topic Re: Hatchcard.com? in Business Credit

Hatchcard.com?

Anonymous — Tue, 17 Dec 2019 05:36:55 GMT

Has anyone ever heard of this company? I saw them on a Facebook ad and the replies to the ad seemed genuine. I called them and they were really friendly, so I applied online.

They did not pull my credit. I don't even think they asked for my social. Or maybe the last 4. I did not sign a personal guarantee. They did ask for my business banking info and I had to connect it through Plaid. They approved me for a $2000 credit line after like 3 days. Lady over the phone said they increase it quickly with responsible use. I think they work like Kabbage does, but they give you a Visa card to use.

I'm pretty stoked, actually. I had been trying forever to get a business card but couldn't due to poor personal credit. Hopefully they report to beureaus and I can start building up the company's credit.

For those thinking of applying. My business does about 600k per year but I only keep about $5000 in the business account at any given time since the rest goes to pay out employees, myself, or into savings.

Should be getting my card by early next week.

Re: Hatchcard.com?

Anonymous — Tue, 17 Dec 2019 06:45:57 GMT

They could be useful if they report. If they do not report, their usefulness is limited.

If you are looking for a business card that is easier to get that reports to business credit bureaus look at the Capital One Spark Classic. The limits do not usually start above $2K but it is a very easy card to get. Its the one with no SUB and no intro APR. Cap1 says for "average credit". All their other business cards say "excellent credit".

it doed report to your personal credit but in your case that might actually help.

Re: Hatchcard.com?

silver_idle — Tue, 17 Dec 2019 13:44:48 GMT

It should be noted that they are only available in specific states at this time.

Currently accepting applications in Arizona, Colorado, Illinois, Indiana, Michigan, Nevada, North Carolina, Texas, and Washington, with more coming soon

Regardless, if they do not report, they could still be used as a reference if you have the right contact info, but if they do, that does cut down on needing to provide reference (though its usually best to provide such reference to those who dont pull DNB or a specific CRA that hatch might report too).

Re: Hatchcard.com?

Anonymous — Tue, 17 Dec 2019 19:39:45 GMT

You're braver than I am, I certainly wouldn't have allowed access to my bank account to a company I never heard of! lol

Congratz on sucuring a fairly easy LOC though!

Re: Hatchcard.com?

Anonymous — Wed, 18 Dec 2019 05:23:41 GMT

I contacted them. They said they don't report anywhere. I guess if you have a small home based business and you need the cash flow or some way to separate expenses they could be useful. But imo "starter" accounts like this are most useful to people building business credit only if they report. I hope they reconsider since they are a new startup.

Re: Hatchcard.com?

Puppetmaster — Fri, 20 Dec 2019 23:12:20 GMT

@Anonymous wrote:
Has anyone ever heard of this company?

I applied with them on Tuesday and was approved today (Friday) with a $3,000 limit. This doesn't appear to have any business credit building value, but it's a free tool in the toolbox just in case needed for anything in an emergency.

Re: Hatchcard.com?

RehabbingANDBlabbing — Sun, 22 Dec 2019 20:00:12 GMT

I was approved for this card recently. They gave me an $800 starting SL. I looked and looked, but I didn't see any language about a personal guarantee. They didn't pull my personal credit at all and they overnighted me the card (a surprise).

Re: Hatchcard.com?

Anonymous — Tue, 24 Dec 2019 21:13:25 GMT

I got one with a $3K limit.

Used it a couple times to try it. It declined at a couple merchants

Re: Hatchcard.com?

Anonymous — Wed, 25 Dec 2019 22:00:52 GMT

Did it ever work? I was going to try using it tomorrow and it would suck if it didn't go through.

Re: Hatchcard.com?

RehabbingANDBlabbing — Wed, 25 Dec 2019 22:02:38 GMT

I used mine to order some coffee from Nespresso and it worked okay.

Re: Hatchcard.com?

Anonymous — Wed, 01 Jan 2020 14:42:08 GMT

Hey everyone! Thomson here--I'm the founder and CEO at Hatch. Someone told me about the post here and so I thought I'd chime in here to assuage folks that we're a real company! We're just starting out but the idea behind Hatch is to work with new business owners who usually don't or can't get access to credit--folks who've just moved into the US or people who have impaired credit, but are working on their businesses.

