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Registered: ‎05-07-2014
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Best Banks for 2 Year old business to get Business Line of Credit

[ Edited ]

I have an automotive business that did over $100,000 last year in it's first year of business.  We went to Wells Fargo to get a BLOC to consoldiate the debt for starting up that is on my personal credit, dragging my credit score down.   Everything was looking good until I got the call that I was denied because of a collection.

 

I had no idea about so I asked if I paid that immediately and sent the receipt to them if they could work around it and they said yes.   Now I'm having issues with the banker at the local branch.   Wells is telling me he hasn't done anything with my application and they never received a receipt to show that was paid, and he is leaving messages stating that as soon as we can touch base he will let me know what happened with my loan. 

 

So long story short not wanting to work with them anymore so I am looking for other companies that work with not so great credit.   Like I said if I can consolidate my credit score will go to a 702, right now its 607.  Thanks in advance for the advice.

 

 

~edited to add punctuation and paragraph breaks, ~pizzadude, myFICO moderator

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Posts: 423
Registered: ‎04-05-2013
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Re: Best Banks for 2 Year old business to get Business Line of Credit


baautorepair wrote:

I have an automotive business that did over $100,000 last year in it's first year of business.  We went to Wells Fargo to get a BLOC to consoldiate the debt for starting up that is on my personal credit, dragging my credit score down.   Everything was looking good until I got the call that I was denied because of a collection.

 

I had no idea about so I asked if I paid that immediately and sent the receipt to them if they could work around it and they said yes.   Now I'm having issues with the banker at the local branch.   Wells is telling me he hasn't done anything with my application and they never received a receipt to show that was paid, and he is leaving messages stating that as soon as we can touch base he will let me know what happened with my loan. 

 

So long story short not wanting to work with them anymore so I am looking for other companies that work with not so great credit.   Like I said if I can consolidate my credit score will go to a 702, right now its 607.  Thanks in advance for the advice.

 

 

~edited to add punctuation and paragraph breaks, ~pizzadude, myFICO moderator


How much are you trying to borrow?

You're gona have to PG the loan even, with a good business credit score.

I would go back to WF branch and talk to the guy.

Regular Contributor
Posts: 155
Registered: ‎04-04-2011
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Re: Best Banks for 2 Year old business to get Business Line of Credit

Lines of credit will be difficult to get with the score that you have, and if you do get approved, the rate will be high and variable. Another option is working capital or accounts receivable loans. These generally tend to have much higher approval odds (I know of a few programs that require a minimum score of 580 and a minumum annual revenue of $125,000). The rates start at 11% for a 6 month payback and can go into the 20% range for a longer payback (up to 14 months).

 

These types of programs generally debit your account each business day of the week, making for about 21 smaller debits throughout the month. It isn't for everyone but it does help if you have high interest credit cards that you wish to consolidate. PM me if you need to know more.


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