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I set up my LLC, obtined the EIN, obtained a virtual office address via Servcorp, got a business phoneline via Grasshopper and got a virtual fax via hellofax.
I finally got a business checking savings with Navy Federal. I have no clue what the next step should be and I need some help.
How can I get a DUNS number without the pushy sales pitch?
Before I apply for anything with Navy Federal does anyone have any experience with them and what they may be looking for?
Your LLC has to be state registred as they will ask for the Articles of Organization and an Operating Agreement. You can get the form on the website and it will tell you exactly what you need.
You have to call in and get matched with a business rep for your region.
You will have to fill out application and scan and fax or email in along with the articles and what not for the company and then also snail mail them in.
They will call you to go over the app and enter into computer to process.
you either get instant, review, or decline... most go to review.
they pull TU only.
I think it's $25k total between credit card and cloc without financials being asked for.
Just my expereince, I don't know about anyone else.
Navy Federal has not been a good business bank. Great for personal banking but very poor on business.
In business you want to have a personal relationship with them and that's very hard to do when you can readily drop in or pick up the phone and call them.
When you do reach out you have to wait days for a response. Even the people in the banks will tell you they aren't business friendly and I move an average 60k in revenue a month with them but I'm parting ways from NFCU business banking.
Again just my opinion.
Thank you lindsey, creditaddict and jologan.
I am starting to get that feeling. I was told that I would get a call from a Navy Federal business banker to discuss their credit cards and loans...(they used another name I forgot what) but anyway they never called. I was very disappointed.
I am thinking I didn't make a good decision on who to do business banking with now.
I'm a member of NFCU and I explored their business products earlier this month but never pulled the trigger on any of them. It's my understanding they will not only require a PG but they will also report the business account on your personal credit reports, which you absolutely do not want. Most banks today will require a personal guarantee but not all will report on your personal credit and those are the ones you want to take a look at. American Express is one of them. They will definitely pull a personal credit report (most likely Experian) but they will not report a business account on personal. I chose the Simplycash Plus.
With that said, I wouldn't use Navy for business. They're excellent on the personal side but not the greatest for business.
Regarding DUNS, I would suggest doing it online if you don't want to get pitched. Otherwise, simply insist you don't want any additional products. They can't force you to take them! But I know what you're saying about all their pitching. They're known for that.
UM
Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500
Thank you Uncle_Money...such a cute name
I will go online in the morning and try out getting the Duns number
I just got approved for the regular American Express Blue Card (I wanted the preferred but was preapproved for the regular one)
It is a small starting like but I hope to work my way up with credit line increases.
My Experian score is 660, hopefully I can get the last two collections off by January
@Uncle_Money wrote:It's my understanding they will not only require a PG but they will also report the business account on your personal credit reports, which you absolutely do not want.
UM
Your understanding is incorrect. NFCU does not report your business credit on your personal report.
NFCU business will pull TransUnion.