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Posts: 7,225
Registered: ‎09-16-2011
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Is the Underwiting criteria same for Plum and Lowes

Hey! Quick question... I see offers for all of the business charge cards including Plum on the Amex website when I click on my offers. My question is this... I would rather have amex lowes card. Are the UW criteria the same? I have zync now and have spent 37k through YTD. Income is 124k. Business income is 24kish

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 132
Registered: ‎11-21-2012
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Re: Is the Underwiting criteria same for Plum and Lowes

I thinks the Lowes card is a little easier to get approved for but the limits seem to be lower.. I don't have one but my father in law does and his credit score is 800 something and he only got a $9k limit.. When his other cards are well above that.

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Posts: 7,225
Registered: ‎09-16-2011
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Re: Is the Underwiting criteria same for Plum and Lowes

Thanks for the response. I would be happy with a 2k limit. Right now I use my zync at lowes and just flag those expenses separately

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 132
Registered: ‎11-21-2012
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Re: Is the Underwiting criteria same for Plum and Lowes

Honestly I tell people to use what ever card gives them the most back (points, rewards, etc) because business cards really are just personally cards that go off of your personal credit as we all know. Depending upon your company set up just use your personal card and expense report the money from the company back to you for what ever you bought. Some people just refuse to use a personal credit card for business expenses fairing some sort of IRS issue  when none exist for proper expenses. Rack up points rewards what ever since a lot of biz cards report to personal any way.

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Re: Is the Underwiting criteria same for Plum and Lowes

5% discount at lowes and 2x points seems like a winner to me as I spent close to 5k on home improvement items last year. I like the idea of no AF and hidden tradeline. PG doesn't bother as my business is a Sole Proprietorship LLC. Income for the business isn't a lot; but my business is legit; registered; taxes on income are paid; and ive been in business since 2008. I am hoping I get approved. I decided to go for lowes card in January. I'm so nervous because ive never applied for a business card before. 11 more days!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 132
Registered: ‎11-21-2012
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Re: Is the Underwiting criteria same for Plum and Lowes

No worries if your personal credit is good. The business info and credit won't be a deciding factor with getting approved.

 

FYI your not a sole prop your a LLC a real business entity separate from yourself. Its a good idea for any business to build business credit without a PG for future expension purposes, there is only so much business credit you can put under your name before it drags down your personal scores. You can still get a decent amount of credit for your business without a PG. 

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Registered: ‎09-16-2011
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Re: Is the Underwiting criteria same for Plum and Lowes


Project17 wrote:

No worries if your personal credit is good. The business info and credit won't be a deciding factor with getting approved.

 

FYI your not a sole prop your a LLC a real business entity separate from yourself. Its a good idea for any business to build business credit without a PG for future expension purposes, there is only so much business credit you can put under your name before it drags down your personal scores. You can still get a decent amount of credit for your business without a PG. 


I see.  The problem is that I don't really need a lot of business credit. The idea of managing a lot of accounts is fairly overwhelming.

My EX report just aged off a 90 day late from 2006.  I think its a sign.   My EX report contains only 1 baddie, which is a medical collection from 2009. The medical service was performed in 2008, and I never received a bill from the hospital.  The car accident happened the day after I had closed on my first home, and there were several medical providers that i paid, including the ambulance, the ER physician, the Medical Imaging group, and the physical therapist.  but I didn't receive the bill from the actual hospital and the amount not covered by insurance ($697) was turned into a collection agency.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Is the Underwiting criteria same for Plum and Lowes

card offers.JPG

Does this mean that I could be approved for just about any of the Business cards? I didn't see this the other day, I saw Green, Gold, Platinum, and Plum a few days ago.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
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