I am new to the hobby and look forward to learning and sharing with you guys and gals!
Would appreciate any experienced input or direction to links regarding DPs on my AMEX FR scenario...
Pretty sure the answer is to shut the accounts down...but would love to hear I might have a chance.
Here's the situation:
Got approved for my first cards (3) with AMEX and have a thin file.
SPG Personal ($2K) - 35K Bonus Points after spend
SPG Biz ($3K) - 35K Bonus Points after spend
BRG - 50K Bonus Points after spend
Got the cards and immediately put (like the 2nd or 3rd day) a big spend compared to their limits on them:
$5K (the Card Power Button said I could the day before on the BRG to the Harley Dealership (to make the new Harley go vrooom better) of course this was a marketing expense
$2200 on the SPG BIZ on legit travel, as I was leaving for AZ the day before the cards were delivered for 8 days (had them overnighted to me at the hotel)
Got FR'd within an hour of activating the personal and never used it.
I also added the same AU to all accounts (my GF).
I get that I goofed and should have eased into the cards with spending, but excitement to meet the spend took over and I was making the purchases anyway and have the money to do it...rookie mistake!
I have a legit BIZ almost 5 years old doing $100K Gross/yr...an LLC - I haven't filed tax returns (no profit>no pass through>no income>no return), I didn't start pulling paychecks until January of this year (2017)...haven't had a personal checking account until then either...I just payed personal expenses out of the biz account as a draw...
AMEX wants the 4506-T for 2015, which was never filed. Meeting with the accountant this Friday to start getting that all good with reporting income this year, as I want to prep for refinancing my house, in 2-3 years, I am am about to buy on a CD this year...as well as document to build my credit profile etc...
I have Biz Bank statements going back to 7/2012 that I could provide...but that's it.
They show a consistent 8-10K every mo for deposits except for a 20K/mo in 2013 avg...then a drop to 5-6K for a couple months in 2014....last 24 months are solid for showing deposits between 9-12K.
The withdrawals pretty much match the deposits...leaving a consistent ending balance of 1-2K.
I could pay the $7200 off prior to speaking to AMEX on the request by my 25th deadline (although, this would be a push for me, as I was planning to do it in 3-4 Weeks when they would have been due (statements cycle on the 17th and 18th) - if I swing for it, I know this would need to be part of the plan.
Anyone have any DPs on getting through a FR on Biz Bank Statements alone? And is showing Gross Deposits going to work if they would go there for me?
Also would a "Closed by Institution" show up on CRs for Biz accounts?
I am thinking my risk/worst case of trying the Biz Bank Statement route (IF they would even go there) is...obviously them closing the accounts...but only 1 (the Personal) showing up on my CR - which could possibly be disputed with AMEX, as they shut it down immediately?
I know if I close them I am out of the sand box with them until I can show them TRs If I OR they close them (should be June of Next Year for the 4506-Ts for 2017)
As I stated above...I am pretty sure the right move here is to just shut them down and work with the other lenders with an expensive lesson (losing those points AND the Opportunity to build with AMEX out of the gate) until I can get them TRs.
Also one other issue I need to make a decision on...at the same time (JUST before actually) I got approved, I got my mother approved for both the SPG Biz and Personal and added me on as an AU on Both (I didn't think I was going to get approved personally) - DO I pull myself off her cards, as my situation could flag her account (either with me closing my accounts or not passing the FR if I roll the dice)?
I am 50 years old and don't live with her...not even the same last name, as she's been remarried...
Sorry for the long post, just wanted to get as much data as possible for any comments...
Thank you in advance for any experienced direction here!
Mods, if this belongs in another section, please forgive me and if you would move it, I would be grateful!
Thanks to everyone who participates on here! I have learned a ton so far (and still learning!) and look forward to giving back...