I signed up for F&G (Fund &Grow) and I had an amazing experience that didn’t result in much funding due to personal reasons I’ll explain later but let me start at the beginning so like u all I’ve been doing research on F&G and I fell in the love with using business cc to find my real estate projects my only concern was cashing out but after seeking advice on the best ways to do that I also got a solution o planned to use for that too which will also come later
I spoke to a rep in March of 2017 but didn’t pull the trigger until August 2018...first if you have any cc that has not been seasoned for 6 or more months they will tell u to wait the 6 months seasoning period which I was not informed about until after I paid the $3500 fee for myself and husband to get funded however they knew I’d have to wait that time out prior cause they had a copy of my credit report prior to me paying I started with them at 760 therefor I couldn’t start the funding process until December
My husband had 5 ccreporting on his personalcredit report no business credit his score was 740 two he had got about 7 months in his name credit limit of $1k on one and $3k on the other he then was an authorized user on the other 3 cards highest balance card being $8750. They also said bc heonly had two cards where he was primary he would need to develop his personal credit report with more cards in his name with him bn the primary so he had to start with a round of personal cc first at no extra charge they would apply for about 4 cc under his personal credit and once approved he’s have to wait the six month seasoning period to move forward with the business credit the initially applied for
- Chase – 0% Intro APR for the first 15 billing cycles on Purchases and balance transfers – Declined
- Capital One – 0% intro APR for 15 billing cycles on purchases and balance transfers – Declined
- Flagstar – 0% introductory APR for the first 15 billing cycles on purchases and for balances transferred within 465 days from account opening – $1000
- Discover – 0% intro APR for 14 billing cycles on purchases and balance transfers – DECLINED
- Wells Fargo – 0% Intro APR on purchases and balance transfers for 12 billing cycles. After that your variable APR will be 15.99% to 26.99%. Balance transfers made within 120 days qualify for the intro rate and fee – Pending
Of course I was not happy with the results at the time but after attempting to negotiate the cards that declined him were saying he had too many inquiries which was our fault bc before going with fund grow we tried to get 0% cc on our own without having to pay $3500
While going through this proces we found out that our religion which is Islam forbids the signing of contracts that involve interest rather up front future etc as the mere signing of the contract means u are agreeing to the interest see here if you’d like proof https://twitter.com/1MMeducation/status/953270714265632769
https://abdurrahman.org/2015/11/27/can-i-use-the-credit-card-if-i-duly-pay-the-bills-without-paying-interest-riba/
https://abdurrahman.org/2014/01/27/debitcards/
Therefore we contacted our agents as I was just about to get started bc my seasoning period was just about over and explain we could no longer go forward with the process due to religious reasons we DID NOT ask for a refund bc it was no fault of theirs however after a day or two I woke to an email from the director explaining that they normally wouldn’t refund it but she extended a refund with small cancellation fee as we had only started the actual process within the 60 day cancel period that I didn’t even knowthey had needless to say we we’re ecstatic and super grateful as our whole business model was to use 0% intersert cards and refi through a shariah complaint mortgage company and pay the cards off before the interest hit our back up plan was to grasshop the balance to another 0% interst cc if the project went beyond the 0% period if we were not able to put a mortgagae on the house worst case we’d sell the house.
To pull the cash from the cards my business credit consultant investor etc gave me this idea he does it for clients all the time he said
Here’s how we planned to go about it
Create two completely separate businesses completely different names address phone numbers etc.
open up business bank accts for those businesses at two separate banks
Create a business PayPal acct attached to those bank Accts
Have business ABC write up a contract for let’s say a consultant job and bill via PayPal business XYZ for x amount of dollars (as u are able to PayPal much larger sums under a business acct with PayPal)
business XYZ receiving the bill pays the bill to business ABC PayPal acct with their cc from fund grow
Once the monies post to the business ABC PayPal acct he cashed it out to his business bank acct withdraw the funds and distribute amongst necessary parties (best of u do this with a trusted business partner spouse etc other than that someone may charge u for the service)
Now for tax purposes business XYZ request a refund and the release of monies back from business ABC to business XYZ will clear business ABC from any tax liability
Also we were going to use the cycling business credit which is to use one cc to pay the monthly bill on the other cc to keep our out of pocket cost low while the project was under way check out that concept here https://youtu.be/o13-tPEOhX0
If it wasn’t for my religious commitment I’d definite keep going with Fund grow the numbers my husband was getting wasn’t great but I understood the circumstances surrounding his situation I do believe I would have came out better and they also do three rounds of funding.
I hope it this makes sense. And may help
