am getting a bit nervous.  I know I broke the rule Dan mentioned before about keeping the line under 25k and using like 15% utilization per card.  The charge card is no pre-set limit, but I have been maxing it out for 2 months now at around 60k and have utilized it 100%.  I think I've identified myself on their radar... perhaps I have been too shortsighted and the reselling will last me only these 2 months.

DOES ANYONE have any advice at all about a strategy I can take to keep myself and my AMEX open and healthy.  I told her she was free to 4506 me b/c the business has only been open for 2-3 months so anything on last year's tax return is irreleveant anyways...

Should I just shut down shop with AMEX, pay the bill today, and close?
Should I call.... Customer Service?
What should I do to avoid what may be a terrible outcome if AMEX decides to close me down for "too much risk"?

Thank you.

EDIT: Does anyone else have a recommendation of any other type of CC to get that would let me buy/pay 60k+/mth
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Offline cbarkly

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Re: Best CC to use - Reseller
« Reply #1 on: November 13, 2011, 02:50:36 PM »
bump
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Offline AJK

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Re: Best CC to use - Reseller
« Reply #2 on: November 13, 2011, 11:47:54 PM »
I think you'd be best off with a CHARGE card, not a credit card.
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Offline ChAiM'l

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Re: Best CC to use - Reseller
« Reply #3 on: November 14, 2011, 12:50:50 AM »
Quote from: AJK on November 13, 2011, 11:47:54 PM
I think you'd be best off with a CHARGE card, not a credit card.

Seems like that's what he has.

Quote from: cbarkly on November 11, 2011, 01:44:33 PM
The charge card is no pre-set limit,
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Offline AJK

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Re: Best CC to use - Reseller
« Reply #4 on: November 14, 2011, 12:55:25 AM »
Pretty sure he just misspoke. But I'll let him clarify.
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Offline cbarkly

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Re: Best CC to use - Reseller
« Reply #5 on: November 22, 2011, 03:22:48 PM »
No, I was medakdek.  It was indeed a charge card.
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Offline cbarkly

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Re: Best CC to use - Reseller
« Reply #6 on: November 22, 2011, 03:29:06 PM »
I just got word back from AMEX.  I survived the F/R.  BUT - the limit was a few thousands less than I had wanted it to be...
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Offline Jkhein

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Re: Best CC to use - Reseller
« Reply #7 on: November 22, 2011, 04:23:10 PM »
Quote from: cbarkly on November 22, 2011, 03:29:06 PM
I just got word back from AMEX.  I survived the F/R.  BUT - the limit was a few thousands less than I had wanted it to be...
B"H
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Offline AJK

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Re: Best CC to use - Reseller
« Reply #8 on: November 22, 2011, 06:46:18 PM »
Quote from: cbarkly on November 22, 2011, 03:22:48 PM
No, I was medakdek.  It was indeed a charge card.

So then how do you know that you "utilized it 100%"?

100% of what?
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Offline elizmm

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Re: Best CC to use - Reseller
« Reply #9 on: November 22, 2011, 07:48:16 PM »
I too spend approx 100k monthly on my credit cards. I found the best mix that works for me:

3 Chase freeedom's - mine are no pre-set limit with a revolving line of 25k on each
1 Citi aa amex No pre-set limit 15k
1 Citi Bizz 30k limit.

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Offline Chaikel

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Re: Best CC to use - Reseller
« Reply #10 on: November 22, 2011, 08:08:01 PM »
Quote from: elizmm on November 22, 2011, 07:48:16 PM
3 Chase freeedom's - mine are no pre-set limit with a revolving line of 25k on each

How do I know if I have no preset. From what I can tell, the limit is only reflecting revolving (I had some revolving which was paid off a coupla weeks ago, and that is the exact amount that is missing from my CL)
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