All Forum Posts by: Daniel Rutledge

Has anyone had any success using Venmo to convert cc to cash. Are there limits on how much you can send on the app? Thinking of setting up an account linked to s cc and paying my wife to our account.

Originally posted by @Chris Baber:

Has anyone investigated, or knows if/when the Personal Guarantees can be removed.  They are business cards, in the name of the business, for the business, just secured by your word.  I've heard that in 1-2 years the PG can be removed, but I've also heard it cannot be done.  I'm curious if anyne has any experience, or if Fund & Grow has addressed this with any of you.

I'm looking at starting with them next week.  Do they offer referral codes (kickbacks to you) if you refer me?

I can ask them about the PG and let you know their response. PM me and I'll see if I can get a referral code.

Doing a little research into Plastiq as it seems like a better and cheaper option to convert to cash.

Originally posted by @Daniel Rutledge:

Has anyone tried to set up a Go Fund Me account in order to convert the cards to cash? Just wondering if you set up a Go Fund me and donated to yourself using the credit cards if there would be any drawback. I am not sure of the fees associated with Go Fund Me but if anyone has insight on if this is a viable option please chime in.

 Did some quick research and it looks like about 8% of donations go to fees. Doesn't seem like a good option but would likely work if it was the only way and you had to. Now I am wondering if there are similar methods as there are more and more apps coming out for people to quickly pay someone with the same app.

Has anyone tried to set up a Go Fund Me account in order to convert the cards to cash? Just wondering if you set up a Go Fund me and donated to yourself using the credit cards if there would be any drawback. I am not sure of the fees associated with Go Fund Me but if anyone has insight on if this is a viable option please chime in.

I'm still not finished with my first round so I haven't begun using the cards yet. My first thought of converting to cash is quickly buying and selling gold. I've also got a personal credit card than tends to send out cash transfer checks. I can use the checks to pay off something and then balance transfer to the business cards. If you have an existing HELOC there is a way to transfer the balance to the cards and just keep writing checks from the HELOC.

Originally posted by @Tom S.:

@Daniel Rutledge Daniel - you said you would use your cards to pay of a loan, and then get a HELOC on your primary. If you're taking out a loan via the credit cards to pay off an existing the loan, wouldn't the lender see that or question it? Or do these new cards not show on your credit?

I saw in earlier posts that they still require a personal guarantee and still are based off your personal credit score.

Thanks,

Tom

 Hi Tom,

Only the inquiry shows on your personal credit report but they are later removed. If you use one of several ways to convert the cards to cash you could pay down personal debt and drastically decrease your DTI. The debt is still there but held under your LLC.

Currently we are still negotiating in the first round. I have 40k in cards approved and am waiting on the rest. I look forward seeing how well they negotiate increases. I will use the initial cards to pay off a large loan to lower my dti which will allow me to refinance out of a private loan as well as pull a heloc on my primary. This should really speed up my investing and allow me to have better options aside from hard money.

We are currently in negotiations with several companies and have gotten an  approval with BOA thus far.  A few companies wanted financials for the last two years of my LLC. It was created this year and one company declined since there wasn't financial documentation. I assume I will get responses beginning of next week on the others. When the BOA card arrives we will attempt to get the limit raised. So far everyone has been great.

Originally posted by @Donny Aldo:

Originally posted by @Daniel Rutledge:

Hey guys. I am wondering how many of you initially had applications denied and after negotiations were then approved for the same cards. I had my first round submitted today and everything is now pending. I'm a little on edge waiting to see what happens

 Any updates?

Hey guys. I am wondering how many of you initially had applications denied and after negotiations were then approved for the same cards. I had my first round submitted today and everything is now pending. I'm a little on edge waiting to see what happens