topic Re: AMEX Small Biz LOC in Business Credit

AMEX Small Biz LOC

jaxstraw — Fri, 28 Apr 2023 11:53:37 GMT

I was approved but there were some bumps along the way.

Back in February I applied.

The application came back and asked for a copy of last tax return and photo ID.

It also had me link my biz checking account because your CL is based on revenue.

The app upload saysto to use either PDF or JPEG.

I used PDF for tax files and JPEG for ID.

I got an email almost immediately after saying that some of my documents were not acceptable.

So I went back to the upload site and tried to do it again......went through....and got the same email.

First thing in the morning I call in to explain my problem and am told that a JPEG is not an acceptable format....what ???....I explain it says so right on the upload page.

The CSR while polite says they don't understand that but there is nothing they can do.

So I tell them I will convert to PDF to make it acceptable and am told I can't now.

The system only allows for two tries per application and then rejects it if they don't meet upload criteria.

So I say I'll start a new app.....nope.

The system automatically makes you wait 2 months before applying again.

So I set my calendar for 2months and a day and will try again.

This time I'm all ready.

Actually though this time when I hit apply my app is already prefilled and all I have to do is hit submit.....cool.

So I do and it immediately comes back with upload a void check and last months biz bank statement.

While I'm in the process of doing that I get an email saying approved......for $2k.

What ???? $2k LOC.....I'm like **bleep** ???

And a second email saying link biz bank account.

**bleep** ??? It saved all my application info but didn't save my bank link info.

So when I go back in to upload the docs and void check it asks to link my biz bank account also to determine CL.

Wait.....I was already approved with a crap credit limit not based on bank account and now you inform me you need bank account to determine CL ??

So I call in in the morning and am connected with my 'Account Manager ' ( had received an email that morning generated greeting me, congratulations, blah blah and this person was my AM if needed anything).

He was really nice but explained EVERYTHING associated with this account is automated and there is no manual way to override anything.....CL, application, upload, whatever.

I basically told him the system approved me and set a CL with no supporting docs or parameters and a 2k LOC is laughable and useless.

Nice guy....he said the system could recognize my bank docs at any time and correct CL and will MONITOR in the future for changes !!!

I said what ??? It will now occasionally auto check my accounts ?? He confirmed.

Well not too happy about that but now I'm in.

He also suggested using the LOC and let the system see use and that could generate an increase in LOC.

I might...I might not....we will see.

I might just pull 2k weekly and pay it right back over and over to see what happens.

LOL.

So there are my data points and story.

AMEX SBLOC is really in is infant stage and not well thought out as far as application and service.

Entirely automated it seems and no way for manual review or changes.

Re: AMEX Small Biz LOC

JoeRockhead — Fri, 28 Apr 2023 12:04:55 GMT

Interesting to say the least. Appreciate all the info you laid out and curious how this all goes in the future if you decide to pull the 2k and pay it back repeatedly. Congratulations on at least getting a start with a LOC!

