LIVING OFF DIVIDENDS & PASSIVE INCOME

I recently applied for the American Express Small Business Rewards Credit Card in the name of my Corporation. I filled out an online form in 5 minutes.3 days later someone called me up and verified the information and told me I was approved for a $5k limit card. I already have $25k limit on my personal cards and this card was personally guaranteed too so it doesn’t seem like its any different except its more credit. But it doesn’t show up on my personal credit report.

However, I filled out a mortgage application last week for a house I’m buying in Indiana. On my credit report was an outstanding balance for my Amex Card for around $4500 with a monthly balance of a few hundred dollars. Although I pay off my balance every month the lender assumes the 200-300 dollar balance is going to be paid off over time and deducts that from my income, thus lowering my debt-income ratio. On the other hand, the business credit card doesn’t show!

With the Corporate Credit card, I can charge the expenses for my business like phone bills, airline tickets, hotels and educational seminars on it instead of my personal credit card. This way it doesn’t negatively affect my credit when I’ve made a large purchase, even though its still personally guaranteed. So I can still go full doc on the loan application and get slightly better rates.

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• Damn usary laws I was about to lend another investor $15k at 3% interest per month with a 6 month ballon or an extension with a 6% penalty but the escrow company told me that its against texas's usary laws!I spoke to a broker and he said there are ways around it but......
• BoA To Give Credit Cards to Illegal Immigrants Bank Of America is going to start giving out credit cards to illegal immigrants who don't have social security numbers.Apparently there will be some checks in place to make sure they're not financing terrorists. The applicants must maintain a bank account for 6 months and pay an upfront fee.What I'd......
• Escaping The Rat Race Here's another inspiring story on getting out of the rat race.How I escaped the rat raceCarole Dobson as told to Duncan HoodFrom the May 2006 issue of MoneySense magazineI used to work full time at a stressful job making a six-figure salary. Then, about 10 years ago, I started planning......

• Watch Out if You Have a Bank of America Credit Card Do you have a Bank of America credit card? Better watch your mail! According to Businessweek's A Credit Card You Want To Toss Bank of America is notifying many of their better customers and telling them their rates may go up to double their current rates unless they opt-out of......
• Why PayPal makes it a chore to pay by credit card My wife and I use PayPal a lot. We buy a lot of things through eBay, and I sell a lot of things through eBay and through other venues. PayPal is a good choice for those who want to be able to accept credit cards but don't want to go......
• The Benefits of a Credit Card with a Low Spending/Credit Limit Have you ever wanted to buy that certain something from the Internet, but hesitated because you were fearful of having your credit card number stolen? How about that post transaction anxiety you felt after giving away your credit card information over the phone? Are you 100 percent certain the person......

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