topic Re: BANK OF AMERICA BUSINESS CREDIT CARD in Business Credit

BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Wed, 23 Mar 2022 17:41:31 GMT

I applied for this card about 2 weeks ago. I received an email with Intralinks login information; they asked for the following:

2 Years Business Tax Returns-Accountant Prepared

2 Years Personal Tax Returns

Copy of Articles of Organization

Resolution Granting Borrowing Abilities

EIN Letter

Now, I had to stop and ask myself, "Is this for a credit card or a mortgage?" I wanted to know if anyone else had success if they chose to submit documents?

Re: BANK OF AMERICA BUSINESS CREDIT CARD

pizza1 — Wed, 23 Mar 2022 23:11:59 GMT

Hello and welcome to the forums!! I dont have any experience with them on the business side, but I can help summon someone who might
@FinStar

Re: BANK OF AMERICA BUSINESS CREDIT CARD

FinStar — Wed, 23 Mar 2022 23:31:25 GMT

@Anonymous wrote:
I applied for this card about 2 weeks ago. I received an email with Intralinks login information; they asked for the following:
2 Years Business Tax Returns-Accountant Prepared
2 Years Personal Tax Returns
Copy of Articles of Organization
Resolution Granting Borrowing Abilities
EIN Letter

Now, I had to stop and ask myself, "Is this for a credit card or a mortgage?" I wanted to know if anyone else had success if they chose to submit documents?

Hey thanks for the tag @pizza1

@Anonymous- I realize these types of document requests tend to surprise some folks, but we're dealing with an unsecured business credit card. It doesn't usually go through the same UW criteria as a personal account hence the reason for the extra documents.

IME, I was asked for tax and ID documents eons ago when I applied for the Alaska Airlines Visa Business CC and it was approved. I was not asked for any of the other docs since I applied as a Sole Proprietor at the time. So, the request for such docs is not out of the ordinary depending on what personal income you input, business revenue, business structure, etc.

If you want the card, then this is totally up to you. A variety of individuals call it a day and move on if they feel that's too 'intrusive', while others have submitted their docs.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

bizcredit11 — Thu, 24 Mar 2022 02:31:12 GMT

@Anonymous Are You applying for a SBA loan?

Just open up a business checking account with BofA. I don't think you should supply all their requests. There are plenty of other lenders that do not request all that info. BofA is just one lender.

They denied me sometime back and wanted me to open a secured business card. No thanks. I now have business checking with them and will see if it leads to a business credit card approval. No docs.

Look for alternatives. Hang in there.

bizcredit11

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Thu, 24 Mar 2022 17:09:26 GMT

That's for the assistance. I really appreciate it.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Thu, 24 Mar 2022 17:12:22 GMT

Thank you Finstar! I was wondering if anyone else actually followed through. When I googled the topic, everyone basically said the same thing: I declined and threw it in the trash. In my experience, I found that if the bank requests docs, they usually approve you upon verification. I was taken aback that they asked for so much information! LOL! Thanks for the insight and information-I really appreciate it!

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Fri, 25 Mar 2022 19:30:32 GMT

@bizcredit11 wrote:
@Anonymous Are You applying for a SBA loan?

Just open up a business checking account with BofA. I don't think you should supply all their requests. There are plenty of other lenders that do not request all that info. BofA is just one lender.

They denied me sometime back and wanted me to open a secured business card. No thanks. I now have business checking with them and will see if it leads to a business credit card approval. No docs.

Look for alternatives. Hang in there.

bizcredit11

No, I actually applied for the BOA Business Unlimited Cash card. This is the information that they requested and I have a relationship with them. I could only imagine what they would ask for if I requested an SBA loan...

Re: BANK OF AMERICA BUSINESS CREDIT CARD

imaximous — Fri, 25 Mar 2022 03:49:03 GMT

I just got that same card last week and they didn't ask for any docs. This is my 3rd biz card with BofA, so I suppose I've been fortunate thus far because it's not uncommon for them to request docs.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Uncle_Money — Fri, 25 Mar 2022 03:54:29 GMT

@Anonymous wrote:
I applied for this card about 2 weeks ago. I received an email with Intralinks login information; they asked for the following:
2 Years Business Tax Returns-Accountant Prepared
2 Years Personal Tax Returns
Copy of Articles of Organization
Resolution Granting Borrowing Abilities
EIN Letter

Now, I had to stop and ask myself, "Is this for a credit card or a mortgage?" I wanted to know if anyone else had success if they chose to submit documents?

