another interesting fact when moving abroad, especially China…is not only the time difference but dealing with finances from back home in USA.
US credit collapse
So, lets go through this saga step by step –
1) newyorkbarstore.com’s credit card program was bought by American express from GE corporate card – and this specific card program (productivity online) was closed and all cardholders had to pay their bills and the cards were closed.
2) the company couldn’t take this cash flow crunch at once, so we tried to roll it over to my other card.
3) the incoming card, from bank of america, CLOSED my account when they say the incoming balance transfer.
so last night (daytime in USA) I called Bank of American to investigate why my card was closed. After about 4 transfers of operators that were not experienced enough to tell me, I probably got to the “end of the line” operator, as she seemed very experienced in telling customers NO.
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“Sir, 2 months ago we have noted on your account that you called saying you were in financial distress”
me: yes, I was having tough times, and trying to see if my financial institution, that was also under financial distress (little jab), could give me some breathing room”
“Yes, sir, well you are not bank of america, you are your own business. So what is your financial situation now, you say it has changed?”
Ok, yes, I am not Bank of America, but I can see that you did an open sale on the stock market to raise capital yesterday. Anyway, yes, I have now improved my financial situation and have additional funding.
“ok, sir, now how much, and what are the details of this transaction”.
Yes, well its from a European company to my company in China.
“China? in US dollar sir, so you are saying these investments and transactions are all overseas international origin. Sir, we need to know what US situation is, you are where now?”
Yes, I am in China now, calling from Skype. I have been making all my payments, my credit score is perfect, I am just asking for a debt consolidation. And I have income. Is there anything wrong with my credit score?
“No sir, it is not your credit score, it is your personal income. We need to verify your personal income, but since the account has now been closed due to financial distress notes and it seems you are not currently residing in USA, this will be close to impossible to re-open. The best I can say is work on your personal income and call Bank of America back in 6 months.”
Ok, well I guess there isn’t much else for me to say. Will this affect my personal credit score?
“no sir, this is a business account and will not affect your credit. Your score is fine. Thank you for calling Bank of American small business card services, have a wonderful day.”
goodbye.
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China time is money, money is time
Comments
hey man,
good to hear from you! so i saw that you had to get your visa renewed, cause luckily wow you noticed the day before. man i can just imagine you getttin gdeported and having to run a china based business from the us. man that would be tough. but glad yo ugot that figured out. then i saw that you had to move your blog over… i actually just read about that and your boa stuff today. man that boa stuff really sucks, yeah credit card companies and banks are doing some weird things. this latest wave of defaults have made them come up with new rules about lending and giving people credit. and whats annoying is they don’t take your individual situation into consideration all they do is have a set of rules and they have to follow them. thats it. its like they answer a bunch of yes and no questions and this is what they have to tell you. do you have a new financial situation? do you have new income? do you live in the united states? oh it says we cannot help you goodbye. that is awful
i actually had a dream about you last night man. it was crazy. you were living in new york in some high rise, maybe it was china i dunno so we were driving trying to find you and stephanie remembered exactly where you lived somehow so i just trusted her and she got us to your building. but when we got there there was nowhere to park so we figured valet was the best option. so we valet but we had 6 people and all you had was a one bedroom so the doorman would not let 6 people up to your apartment at one time. so it was a big mess. we shouldve taken 3 up at a time with you. so i remember walking around all these high skyrises cause we couldnt go into your luxury apt. wow. it was weird that you were in my dream kinda cool, this made me write you today. i remembered your email.
the one thing that lets me know you are doing well over there is hearing stuff about your friends. it seems like you and bas suleman are good friends and its nice to see you blogging about things other than work. you and the baby with the beer is a good picture. you are gonna look back at that picture and smile a hundred times. its great. it made me smile. so cherish these little times.
i always think i spend too much time focusing on trying to have fun that i dont cherish the having fun part when im having it. it seems im more focused on creating fun than having it.
this wednesday is a big soccer game – be sure to take 2 hours and check it out. its the UEFA champions league final – Manchester united vs FC barcelona. its at 11:45 AM pacific, 2:45 eastern, probably 9PM in europe. so check it out its a big game im sure it will be on all over china. its cool to think that you are watching the same thing i am halfway across the world.
alright dude
ttys
Piotr
wow dude, awesome reply – thanks!
how about you? hows SD? there right? wedding in CT? life is moving so fast, try to keep up.