Re: AMEX Small Biz LOC

SouthJamaica — Fri, 28 Apr 2023 13:00:39 GMT

@jaxstraw wrote:
I was approved but there were some bumps along the way.
Back in February I applied.
The application came back and asked for a copy of last tax return and photo ID.
It also had me link my biz checking account because your CL is based on revenue.
The app upload saysto to use either PDF or JPEG.
I used PDF for tax files and JPEG for ID.
I got an email almost immediately after saying that some of my documents were not acceptable.
So I went back to the upload site and tried to do it again......went through....and got the same email.
First thing in the morning I call in to explain my problem and am told that a JPEG is not an acceptable format....what ???....I explain it says so right on the upload page.
The CSR while polite says they don't understand that but there is nothing they can do.
So I tell them I will convert to PDF to make it acceptable and am told I can't now.
The system only allows for two tries per application and then rejects it if they don't meet upload criteria.
So I say I'll start a new app.....nope.
The system automatically makes you wait 2 months before applying again.
So I set my calendar for 2months and a day and will try again.
This time I'm all ready.
Actually though this time when I hit apply my app is already prefilled and all I have to do is hit submit.....cool.
So I do and it immediately comes back with upload a void check and last months biz bank statement.
While I'm in the process of doing that I get an email saying approved......for $2k.
What ???? $2k LOC.....I'm like **bleep** ???
And a second email saying link biz bank account.
**bleep** ??? It saved all my application info but didn't save my bank link info.
So when I go back in to upload the docs and void check it asks to link my biz bank account also to determine CL.
Wait.....I was already approved with a crap credit limit not based on bank account and now you inform me you need bank account to determine CL ??
So I call in in the morning and am connected with my 'Account Manager ' ( had received an email that morning generated greeting me, congratulations, blah blah and this person was my AM if needed anything).
He was really nice but explained EVERYTHING associated with this account is automated and there is no manual way to override anything.....CL, application, upload, whatever.
I basically told him the system approved me and set a CL with no supporting docs or parameters and a 2k LOC is laughable and useless.
Nice guy....he said the system could recognize my bank docs at any time and correct CL and will MONITOR in the future for changes !!!
I said what ??? It will now occasionally auto check my accounts ?? He confirmed.
Well not too happy about that but now I'm in.
He also suggested using the LOC and let the system see use and that could generate an increase in LOC.
I might...I might not....we will see.
I might just pull 2k weekly and pay it right back over and over to see what happens.
LOL.

So there are my data points and story.
AMEX SBLOC is really in is infant stage and not well thought out as far as application and service.
Entirely automated it seems and no way for manual review or changes.

Let me get this straight: are you saying that a robot at Amex will automatically log in to your business checking accounts from time to time?

Re: AMEX Small Biz LOC

jaxstraw — Fri, 28 Apr 2023 13:51:42 GMT

@SouthJamaica wrote:
@jaxstraw wrote:
I was approved but there were some bumps along the way.
Back in February I applied.
The application came back and asked for a copy of last tax return and photo ID.
It also had me link my biz checking account because your CL is based on revenue.
The app upload saysto to use either PDF or JPEG.
I used PDF for tax files and JPEG for ID.
I got an email almost immediately after saying that some of my documents were not acceptable.
So I went back to the upload site and tried to do it again......went through....and got the same email.
First thing in the morning I call in to explain my problem and am told that a JPEG is not an acceptable format....what ???....I explain it says so right on the upload page.
The CSR while polite says they don't understand that but there is nothing they can do.
So I tell them I will convert to PDF to make it acceptable and am told I can't now.
The system only allows for two tries per application and then rejects it if they don't meet upload criteria.
So I say I'll start a new app.....nope.
The system automatically makes you wait 2 months before applying again.
So I set my calendar for 2months and a day and will try again.
This time I'm all ready.
Actually though this time when I hit apply my app is already prefilled and all I have to do is hit submit.....cool.
So I do and it immediately comes back with upload a void check and last months biz bank statement.
While I'm in the process of doing that I get an email saying approved......for $2k.
What ???? $2k LOC.....I'm like **bleep** ???
And a second email saying link biz bank account.
**bleep** ??? It saved all my application info but didn't save my bank link info.
So when I go back in to upload the docs and void check it asks to link my biz bank account also to determine CL.
Wait.....I was already approved with a crap credit limit not based on bank account and now you inform me you need bank account to determine CL ??
So I call in in the morning and am connected with my 'Account Manager ' ( had received an email that morning generated greeting me, congratulations, blah blah and this person was my AM if needed anything).
He was really nice but explained EVERYTHING associated with this account is automated and there is no manual way to override anything.....CL, application, upload, whatever.
I basically told him the system approved me and set a CL with no supporting docs or parameters and a 2k LOC is laughable and useless.
Nice guy....he said the system could recognize my bank docs at any time and correct CL and will MONITOR in the future for changes !!!
I said what ??? It will now occasionally auto check my accounts ?? He confirmed.
Well not too happy about that but now I'm in.
He also suggested using the LOC and let the system see use and that could generate an increase in LOC.
I might...I might not....we will see.
I might just pull 2k weekly and pay it right back over and over to see what happens.
LOL.

So there are my data points and story.
AMEX SBLOC is really in is infant stage and not well thought out as far as application and service.
Entirely automated it seems and no way for manual review or changes.
Let me get this straight: are you saying that a robot at Amex will automatically log in to your business checking accounts from time to time?

