topic Re: Chase business line of credit and NFCU business products in Business Credit

Chase business line of credit and NFCU business products

Anonymous — Sun, 09 Apr 2017 20:50:18 GMT

Folks,

I had a succesful app spree starting end of Jan with boa, chase,amex,penfed and nfcu.

and added Chase business account and Ink visa[22K] and NFCU business accounts in March.

got ploc and cloc from penfed-25k and nfcu - 15k.

Chase business called me to let me know that they could give me a Business LOC for about 80K.

Anybody here have an experience of getting chase buisness LOC?

i am definitely going to apply for NFCU business products after I try to get another penfed card on 20th April[trying to use the earlier hard pull within 90 days.].

so my plan of action is;

-get penfed new card

-get penfed CLI on first card[ should i avoid it ?-i have 17.5K sl]

-apply for chase business LOC 75K

-apply for NFCU business products - full 50K

looking for advise.

any other good LOC products out there?

thanks.

credit available 258k

aoa 7 years 6 months

utilization 6%

ex 771

tu 734

eq 755

Re: Chase business line of credit and NFCU business products

Creditplz — Sun, 09 Apr 2017 22:37:34 GMT

I was actually just looking into a Buisness LOC through Chase since they approved a 17K Marriott Business visa. Very interested in what others have to say on this post!.

Re: Chase business line of credit and NFCU business products

Anonymous — Mon, 10 Apr 2017 01:46:23 GMT

Congrats. That's really high limit from Chase. Do you mind sharing data points?

Re: Chase business line of credit and NFCU business products

Anonymous — Mon, 10 Apr 2017 01:47:01 GMT

I am sorry. I meant to ask about your business turnover, if you don't mind.

Re: Chase business line of credit and NFCU business products

Anonymous — Mon, 10 Apr 2017 01:57:42 GMT

If you are asking me, Turnover is 500K per year ..profit of 20K per year

Re: Chase business line of credit and NFCU business products

Anonymous — Mon, 10 Apr 2017 02:37:22 GMT

That's nice. We have 2.3 million turnover and 100k profit. But we have loan from on deck and invoice factoring from fundbox. So, Chase banker we are speaking to said it's hard to get new loan but she said she will try loc for 90k. Will update you guys once they come back.

Re: Chase business line of credit and NFCU business products

Anonymous — Fri, 14 Apr 2017 21:53:10 GMT

Update on plan and action :

-get penfed new card

Applied on phone for new penfed power cash rewards visa on day 84 of first HP.

CSR came back with conditional approval,emailed tax returns ,called back in 1 hour-approved for SL 8K .

-get penfed CLI on first card[ should i avoid it ?-i have 17.5K sl]

waiting on this one.Maybe another month

-apply for chase business LOC 75K

Spoke with chase business loan officer ,will apply after completing 2016 returns in June 2016.

-apply for NFCU business products - full 50K

Emailed the application for 50K-all 3 products.Waiting now.

Re: Chase business line of credit and NFCU business products

Anonymous — Fri, 16 Jun 2017 23:42:07 GMT

update folks.

NFCU 3 biz products approved for 42500.

next stop Chase Business LOC

Re: Chase business line of credit and NFCU business products

Anonymous — Sat, 17 Jun 2017 13:08:15 GMT

@Anonymous wrote:
update folks.
NFCU 3 biz products approved for 42500.

what was the breakdown on the NFCU products as there are more than 3 products available?

Re: Chase business line of credit and NFCU business products

Anonymous — Sat, 17 Jun 2017 14:34:06 GMT

i was aware of only 3.

cc- 15k

bus loan-17.5k

bcloc-10k

Re: Chase business line of credit and NFCU business products

Anonymous — Sat, 17 Jun 2017 14:57:16 GMT

@Anonymous wrote:
i was aware of only 3.
cc- 15k
bus loan-17.5k
bcloc-10k

Interesting, I was going to provide a link to the application, but I see it has changed

The new application has

vehicle/term loan

credit card

business checking line of credit

The old application listed

real estate loan

term/vehicle loan

credit card

letter of credit

line of credit

business checking line of credit

I don't mind supplying the PFS, but I'd like to get an idea on rates on a line of credit before applying and no one can even give me a range.

I have the CLOC because all I had to do was request it, but the CLOC rate is too high IMO. If I am going to have to PG something, it should at least be at a rate commensurate with the quality of my PG.

Please be sure to let us know how the Chase LOC works out and if you don't mind sharing rates, it would be immensely helpful.

Re: Chase business line of credit and NFCU business products

Anonymous — Sat, 17 Jun 2017 15:21:00 GMT

bus loan-17.5k @ 6.75%

bcloc-10k @15%

Re: Chase business line of credit and NFCU business products

Anonymous — Sat, 17 Jun 2017 15:57:51 GMT

^^^^^^^^^^^^^

Thank you

Re: Chase business line of credit and NFCU business products

Anonymous — Tue, 27 Jun 2017 01:40:43 GMT

Update:

TD bank called and asked if i wanted an LOC.They are my main busines bankers- 5 yrs.

I applied for 57.5 K SBA loan.They pulled EXP.

They moved really fast.

Loan approved-waiting to close.

Re: Chase business line of credit and NFCU business products

Anonymous — Tue, 08 Aug 2017 00:23:29 GMT

Update:

TD SBA loan closed last week.Within 6 weeks as promised by them.Being funded .Very easy process.

Re: Chase business line of credit and NFCU business products

Anonymous — Mon, 09 Oct 2017 23:54:23 GMT

data point;

While TD business card reports to personal, the TD Line of credit does not.

Its open for more than a month,not reported yet.

For anybody that may want to know ...

Re: Chase business line of credit and NFCU business products

gingerflower — Tue, 10 Oct 2017 17:47:42 GMT

Congratulations on a Chase Marriott Busineess Card. with an excellent credit limit. I have the Chase cash Ink business credit card with cash rewards anf a limit of $17,000 I am interested in the business Loc ...Keep us posted!!

Re: Chase business line of credit and NFCU business products

jc2 — Wed, 11 Oct 2017 02:07:46 GMT

Congrats

does anyone know if Chase Business products fall under the 5/24 rule?

Re: Chase business line of credit and NFCU business products

driftless — Sun, 15 Oct 2017 01:15:49 GMT

@jc2 wrote:
Congrats
does anyone know if Chase Business products fall under the 5/24 rule?

They do. Your Business Manager, not your CPC manager maybe able to overwrite you but don't apply until you talk to you BM.

Re: Chase business line of credit and NFCU business products

jc2 — Sun, 15 Oct 2017 02:45:36 GMT

Thank you