topic Re: Citizens LOC in Business Credit

Citizens LOC

werthere — Wed, 18 Sep 2019 21:14:52 GMT

Hello,

So, I recently got approved for a Citizens Business LOC. $100k.

Incredibly easy process. Uploaded three months worth of bank statements, and was approved and signed the papers within 48 hours, maybe even less. It did take a full week after that to be able to access the LOC. No business banking relationship with Citizens (although I will now). Rate: Prime plus 3.5%. The actual application is with Fundation, and at the time of the app the algorithm will automatically send the loan to either Citizens or Fundation. The app process was quity interactive, it featured four sections (industry profile, personal profile, business profile, debt and cash flow) and it had three different subgroups within each of those four sections. After each section, the computer would run the algorithm and give you little green (or orange or red depending on what it found) checkmarks on the different subgroups ie. industry default rates, personal credit, business credit and so on. I got green checkmarks on each section. Last section (debt and cash flow), I believe is reserved for the back office, and we as applicants don't see that.

Data Points:

Business Revenue. Just north of $1.5M

In business: Five years, didn't have almost any credit up until couple of months ago. Experian grades me as B, and neither Equifax Business nor D&B can find my business to give me a grade.

Personal: Tu: 791, Ex: 805, Eq: 835. I don't thnk they HPed any of the three because I haven't received any notifications, even now two weeks after the initial app. But, I do know from personal side they only pull EQ, so maybe that's who they SPed. I did get a hard inquiry on Experian Business side.

Income: Mid six figures, own another business.

Personal Util. 6%. I have north of $200k in available credit lines.

If you'd like to know anything else, please let me know, I'll be happy to answer any questions.

Re: Citizens LOC

bilmak — Wed, 18 Sep 2019 23:44:10 GMT

congrats, can you tell me where you applied, link etc?

Re: Citizens LOC

werthere — Thu, 19 Sep 2019 00:33:01 GMT

Here you go:

https://www.citizensbank.com/small-business/loans/line-of-credit.aspx

I'm not sure if this product is only restricted to the states Citizens has branches in (Northeast).

Good luck.

Re: Citizens LOC

bilmak — Thu, 19 Sep 2019 01:41:40 GMT

thanks! just applied, got this at the end

APPLICATION STATUSRequest Received

Thank you for applying! We have collected a lot of valuable information that will help us direct this application to a Citizens Banker who will be able to help fulfill the request. In the meantime, please see the "Next Steps" in the process below.

NEXT STEPS

A Citizens Banker will contact you within two business days to complete your application

Re: Citizens LOC

werthere — Thu, 19 Sep 2019 01:45:07 GMT

Did you ask for over $100k? I believe it's only above $100k that you have to speak with someone? I spoke to no soul before I was approved.

Re: Citizens LOC

bilmak — Thu, 19 Sep 2019 01:49:42 GMT

**bleep**, yeah i think i selected 150k ah crap...

Re: Citizens LOC

werthere — Thu, 19 Sep 2019 01:52:53 GMT

Then, I'm afraid I'm of no use to you anymore because I didn't have to that. I was approved and then was told I had one closing condition. It was something minor, maybe a copy of a drivers license or something.

Let us know how it goes. Did you get all green checkmarks throughout the application?

Re: Citizens LOC

bilmak — Thu, 19 Sep 2019 01:53:45 GMT

yeah i did get the checkmarks

Re: Citizens LOC

werthere — Thu, 19 Sep 2019 02:14:27 GMT

Then you should be fine.

Re: Citizens LOC

Anonymous — Thu, 19 Sep 2019 17:57:06 GMT

OP thanks for the link, I bookmarked for a later date when I get more established. Were there any other fees associated with the account, such as when the LOC is at a zero balance?

Re: Citizens LOC

werthere — Thu, 19 Sep 2019 18:13:49 GMT

I believe there are no annual fees or account maintenance fees. There is, however, a one time origination fee. I paid $450. Now, I'm not sure if that's a flat fee an any approved line amount, or it's a percentage of an approved line amount. In my case that would translate to a .45% origination fee, almost half a point.

Re: Citizens LOC

Anonymous — Fri, 20 Sep 2019 01:35:09 GMT

Very good. Are you 100% sure its Equifax? Thats my worse Score lol.

Re: Citizens LOC

werthere — Fri, 20 Sep 2019 01:51:09 GMT

I'm not sure. I do, however, know they pull EQ exclusively on the personal credit side, so I'm just making a logical leap here. I know for sure they didn't HP anyone. Another kink is the app, while on Citizens website, goes through Fundation. I just think Citizens integrated Fundation's portal in its website. So, it could be that Fundation is the one that actually pulls the credit. Now, who they pull I have no idea.

Re: Citizens LOC

GApeachy — Sat, 21 Sep 2019 19:32:29 GMT

I have a paid off car loan through Citizens; still reporting. However when trying to search for the loc I'm immediately sent to Citizens One instead. Georgia. With Citizens One all they offer is a personal loan. No loc. Nothing for the business. The loan would be at a whopping 10%. Also, no cc's. Too bad.

Re: Citizens LOC

jaxstraw — Sat, 21 Sep 2019 21:20:37 GMT

@GApeachy wrote:
I have a paid off car loan through Citizens; still reporting. However when trying to search for the loc I'm immediately sent to Citizens One instead. Georgia. With Citizens One all they offer is a personal loan. No loc. Nothing for the business. The loan would be at a whopping 10%. Also, no cc's. Too bad.

https://www.citizensbank.com/small-business/loans/line-of-credit.aspx

Re: Citizens LOC

GApeachy — Sat, 21 Sep 2019 21:28:33 GMT

Thumbs up! thank you, couldn't find this link on my own.

Re: Citizens LOC

Anonymous — Sun, 22 Sep 2019 03:27:03 GMT

Congrats!

Re: Citizens LOC

Anonymous — Mon, 23 Sep 2019 20:10:25 GMT

I applied last Thursday. I bank with citizens so easy to connect the bank account as asked. Received an email immediately asking for drivers license to be uploaded. Didn't hear anything Friday so I called them this morning. APPROVED for the 100k as requested. Prime plus 3.5% interest only payments. She said documents would be emailed via docusign today. Easier than getting a gas card! No poi or anything. Highly recommend!

Re: Citizens LOC

GApeachy — Mon, 23 Sep 2019 20:13:56 GMT

@Anonymous wrote:
Easier than getting a gas card! No poi or anything. Highly recommend!

I wish, you have what it takes. Congrats!

Re: Citizens LOC

lindsaydruart — Tue, 24 Sep 2019 14:53:56 GMT

Went through this entire process for them to tell me they declined me because my business is in Mississippi. They stated they only do mostly Northeast and some Midwest but nothing in the South. Huge bummer. They could just tell you that in the application.