If I understood the AM correctly....and we had a fairly lengthy talk....that's how the system will determine if you are eligible for an increase in limit.

Kind of makes sense considering there is no way for a human to manually do it.

This still might be a deal breaker for me.

I'm in now but would have no issue cancelling the whole thing at any moment considering all I've uncovered.

Re: AMEX Small Biz LOC

drewricomakeubu — Fri, 28 Apr 2023 15:42:28 GMT

@jaxstraw wrote:
@SouthJamaica wrote:
@jaxstraw wrote:
I was approved but there were some bumps along the way.
Back in February I applied.
The application came back and asked for a copy of last tax return and photo ID.
It also had me link my biz checking account because your CL is based on revenue.
The app upload saysto to use either PDF or JPEG.
I used PDF for tax files and JPEG for ID.
I got an email almost immediately after saying that some of my documents were not acceptable.
So I went back to the upload site and tried to do it again......went through....and got the same email.
First thing in the morning I call in to explain my problem and am told that a JPEG is not an acceptable format....what ???....I explain it says so right on the upload page.
The CSR while polite says they don't understand that but there is nothing they can do.
So I tell them I will convert to PDF to make it acceptable and am told I can't now.
The system only allows for two tries per application and then rejects it if they don't meet upload criteria.
So I say I'll start a new app.....nope.
The system automatically makes you wait 2 months before applying again.
So I set my calendar for 2months and a day and will try again.
This time I'm all ready.
Actually though this time when I hit apply my app is already prefilled and all I have to do is hit submit.....cool.
So I do and it immediately comes back with upload a void check and last months biz bank statement.
While I'm in the process of doing that I get an email saying approved......for $2k.
What ???? $2k LOC.....I'm like **bleep** ???
And a second email saying link biz bank account.
**bleep** ??? It saved all my application info but didn't save my bank link info.
So when I go back in to upload the docs and void check it asks to link my biz bank account also to determine CL.
Wait.....I was already approved with a crap credit limit not based on bank account and now you inform me you need bank account to determine CL ??
So I call in in the morning and am connected with my 'Account Manager ' ( had received an email that morning generated greeting me, congratulations, blah blah and this person was my AM if needed anything).
He was really nice but explained EVERYTHING associated with this account is automated and there is no manual way to override anything.....CL, application, upload, whatever.
I basically told him the system approved me and set a CL with no supporting docs or parameters and a 2k LOC is laughable and useless.
Nice guy....he said the system could recognize my bank docs at any time and correct CL and will MONITOR in the future for changes !!!
I said what ??? It will now occasionally auto check my accounts ?? He confirmed.
Well not too happy about that but now I'm in.
He also suggested using the LOC and let the system see use and that could generate an increase in LOC.
I might...I might not....we will see.
I might just pull 2k weekly and pay it right back over and over to see what happens.
LOL.

So there are my data points and story.
AMEX SBLOC is really in is infant stage and not well thought out as far as application and service.
Entirely automated it seems and no way for manual review or changes.
Let me get this straight: are you saying that a robot at Amex will automatically log in to your business checking accounts from time to time?

If I understood the AM correctly....and we had a fairly lengthy talk....that's how the system will determine if you are eligible for an increase in limit.
Kind of makes sense considering there is no way for a human to manually do it.
This still might be a deal breaker for me.
I'm in now but would have no issue cancelling the whole thing at any moment considering all I've uncovered.

Do you have to have a business checking with Amex to open the LOC?

Re: AMEX Small Biz LOC

Xanthos472 — Fri, 28 Apr 2023 16:57:52 GMT

That's odd. My experience was pretty smooth, overall. Linked 5 accounts with cumulative balances of approximately $20K, and was instantly approved for $75K.

Re: AMEX Small Biz LOC

SouthJamaica — Fri, 28 Apr 2023 17:26:50 GMT

@Xanthos472 wrote:
That's odd. My experience was pretty smooth, overall. Linked 5 accounts with cumulative balances of approximately $20K, and was instantly approved for $75K.

What's the interest rate?

