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Valued Member
Posts: 92
Registered: ‎02-11-2014
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CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loan.

 Alright so this month I made it to the 700 club at 701 fico score and 726 transunion. 6 months ago I had like a small cli of 1250 now I am at 13750 cli which is pretty cool. I am stilling working to try to open up a business in my local community. I have applied for business loans and got denied due to my account being too new. the banker at wellsfargo told me that everything else looked good and that if I came back in 3 months I should get accepted for a loan of 20-30k. 

 

still trying to find an installment loan. as of now I can't seem to find anything I need. my discover statements are telling me I need a non mortage installment loan to appear less risky if I want to conitnue to improve my credit line. I cant seem to confirm if leschwab has installment loans or not. Every store I called they don't need know what an installment loan is. 

 

anyway how are people doing? how much has your score increased in the last 3 months same with cli?

 

Also who here has gotten a successful buisness loan?


Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

People get these types of loans from banks or whatnot for like boats, cars, trucks, or a personal loan in general. (Personal loans are usually trickier to get at first especially for a large amount. If you do get one from a lender for a large amount, it's usually what I consider a predatory lender that will charge a tremendous amount of fees.)
Valued Member
Posts: 92
Registered: ‎02-11-2014
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

hold up where do you get info on predatory loans? and did you or someone you know experience such a thing? I figured out after the crash of 2008 predatory loans wouldn't exist as much. What do you consider a large amount?

Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Valued Member
Posts: 92
Registered: ‎02-11-2014
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

I should probably make sure the loan is back by the gov since such loans would have less fee's?

Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Posts: 2,691
Registered: ‎09-26-2011
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
I should probably make sure the loan is back by the gov since such loans would have less fee's?

If you're looking for a business loan, the SBA is a good place to start.  Smiley Happy

Current Scores: EX: 615, TU08: 639, EQ: 607. 04/01/2015.

Zero percent financing is where the devil lives...
Valued Member
Posts: 92
Registered: ‎02-11-2014
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

What about wellsfargo vs sba or sbdc?

Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Valued Contributor
Posts: 2,691
Registered: ‎09-26-2011
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

Wells Fargo is a fine bank, don't know about sbcd.

 

SBA was good to me many years ago...if they can't help you, they can point you in the right direction.

 

Good luck!

Current Scores: EX: 615, TU08: 639, EQ: 607. 04/01/2015.

Zero percent financing is where the devil lives...
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Registered: ‎01-15-2009
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
hold up where do you get info on predatory loans? and did you or someone you know experience such a thing? I figured out after the crash of 2008 predatory loans wouldn't exist as much. What do you consider a large amount?

lol, I'm talking about places like Beneficial, SpringLeaf, etc., etc. While some people may be able to get great rates there, I don't know of one person that has. You end up paying back almost double the loan. Large amount to me is anything greater than 5k. I say this because I was looking to get an unsecured loan about 6-8 months ago, but no one could do it. They all want it to be secured aka your title of your car, boat, etc.

Valued Member
Posts: 92
Registered: ‎02-11-2014
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

who did you end up going with a non secured loan would be nice?

Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
who did you end up going with a non secured loan would be nice?

I didn't end up getting an unsecured. I had paid my loan off for my car about 2-3 months prior, and I just used my title to take a loan out on my car again.

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