topic Re: FlexBase Mastercard / Net60 / SP in Business Credit

FlexBase Mastercard / Net60 / SP

Drifter73 — Sun, 11 Jun 2023 20:18:10 GMT

Not finding anything on myFICO for this (FlexBase Mastercard) business card which claims to be Net60 (0% apy for 60 days on all purchases) and SP to personal with no HP.

I can't find what bureau it uses, minimum score, average sl, or any other data points: https://www.flexbase.app/

Anyone already have this card or have datapoints?

Supposedly, it's been around since 2021.

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Fri, 09 Jun 2023 04:17:57 GMT

Here's more information and where it talks about a soft pull further down the page: https://www.flexbase.app/the-flexbase-card

""APPLICATION REQUIREMENTS

What you should know before you apply

7 Min. Application

The application takes about 7 minutes and you’ll receive a response soon.

No Credit Score Impact

You will need to provide your SSN for a soft credit check.

Business Information

Due to financial regulations, you will need to provide your legal business name, address, entity type, EIN, and more""

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Fri, 09 Jun 2023 04:58:49 GMT

Guess I'm a guinea pig.

Apped

Provided personal + Biz info

linked plaid To bank

Got the "we'll let you know in 5 business days" message.

As of 20 minutes after app, No notifications from any bureaus of a pull. So it may be a genuine SP.

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Fri, 09 Jun 2023 18:53:19 GMT

Update: today I got a text from FlexBase to verify my residential address. Which stated, once verified, they can start underwriting and fund my account.

They still have not indicated the amount, however, there was an Apy of 26.9% that would apply if full balance isnt paid in 60 days (e.g. net60), in the pdf terms at the time of the app.

Note: still no notification from any bureaus of an HP, so still looks like it may be an SP as per their claim.

It should also be noted that this FlexBase Mastercard is basically a micro working capital loan with a 60 day short term 0%apy. It's mostly ideal for small businesses that deal in piece work contracts that can be completed in 30 to 50 days to repay the working capital used for supplies and labor within 60 days to avoid interest.

Re: FlexBase Mastercard / Net60 / SP

cashorcharge — Fri, 09 Jun 2023 22:07:53 GMT

Thanks for the info and hope the ultimate approval is an amount you're happy with

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Fri, 09 Jun 2023 23:05:44 GMT

@cashorcharge wrote:
Thanks for the info and hope the ultimate approval is an amount you're happy with

With the SP they'll see my card deck is all in the low to mid 4fig range each. I would be fine with the low end just to add another SP Biz card.

I'm more curious as to how or if it will report to the bureaus.

I'll probably just use it for smaller biz investments I want to split into 2 payments anyways.

Re: FlexBase Mastercard / Net60 / SP

M_Smart007 — