Tag: true

True crime stories you missed this week: June 26-30, 2023

Bryan Kohberger’s defense team tore into prosecutors’ DNA collection, use of genetic genealogy and tracking of a white sedan that allegedly linked their client to the murders of four University of Idaho students.

DNA from three other unidentified males was found at the crime scene, including on a glove found outside the Moscow, Idaho, home where Kaylee Goncalves, 21; Madison Mogen, 21; Xana Kernodle, 20; and Ethan Chapin, 20, were killed in November, according to the June 22 court filing. 

“It remains unclear what the police first relied on in focusing their investigation on Mr. Kohberger,” his lawyers wrote in court documents that challenged law enforcement’s use of genetic genealogy and questioned how police knew to look for a white Elantra. 

Jeffrey Epstein was given extra linens in a Manhattan jail cell, and authorities negligently failed to assign him a cellmate or take other precautions leading up to his death in 2019, according to a newly unveiled federal investigation.

Epstein, already a convicted sex offender in Florida, died at the Metropolitan Correctional Center in New York in August 2019 while awaiting federal trial for sex trafficking. While finding flaws with the Bureau of Prisons and its staff members, the report also uncovered no evidence to contradict the designation of Epstein’s death as a suicide.

New charges have been filed against a New Jersey lawyer recently accused of a series of rapes in Boston between 2007 and 2008.

A Suffolk County grand jury on Tuesday afternoon indicted Matthew Nilo, a 35-year-old Boston native, on seven charges, including one count of rape, one count of aggravated rape, three counts of assault with intent to rape and two counts of indecent assault and battery.

“Mr. Nilo denies all the allegations including the latest charges,” his attorney, Joseph Cataldo, told Fox News Digital. “You can expect both a legal and factual challenge to the government’s case.”

The suspect in a triple homicide paced around the room while the prosecutor detailed the night he allegedly killed a Massachusetts family.

Christopher Ferguson, 41, appeared via Zoom in Newton District Court for the first time since his arrest Tuesday morning in connection with the deaths of Gilda “Jill” and Bruno D’Amore, ages 73 and 74, and Jill’s 97-year-old mother, Lucia Arpino, who were stabbed and beaten.

Ferguson pleaded not guilty to one count of murder, two counts of assault and battery with a deadly weapon and burglary. He was ordered held without bail. More charges are expected to be added after the autopsies of Bruno and Arpino are completed, Middlesex District Attorney Marian Ryan said.

Missing Colorado woman Suzanne Morphew’s body is apparently located in “a very difficult spot,” prosecutors revealed this week.

Morphew, 49, disappeared during a bike ride on Mother’s Day in 2020 and is now presumed dead.

“She is in a very difficult spot. We actually have more than just a feeling… and the sheriff’s office is continuing to look for Mrs. Morphew’s body,” 11th Judicial Deputy District Attorney Mark Hurlbert said in court Monday, according to the Denver Gazette.

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Few true playoff contenders remain with TCU's win and Oregon's loss

TCU won, and the dream of a spot in the playoff remains within reach. Oregon lost, and no matter how many times fate seemed to intervene on Washington’s behalf, that loss is all that ultimately matters.

The post Few true playoff contenders remain with TCU's win and Oregon's loss appeared first on Buy It At A Bargain – Deals And Reviews.

The True Story Behind Credit Card Stacking and Why It’s Not Always Bad

Credit card stacking is in the news lately.  Mostly, the news isn’t great. In fact, if you’re reading this, you likely know that. You may very well be thinking that this type of funding is a scam.

Is Credit Card Stacking Always Bad? 

credit card stacking

No, stacking credit cards is not always bad. In fact, a credit card stacking program can be a very useful tool for funding a business. It even works well for startups. You just have to know how to avoid the scams. 

What is Credit Card Stacking?

This type of funding involves applying for multiple credit cards at once. Then when you get approval, you have access to the balances on all of them. You can use the money to fund a business, even drawing cash if you need. 

There is no need for collateral. In fact, this is totally unsecured business financing. However, you do need a personal guarantee. That means you need a decent credit score. Usually, that is a personal credit score of 680 or above. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Is Credit Card Stacking a Scam?

No, in and of itself, this type of funding is not a scam. Still, there are scams like this out there. You need to know how to tell the difference between a scam and legitimate card stacking program to fund your business. 

Once you know the difference, you can take advantage of this funding option while protecting yourself and your business. 

About the Seed Capital Card Stacking Scandal

Let’s talk about the elephant in the room. If you do a Google search on “credit card stacking” you are going to see a lot about Seed Capital. They were running a card stacking scam, and the Federal Trade Commission put a stop to it. Here is how it went down.

First, Seed Capital did not tell companies how this funding would work. Borrowers did not realize they were applying for multiple credit cards. In addition, many times these were personal credit cards, and they had no idea. Furthermore, Seed was filling out the credit applications, not the client.

That’s not necessarily terrible if the client knows about it and has given formal permission, but Seed was also found to be lying about the income of the clients on the applications. In fact, sometimes income was inflated by as much as $100,000.

The result was that many clients were getting approval for multiple cards with very high limits. Again, all of this was without their knowledge.

But There Is More to the Seed Capital Story

Now, the rest of the story. That’s right, there’s more. Most clients found Seed when they looked into some sort of business training program. Behind the scenes, the program had a deal with Seed to use their credit card stacking program to finance the training package for the client. 

The client would realize they did not need to or could not make the cash outlay. The training company would offer financing and have the client apply. Then, they would send the info to Seed, who would apply for the credit cards as mentioned above. After that, Seed would let the training company know what the total limit was, and the client would be charged close to that amount, virtually maxing out multiple cards at once.

Not only that, but most clients felt the “training” was a scam itself, believing it not to be useful once they went through the program. Then, they were stuck with thousands of dollars of credit card debt, and a wrecked personal credit score due to high utilization ratios. Unfortunately, they did not have anything useful to show for it. 

Legit Card Stacking to Fund a Business

This is not how legit card stacking programs work. On the contrary, you can actually even do this to fund a startup.  It’s better if you have someone to help you. A professional can help you find the best card options and the lowest rates. 

One common practice is to find cards with 0% introductory rates. This allows for 0% interest, sometimes for over a year, and at least until the introductory rates run out. Credit Suite has a program like this called The Credit Line Hybrid.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

The Credit Line Hybrid

You need good credit or a credit partner with good credit to qualify for the Credit Line Hybrid. This is unsecured business financing like all credit card stacking, so there is no collateral requirement.  You can use the funds on anything for your business. 

For example: 

  • Real estate
  • Equipment
  • Working capital
  • Even startup expenses

There is no down payment necessary and no income documentation either. This is totally “no-doc” financing. Approval can range up to $150,000. 

The Credit Line Hybrid Requirements

How do you qualify for The Credit LIne Hybrid? You need a personal credit score of 680 or above or a credit partner that does. Other requirements include: 

  • No late payments for the past 24 months
  • 6 inquires or less in the past 6 months
  • No open collections or bankruptcies
  • At least 2 open credit cards with a $2,000 limit or higher
  • At least 1 ½ years good payment history
  • Utilization rate not higher than 40%
  • And no bankruptcies in the past 7 years

Benefits of The Credit Line Hybrid

Not having to provide financials is a big benefit.  Also, the minimum credit score of 680 is much less than what other types of financing require. Furthermore, you have the option to use a credit partner if you do not meet the minimum credit score.

Another huge plus is that this program can help build your business credit score, which increases the fundability of your business. This is because often the cards in the line report to the business credit reporting agencies.

How is The Credit Line Hybrid Different From the Scams

There are a number of differences between our program and the credit card stacking scams out there. First, you know exactly what is happening and how it works before you sign up for anything. We will never apply for credit cards without your knowledge.

Next, our program does not include inflating income in an effort to get higher limits. Finally, you are free to use the money how you choose.  We do not work with partners to provide funding for anything specific. We simply help you get the funding you need to grow your business the way you need to do it.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Top Tips to Avoid Credit Card Stacking Scams

First, if you are trying to purchase a product or service and they offer financing, ask the questions. Read the fine print, and make sure you know exactly where the funding is coming from. Also, always monitor your personal and business credit reports to ensure there are no unexpected accounts on them. 

In addition, work directly with a trusted company. Part of the problem with the Seed Capital fiasco was that the funding was for a specific service that the client could not afford to pay cash for.  They may not have even realized Seed Capital was involved at all. 

That means they never had a chance to research Seed on their own. When you go to the company directly, you can do your own research.  Looking at reviews and the Better Business Bureau can sometimes save you a lot of pain. 

When you work with Credit Suite directly, you not only get access to the funding, but we can help you find any other products or services that could help you grow your business even more.

Credit Card Stacking is a Legit Business Funding Option

Yet, you have to do it the right way. Don’t try to do it on your own.  Do your research and find a trusted company that can help. Always make sure you know what you are getting into.  

The post The True Story Behind Credit Card Stacking and Why It’s Not Always Bad appeared first on Credit Suite.

Is It Too Good to Be True? An In-Depth Kabbage Review

As a general rule, if something seems too good to be true, it is.  Kabbage offers fast, flexible financing. Approval is easy to obtain, and in most cases, you can have funds in just a few minutes.  In addition, their minimum eligibility requirements are much easier to meet than some others. Wondering if Kabbage is right for you? Our in-depth Kabbage review can answer that.

Is Kabbage Right for You? Find Out in Our Complete Kabbage Review

Kabbage is one of several lending companies online. It provides small business funding in the form of a line of credit. Now, I reveal the details about this online lending option in my in-depth Kabbage review.

Kabbage Review: Basic Background

Kabbage is a venture funded company that is backed by investors which include SoftBank Capital, Thomvest Ventures, Reverence Capital Partners, Mohr Davidow Ventures, the UPS Strategic Enterprise Fund, ING, BlueRun Ventures, Santander InnoVentures, Scotiabank, and TCW/Craton.

The company offers perks for its customers. These include specials from Dun & Bradstreet, UPS, Vonage, and Adobe Creative Cloud among others.  

Kabbage Review Credit Suite

Find out why so many companies use our proven methods to get business loans. 

Kabbage Review: What You Need to Know about Kabbage Loans 

First, they offer lines of credit.  This means it is revolving credit you can use as needed.  For most, amounts of up to $250,000 are available. You can qualify in as little as 10 minutes. Furthermore, terms are 6, 12, or 18 months. You have to be in business for more than one year, and your business revenue has to be $50,000 annually or $4200 per month over the last 3 months. 

Kabbage Review: Credit Reporting and Score Requirements

In the course of this Kabbage review, I could not find anything concrete about a credit score requirement or credit reporting.  I did find other reviewers that had contradicting information. For example, one claimed there was no minimum interest rate requirement.  In contrast, another claimed that the minimum interest rate for application approval is 500. Another put the minimum at 560. Whatever the case, it appears that their minimum required credit score is much lower than others in the field. In addition, one reviewer stated that they do not report on-time payments to the credit agencies, but they may report late or missed payments. 

The only thing concrete I could find from Kabbage themselves is that they do a one-time hard credit pull.  A hard credit check will affect your credit score. Also I found this information in the FAQs on the Kabbage website. It wasn’t just out there on a top page.

Kabbage Review: Approval and Receipt of Funds 

Kabbage links to your bank or merchant accounts to understand your cash flow and decide what amount you can afford to borrow. Their lines of credit range from $1,000 to $250,000. 

For lines of credit up to $200,000, if they are able to automatically get business information and verify your bank account, they can approve a loan in minutes.  Amounts over $200,000 must have a manual review. Sometimes, mistakes happen during the sign-up process. Also, they may send small deposits to help confirm your banking information for security purposes. In these cases, it may take longer to get access to funds.