I hear you @Anonymous. This certainly sounds like a hassle indeed. Exactly which biz card did you apply for with BofA and did you get a hard pull on your personal credit?

I have the BofA Business Advantage Cash Rewards card. Never had to send in any documentation, even when approved for large credit limit increases. This card actually grew over time to a credit limit of $100K. It's currently the largest limit I have on a credit card.

Hope you have better luck with your next application!

Uncle Money

Re: BANK OF AMERICA BUSINESS CREDIT CARD

GApeachy — Fri, 25 Mar 2022 12:05:25 GMT

@Anonymous wrote:
No, I actually applied for the BOA Business Unlimited Cash card. This is the information that they requested and I have a relationship with them. I could only imagine what they would ask for if I requested an SBA loan...

(Head scratcher) Is your BoA relationship personal or Business? Also, how long has your business existed? What is your biz entity? Any other similarily named businesses in your state/county or other businesses in your name?

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Sat, 26 Mar 2022 17:16:05 GMT

@Uncle_Money wrote:
@Anonymous wrote:
I applied for this card about 2 weeks ago. I received an email with Intralinks login information; they asked for the following:
2 Years Business Tax Returns-Accountant Prepared
2 Years Personal Tax Returns
Copy of Articles of Organization
Resolution Granting Borrowing Abilities
EIN Letter

Now, I had to stop and ask myself, "Is this for a credit card or a mortgage?" I wanted to know if anyone else had success if they chose to submit documents?

I hear you @Anonymous. This certainly sounds like a hassle indeed. Exactly which biz card did you apply for with BofA and did you get a hard pull on your personal credit?

I have the BofA Business Advantage Cash Rewards card. Never had to send in any documentation, even when approved for large credit limit increases. This card actually grew over time to a credit limit of $100K. It's currently the largest limit I have on a credit card.

Hope you have better luck with your next application!

Uncle Money

This is my first application with them for a business card. I have several business accounts with them; I just decided to go ahead and apply for a card because I've been with them for 3 years now and I've never applied for any of their products.

I did receive a hard pull on my TU for the card which at the time was a 768.

I applied for the Business Advantage Unlimited Cash Rewards card.

I am hoping that once this process is over and my approval is complete, any subsequent requests can automatically be approved.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

Anonymous — Sat, 26 Mar 2022 17:16:33 GMT

@GApeachy wrote:
@Anonymous wrote:
No, I actually applied for the BOA Business Unlimited Cash card. This is the information that they requested and I have a relationship with them. I could only imagine what they would ask for if I requested an SBA loan...
(Head scratcher) Is your BoA relationship personal or Business? Also, how long has your business existed? What is your biz entity? Any other similarily named businesses in your state/county or other businesses in your name?

1. All of my BOA relationships are business.

2. This particular business is 3 years old.

3. It is an LLC.

4. I am the only business with this name.

5. All of the companies that I own aren't similiarly named; they are all different.

I can only assume that the doc request was due to the fact that I've never applied for anything with them, and they just want to verify everything before approving anything. The app was done online; the cust serv rep told me that if I did it in person it still would've ended up with the same end result so I'm just going through the motions with them for now.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

GApeachy — Sat, 26 Mar 2022 01:58:45 GMT

@Anonymous wrote:

5. All of the companies that I own aren't similiarly named; they are all different.

I believe it's #5 as to why they are diving deeper. Either quantity and/or timelines perhaps but FI's will want the whole picture, not bits and pieces.

Re: BANK OF AMERICA BUSINESS CREDIT CARD

bizcredit11 — Sat, 26 Mar 2022 02:11:27 GMT

@Anonymous What kind of info was asked when you opened your BofA business accounts? In person or online?

bizcredit11

Re: BANK OF AMERICA BUSINESS CREDIT CARD

GApeachy — Sat, 26 Mar 2022 02:35:50 GMT

@Anonymous wrote:
I have several business accounts with them

I've been with them for 3 years now

So this particular business I'm under the assumption is not tied into one of those business banking accts you already have with them... Correct?...being they are requesting Articles of Organization on this one particular LLC. Is that about right or no?

In any case, I hope they are satisfied and open the door to you andvyour biz endeavors.