Re: AMEX Small Biz LOC

SouthJamaica — Fri, 28 Apr 2023 18:27:29 GMT

This is one of the products they acquired from Kabbage.

Re: AMEX Small Biz LOC

jaxstraw — Sat, 29 Apr 2023 20:51:28 GMT

@drewricomakeubu wrote:
@jaxstraw wrote:
@SouthJamaica wrote:
@jaxstraw wrote:
I was approved but there were some bumps along the way.
Back in February I applied.
The application came back and asked for a copy of last tax return and photo ID.
It also had me link my biz checking account because your CL is based on revenue.
The app upload saysto to use either PDF or JPEG.
I used PDF for tax files and JPEG for ID.
I got an email almost immediately after saying that some of my documents were not acceptable.
So I went back to the upload site and tried to do it again......went through....and got the same email.
First thing in the morning I call in to explain my problem and am told that a JPEG is not an acceptable format....what ???....I explain it says so right on the upload page.
The CSR while polite says they don't understand that but there is nothing they can do.
So I tell them I will convert to PDF to make it acceptable and am told I can't now.
The system only allows for two tries per application and then rejects it if they don't meet upload criteria.
So I say I'll start a new app.....nope.
The system automatically makes you wait 2 months before applying again.
So I set my calendar for 2months and a day and will try again.
This time I'm all ready.
Actually though this time when I hit apply my app is already prefilled and all I have to do is hit submit.....cool.
So I do and it immediately comes back with upload a void check and last months biz bank statement.
While I'm in the process of doing that I get an email saying approved......for $2k.
What ???? $2k LOC.....I'm like **bleep** ???
And a second email saying link biz bank account.
**bleep** ??? It saved all my application info but didn't save my bank link info.
So when I go back in to upload the docs and void check it asks to link my biz bank account also to determine CL.
Wait.....I was already approved with a crap credit limit not based on bank account and now you inform me you need bank account to determine CL ??
So I call in in the morning and am connected with my 'Account Manager ' ( had received an email that morning generated greeting me, congratulations, blah blah and this person was my AM if needed anything).
He was really nice but explained EVERYTHING associated with this account is automated and there is no manual way to override anything.....CL, application, upload, whatever.
I basically told him the system approved me and set a CL with no supporting docs or parameters and a 2k LOC is laughable and useless.
Nice guy....he said the system could recognize my bank docs at any time and correct CL and will MONITOR in the future for changes !!!
I said what ??? It will now occasionally auto check my accounts ?? He confirmed.
Well not too happy about that but now I'm in.
He also suggested using the LOC and let the system see use and that could generate an increase in LOC.
I might...I might not....we will see.
I might just pull 2k weekly and pay it right back over and over to see what happens.
LOL.

So there are my data points and story.
AMEX SBLOC is really in is infant stage and not well thought out as far as application and service.
Entirely automated it seems and no way for manual review or changes.
Let me get this straight: are you saying that a robot at Amex will automatically log in to your business checking accounts from time to time?

If I understood the AM correctly....and we had a fairly lengthy talk....that's how the system will determine if you are eligible for an increase in limit.
Kind of makes sense considering there is no way for a human to manually do it.
This still might be a deal breaker for me.
I'm in now but would have no issue cancelling the whole thing at any moment considering all I've uncovered.
Do you have to have a business checking with Amex to open the LOC?

I do not believe so.

Re: AMEX Small Biz LOC

Xanthos472 — Tue, 02 May 2023 18:27:44 GMT

@SouthJamaica wrote:

What's the interest rate?

I believe it was approx. 8% APY before the latest Fed hikes. However, they only granted the 6 month term. I'm hoping they approve a CLI and longer terms.

Re: AMEX Small Biz LOC

fm92555 — Sun, 21 May 2023 13:09:35 GMT

The Amex loc is good but not the best.

all the interest is front loaded meaning from day one you are charged the full interest amount and that is the bulk of your first few payments. You can avoid some of the interest by paying it off early, but they won't give a refund of interest. I used mine for 1/2 a month and it did cost me a chunk of change.

But it is great to have in my pocket for quick access to cash.

They lowered my interest rate 1/2 point for new draws about two weeks after I paid mine off when all other rates are rising.