Once everything is settled, they send funds to the account of your choice. If you choose to have your funds deposited to a PayPal account, it takes just a few minutes. However, loans that go to a business checking account can take up to three days to be deposited.  It just depends on your bank. 

They retain access to your account.  This means they can review your revenue faster than other lenders.  Still, it also means they have access to your account for the duration and beyond unless you take action. 

If you make a draw using the dashboard or app, you have to take a minimum of $500.  In contrast, if you use your Kabbage card there is no minimum draw. 

Kabbage Review: Interest Rate vs. Fees

Kabbage uses a monthly fee model rather than an annual percentage rate.  Fees range from 1.5 – 10%. This sounds fabulous, of course, but you need to look a little closer.  First, the fee amount is based on business performance factors. This is similar to how traditional lenders assign interest rates, so not really a big deal. 

The problem comes in with how the fee is actually applied.  They are forthright about this on their site, but you do have to dig around and do some research to fully understand it.  They offer a calculator to help you.  Use it. I gave it a shot, and according to the calculator on the Kabbage website, a $30,000 loan paid out over 6-months at a 3% fee would result in a total of $33,300 total being paid back.  If you do the math on that, you are paying back an effective 11% interest rate, if it were interest and not a fee.  

Three percent of $30,000 is $900.  You pay that $900 fee each month for the first two months, and the $375 per month for months 3-6.  While I could not find an explanation on the reduction in fee over the last 4-months, it could have to do with the reduction in principal.  The issue is, you end up paying way more in fees than it may appear until you dig a little deeper. With fees going up to 10%, it is imperative that you use the calculator to get a true understanding of loan cost on the front end.  

Kabbage Review: What Does Kabbage Say About the Issue? 

Here is how Kabbage explains it on their site: 

“Kabbage’s maximum rate for each month is 10%. Third party partners may occasionally charge up to an additional 1.5% for each month. Every month you’ll pay back 1/6 of the total loan (for 6 month loans), 1/12 of the loan amount (for 12 month loans), or 1/18 of the total loan (for 18 month loans) plus the monthly fee. Your actual fee rate if qualified is based on a review of your revenue and credit history. For more details, read about our Rates & Terms.”

Kabbage Review Credit Suite

Find out why so many companies use our proven methods to get business loans. 

Kabbage Review: Does Kabbage Make Loans to Everyone? 

The short answer is no.  They state that they do not extend credit to those businesses dealing in “marijuana, CBD, firearms, gambling, financial institutions, lending or non-profit organizations.”  However, there is a footnote on firearms that states only specific businesses dealing in firearms are excluded.  Consequently, some firearms dealers are eligible. If this is you, be sure to do your due diligence. 

Speaking of Due Diligence: Ratings and Reviews

I never write reviews without checking out the reviews of others.  Consequently, this Kabbage review is no different. I find it wise to start at the Better Business Bureau.  Kabbage has an impeccable BBB file.  They have been accredited since 2014.  In addition, they have an A+ rating. Also, there are over 180 reviews and they are overwhelmingly positive.  As a result, they have a rating of 4.5 stars. Most of the positive reviews were noting how fabulous customer service is. 

The one negative review I found, though I admittedly stuck to the ones in the most recent year, was related to the person not fully reading the information on the website or asking questions.  There are 49 complaints on their BBB file, which are separate from reviews. With complaints, Kabbage can respond. From what I can see, they responded each time and either made the situation right, or they answered the issue with how the customer simply did not understand the process as it was clearly written on the website.

In addition to the BBB, I looked at other review sites when conducting my Kabbage review.  Other sites had more negative information. Virtually all of the negative reviews were related to either unexpectedly high payments, credit inquiries, or bank account access. It appears that, due to ongoing account access, they can draft payments from your account.  While they do disclose this, it seems a lot of borrowers miss it. As you can imagine, this results in some overdrawn bank accounts. 

Kabbage Review: The Final Decision on Kabbage

My final opinion after my Kabbage review is, they will do in a pinch but try to find something better first.  It appears that they truly stand by what they do and offer a legitimate product. They do not lie about anything or misrepresent themselves in any way.  