yea, i’m still hustling here, trying more PR – I’m speaking at a China internet event tomorrow, gotta wear a suit! but its good to use my “white guy expert” approach here to make waves.
that dream is AWESOME! you have to psot that on my blog. made me think back to you crazy Fkers coming to NYC to visit me…..good times..
yea, i’m going 100% twitter and internet marketing now…..if you check out my twitter http://www.twitter.com/michelini you’ll see what i’m talking about…. really pushing it to see who i can meet a nd what can happen.
just sticking my neck out there and see.
it seems the credit score is so important in USA. I notice that.
thank you
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CFO Guide to Doing Business in China has gathered all the important aspects based on the author′s personal experiences as a CFO, a financial consultant, an entrepreneur and also a successful businessman in China for over a decade. It is not only a Guide for CFOs of foreign companies in China, but also a practical book for investors who want to do or are already doing business in China. Although the book focuses on financial, accounting, taxation, and auditing aspects, it also gives tips to newcomers on how to be more effective when doing business in China. The coverage includes the understanding of Chinese culture, managing and dealing with the Chinese people, strategies to expand your business in China. Practical contents based on real cases to help businesses get started and navigate the intricacies of China′s accounting system, taxation issues, currency controls, risk management, outsourcing, people management, employment issues, mergers and acquisitions.
China has changed enormously over the last 20 years. Its economy has been growing at 10% a year, and it’s on track to be the world’s largest economy soon. Today, 80% of the world’s electronic goods are made in China. As a result, more and more western companies want to do business in China. But how easy is it for a westerner to do business there? Here are some tips from the British Embassy in Beijing.
Take your time. In the west, business is ruled by deadlines. Chinese business people seem to act slowly by western standards, so be prepared to wait for decisions.
The applicant picks up the application for company name preapproval from the local Administration of Industry and Commerce (AIC), or otherwise, downloads the form from AIC’s Web site. The applicant completes and signs the application form and files it along with his or her identity card. The applicant must be one of the company shareholders. Effective July 1, 2004, enterprise name registration must follow the amended State Administration of Industry and Commerce (SAIC) rules (that is, the new Enterprise Name Registration Administration Implementing Measures, or Qi ye ming cheng deng ji guan li shi shi ban fa). According to the new registration rules, if the applicant goes directly to the AIC, a proposed company name is approved or rejected on the spot. This is newly regulated by Article 24 of the aforementioned measures and is implemented in practice. However if the application is made through mail, fax, email, etc, the proposed company name will be approved or rejected within 15 days.
Build relationships. In the west, it’s usual to do business first, and then see if a relationship is possible. In China, it’s the opposite. You need to build a relationship before you can do business. This leads to the idea of ‘guanxi’. Guanxi means using personal contacts and relationships to do business, and westerners need to understand how real and strong this is in China.
It can also be useful to find a reliable Chinese ally to work with you. He or she will be able to help with language or cultural problems and will also be able to understand Chinese body language. Remember too that a visit by a westerner is often seen as a great honour by Chinese companies.
You must remember to respect ‘face’. Face means having high status with your peers. Face can be lost, given or earned. Never criticize or insult someone in front of others, as losing face will make it impossible to make a deal. On the other hand, if you praise someone by saying good things about him or her, then he or she will gain face, but be careful not to do it too much.
Accept the pecking order. Hierarchy is very important in China, and the group is more important than the individual. In business, Chinese people often don’t like taking responsibility individually and may also not like giving opinions in front of peers, in case they lose face.
All these tricks of the trade can help you to play the game and do business successfully in China. Be prepared, and be patient if you want to be a winner in China.
Not having a budget can destroy your plans to get out of debt. If you’re not already in debt, the lack of a budget will get you there. In the basic sense, a budget is just a plan for saving and spending your money.
Why is budgeting so important for managing debt?
Imagine taking a roadtrip across the country without a directions or compass. Sure, you might get there after many detours, turn-arounds, and delays. Or you could get a roadmap, map out your trip, and get there with a lot less trouble.
It’s the same way with managing debt. You could successfully get out of debt without a budget, but how long would it take and how much would it cost you. Instead, living out a budget will make getting out of debt much easier.
A budget will help you figure out exactly how much you can afford to spend to get out of debt. Not only that, it helps you figure out where to squeeze more money from your debt.
Once your debt’s paid off, a budget will help you keep your finances on track to keep you from getting back into debt. A budget will help keep your spending under control so you don’t have to rely on credit cards to make ends meet.
You can learn how to manage your debt at Credit Card Debt
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