OP is a great example of such a business:

I had been trying forever to get a business card but couldn't due to poor personal credit. Hopefully they report to beureaus and I can start building up the company's credit.

For those thinking of applying. My business does about 600k per year but I only keep about $5000 in the business account at any given time since the rest goes to pay out employees, myself, or into savings.

I think that's crazy that a business making $600k has trouble obtaining credit for their business. And that's why I started Hatch.

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.

- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

Re: Hatchcard.com?

Anonymous — Wed, 01 Jan 2020 01:28:33 GMT

I think it's pretty cool that you found this post and commented, Thompson. I know I appreciated the approval and how easy you guys made it. Customer service has also been great. Keep doing what you're doing. Keep it personal.

Happy New Year!

Re: Hatchcard.com?

Anonymous — Wed, 01 Jan 2020 20:20:12 GMT

I just got my hatchcard.

I agree reporting to the business credit bureaus would be awesome.

Re: Hatchcard.com?

spiritcraft1 — Wed, 01 Jan 2020 21:20:59 GMT

@Anonymous wrote:
Hey everyone! Thomson here--I'm the founder and CEO at Hatch. Someone told me about the post here and so I thought I'd chime in here to assuage folks that we're a real company! We're just starting out but the idea behind Hatch is to work with new business owners who usually don't or can't get access to credit--folks who've just moved into the US or people who have impaired credit, but are working on their businesses.

OP is a great example of such a business:

I had been trying forever to get a business card but couldn't due to poor personal credit. Hopefully they report to beureaus and I can start building up the company's credit.

For those thinking of applying. My business does about 600k per year but I only keep about $5000 in the business account at any given time since the rest goes to pay out employees, myself, or into savings.

I think that's crazy that a business making $600k has trouble obtaining credit for their business. And that's why I started Hatch.

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.
- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

Nice of you to take the time to post some answers to questions. There are a lot of great sub $1M revenue companies out there with no real access to credit. This would seem a great market. Reporting would help your clients though!

Re: Hatchcard.com?

azsnake — Fri, 03 Jan 2020 02:16:05 GMT

Thats great news on the reporting. I just applied right now. I will follow up here with the experience. Thank you

Re: Hatchcard.com?

Puppetmaster — Fri, 10 Jan 2020 10:24:38 GMT

@Anonymous wrote:

- We want to start reporting to bureaus sometime in mid-late Q1....

Thanks for posting this. It makes me glad I got your card for my business. Reporting will make it significantly more valuable, and it'll get used regularly when it reports. Thanks also for addressing the market need. It sure would have come in handy 6 months ago, when my best option was to open a secured Mastercard account, which required first opening a checking account that I didn't need, with a big bank that I'd rather not deal with. Kudos to you!

Re: Hatchcard.com?

GApeachy — Fri, 10 Jan 2020 10:58:54 GMT

@Anonymous wrote:

First Congrats! Is this a Business Credit card or a Line of Credit w/ debit carb? Linking to your bank it sounds more like a loc w/debit card, plus saying they work like Kabbage, but you didn't mention funds transferring so idk...Credit Card?

What's the apr? Pay Back Terms?

Re: Hatchcard.com?

RehabbingANDBlabbing — Fri, 10 Jan 2020 11:02:06 GMT

They are calling it a line of credit, but you cannot use it to obtain cash. I have been using it and it works just like a credit card. My APR is 24%. I'm not sure if they all are that rate, but that's what they had me do. They use Plaid to verify your bank account and funds coming in. You can pay anytime or pay your monthly bill as you would on a credit card. So far, I have been enjoying the Hatch card and have not had any issues. I think it really stands out that the founder came on here to talk to us as well.

Re: Hatchcard.com?

GApeachy — Fri, 10 Jan 2020 11:15:40 GMT

@RehabbingANDBlabbing wrote:
I think it really stands out that the founder came on here to talk to us as well.

That caught my eye too and yes, it is neat.

Re: Hatchcard.com?

GApeachy — Fri, 10 Jan 2020 11:18:37 GMT

@Anonymous wrote:

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.
- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

I'd like to make a suggestion; though I'm not looking for anymore biz credit presently, that it would be totally awesome to have a choice to keep it hidden or report.

That ability; choice in reporting or not would make it a "unique" product. Cuz as you know, sometimes less is more. Just a thought.....can it be done like that?