However, the fee model is confusing even to those that work with finances every day, like me.  It could be seen as a ploy to make it appear that interest rates are 1.5% to 10%, when in fact there is no actual interest rate, and the fees are much higher than it sounds.  The information is all there, but you do have to look for it. 

I highly recommend, if you choose to take out a line of credit with Kabbage, you do complete and thorough research.   Read through positive and negative reviews on the BBB and on other sites, and read all of the FAQs on the Kabbage website, along with the footnotes.  

How Do I Find Something Better?

That’s the million-dollar question isn’t it?  Most people use a service like Kabbage because it is easier to get approval with a poor credit score.  My Kabbage review convinced me that if you can get funding that costs less, you should. To do this, you need to increase fundability.  The truth is, your credit, both business and personal, are only a small piece of the complete fundability of your business.  

A look at online lending Credit Suite

Find out why so many companies use our proven methods to get business loans. 

What is Fundability? 

At its core, fundability is the ability to get funding for your business.  When a lender considers lending to your business, do they feel that you are high risk?  Do you appear to be a business that can and will pay back the debt?  Lenders are in it for the money, and they need to feel they will get a return on their investment. Truly, a high credit risk is not a wise lending choice.  

How Do You Increase Your Fundability?

The harder question is how does a business increase their fundability?  What makes this answer difficult is that there is so much the answer must cover.  As I mentioned, a great business credit score is important.  However, there is a lot more to it.

A potential creditor needs to see that your business is legitimate and profitable.  Many loan applications are denied approval due to fraud concerns.  Others, simply because something didn’t match up and threw up a red flag. Maybe the addresses or phone numbers didn’t match on a couple of reports and it just looks unprofessional.   

Make Sure Your Business Is Set Up to Be Fundable

It has to be set up to appear to be a fundable entity separate from you, the owner.  How do you accomplish this? Make sure your business has a  fundable foundation. The building blocks of a fundable foundation include: 

  • Separate Contact Information
  • An EIN
  • Incorporation
  • Dedicated Business Bank Account
  • All Necessary and Proper Licenses
  • Professional Business Website

In addition to a fundable foundation, the following factors affect fundability. 

Business Credit Reports

The next piece of the fundability puzzle after the fundable foundation is your business credit report.  That is the credit report, much like your consumer credit report, that details the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

Where do business credit reports come from?  There are a lot of different places, but the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Since you have no way of knowing which one your lender will choose, you need to make sure all of these reports are up to date and accurate. 

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data the agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  When considering what is fundability, you need to be aware that these numbers exist.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. 

Business Credit History

Your credit history has everything to do with everything related to your credit score.  This is a huge factor in the fundability of your business.  

Your credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board everywhere you use it.  However, when you start changing things up like adding a business phone number and address or incorporating, you may find that some things slip through the cracks. 

The key to this piece of the business fundability is to monitor your reports frequently. 

Financial Statements

This encompasses a broad spectrum of things.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  However, there is yet another layer.  

Business Financials

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are ready whenever you need to apply for a loan. 

Personal Financials

Often tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   This is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit in addition to business credit. 

In addition to FICO reporting personal credit, you have ChexSystems.  In the simplest terms, this keeps up with bad check activity and makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will cause serious fundability issues. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  If it isn’t great right now, get to work on it.  The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

Application Process

So much plays into this that you may not even think about. First, consider the timing of the application.  Is your business currently fundable?  If not, do some work first to increase fundability. Next, ensure that your business name, business address, and ownership status are all verifiable.  Lenders, even Kabbage, will look into it.  Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choosing the right product to apply for can make all the difference. 

Kabbage Review: Final Words

If you have no other options and you are desperate, Kabbage can help you out in a pinch.  However, you must be sure you know what you are getting into. If you qualify for a good rate with them, you likely qualify for a loan that does not cost as much somewhere else.  If your fundability is not up to par, get started working on that now. Start by doing an analysis of fundability and go from there.   

The post Is It Too Good to Be True? An In-Depth Kabbage Review appeared first on Credit Suite.