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Fudging margin requests

post #1 of 18
4/15/06 at 3:41am
Thread Starter 
Im a college student with less then 20k in my networth and i make less then 20k in income (I also work). Has anyone "fudged" their margin application to try to get accepted? For example, claiming you make over 20k or your networth, etc? If Ameritrade wont upgrade me to margin the next time i'll just have to go with choicetrade or something. Damn Ameritrade
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post #2 of 18
4/15/06 at 3:48am
i thought e-trade only required $2000 to open a margin account?
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post #3 of 18
4/15/06 at 3:50am
Thread Starter 
Quote:
Originally Posted by matteagle
i thought e-trade only required $2000 to open a margin account?

The minimum for Ameritrade is $2000 too but I think theres more to it because I tried with $10k and I still didn't get it.
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post #4 of 18
4/15/06 at 4:20am
Thread Starter 
Quote:
Originally Posted by woore
hey this is an idea :

Use Ameritrade strictly for The streamer ( they wont charge you) and you can use it as long as you want

and do choicetrade for your trades... trust me thoose $5 commison are good

ameritrade = $11
Choicetrade= $5

you buy and sell with choicetrade for the price it costs you to buy with ameritrade...

Thats what i do...

Yea I've been thinking of going to choicetrade since someone mentioned them in a thread I made in the Stockmarket University. I'll definately do it if they turn me down again. I just hope they are fast with the executions. Thanks woore

By the way did your brother do that with Ameritrade or another broker?
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post #5 of 18
4/15/06 at 4:24am
Quote:
Originally Posted by Aquahelix
Im a college student with less then 20k in my networth and i make less then 20k in income (I also work). Has anyone "fudged" their margin application to try to get accepted? For example, claiming you make over 20k or your networth, etc? If Ameritrade wont upgrade me to margin the next time i'll just have to go with choicetrade or something. Damn Ameritrade

I'm in the exact same situation as you. I just sent in my forms to get upgraded to a margin account so I don't have to wait 3 days for my funds to settle. I don't even plan on using my margin privledges I just don't want to wait three days to use MY money.
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post #6 of 18
4/17/06 at 1:01pm
Thread Starter 
Ah crap! this is what I got in my email:

We have received your online margin upgrade request. Before we can review your account for margin privileges, we will need for you to provide verification of your income. Examples of documentation that we can accept for verification include any one of the following: a copy of your W-2 form, a copy of a recent paycheck stub, or a copy of your most recent tax return. Once you have obtained this information, please submit it with the attached Margin/Options Account Upgrade Form. This form may be used to apply for margin as well.

You may fax the paperwork to Ameritrade Attn: Account Maintenance at 816-243-3769, or you may mail it to:

Ameritrade
Attn: Account Maintenance
1005 N. Ameritrade Place
Bellevue, NE 68005

If you have further concerns or inquiries, please reply to this email.

Sincerely,


Ameritrade Apex Account Maintenance




BTW in the options I put 50k-90k income, now what :o :o
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post #7 of 18
4/18/06 at 12:19am
Quote:
Originally Posted by Aquahelix
Ah crap! this is what I got in my email:

We have received your online margin upgrade request. Before we can review your account for margin privileges, we will need for you to provide verification of your income. Examples of documentation that we can accept for verification include any one of the following: a copy of your W-2 form, a copy of a recent paycheck stub, or a copy of your most recent tax return. Once you have obtained this information, please submit it with the attached Margin/Options Account Upgrade Form. This form may be used to apply for margin as well.

You may fax the paperwork to Ameritrade Attn: Account Maintenance at 816-243-3769, or you may mail it to:

Ameritrade
Attn: Account Maintenance
1005 N. Ameritrade Place
Bellevue, NE 68005

If you have further concerns or inquiries, please reply to this email.

Sincerely,


Ameritrade Apex Account Maintenance




BTW in the options I put 50k-90k income, now what :o :o
If you have access to quick books, just print you up some stubs and send them in. I had to do this when moving from Alabama to CA in order to rent an apt. due to the huge difference in the pay scale
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post #8 of 18
4/18/06 at 1:24am

Scotttrade margin accounts

I am very new to trading but scottrade let me open a margin account with 2000.00 and as long as i keep that much in marginable securities i will not receive a margin call. Hope this helps again I am very new to all of trading but have not had a problem yet.
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post #9 of 18
4/18/06 at 2:38am
E TRADE....

You were trading options at 1 years old wern't you???

Form 3467895423B What are your investment goals? Check one or more.

#1. Investment
#2. Steady Returns
#3. Preserve Capitol
#4. Speculation
#5. I wanna be like Donald Trump
#6. Crazy Speculation
#7. WTF you bought what?
#8. You want excitment of margin calls and freaked out brokers personally calling you to tell you they are liquidating positions
#8. Have too much money and are not loosing it fast enough in sports betting
#9. I have not been able to get a date with Paris Hilton and stocks are my last chance to be rich
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post #10 of 18
4/18/06 at 4:59am
I got denied my margin request today.

Probably because I am a student and have basically no income and my net worth is fairly low (I have a car, computer, money saved, other crap = $40,000 )

Anyway the only way to get a margin account they told me is to get a joint account with someone with a good income, net worth etc. So I'm getting a joint account with my Dad.

The only reason I want a margin account is so I don't have to wait three days to trade!!!!!!!
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post #11 of 18
4/18/06 at 7:22am
scottrade just had me sign an agreement and that was it, no questions asked. all I needed was 2k in my account. I'm a poor college student
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post #12 of 18
4/18/06 at 7:25am
Quote:
Originally Posted by amohedas
I got denied my margin request today.

Probably because I am a student and have basically no income and my net worth is fairly low (I have a car, computer, money saved, other crap = $40,000 )

Anyway the only way to get a margin account they told me is to get a joint account with someone with a good income, net worth etc. So I'm getting a joint account with my Dad.

The only reason I want a margin account is so I don't have to wait three days to trade!!!!!!!

Dude switch to scottrade then. Read my above post.

My total net worth is just about $7,000.
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post #13 of 18
4/18/06 at 12:11pm
Thread Starter 
Quote:
Originally Posted by veloman
Dude switch to scottrade then. Read my above post.

My total net worth is just about $7,000.

scottrade sucks for trading pennies. I heard someone mention choicetrade being good and lax about hanging over margin accounts. Plus only 5 bucks a trade. I think i'll sign up with them if stupid Ameritrade declines my request.
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post #14 of 18
4/18/06 at 12:12pm
Thread Starter 
Quote:
Originally Posted by amohedas
I got denied my margin request today.

Probably because I am a student and have basically no income and my net worth is fairly low (I have a car, computer, money saved, other crap = $40,000 )

Anyway the only way to get a margin account they told me is to get a joint account with someone with a good income, net worth etc. So I'm getting a joint account with my Dad.

The only reason I want a margin account is so I don't have to wait three days to trade!!!!!!!

What broker did you use?
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post #15 of 18
4/18/06 at 8:23pm
Quote:
Originally Posted by Aquahelix
What broker did you use?

Yeah Ameritrade. If I can't get a margin account soon I'll switch. I have literally missed out on a few thousand $ because my funds were settling and I couldn't buy shares when I saw something running. Very frustrating.
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post #16 of 18
4/18/06 at 9:52pm
just got an ameritrade acct w/$4K and aske for margin and they gave it to me......they ask you how much you make $$$ a year before giving you margin
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post #17 of 18
4/18/06 at 10:47pm
i'm on the same boat. cant get a margin account with ameritrade. So I plan to switch to interactivebrokers next week.
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post #18 of 18
4/19/06 at 4:20pm
Thread Starter 
I was denied! DENIED!

That's it, im switching to Choicetrade.

You just lost a customer Ameritrade
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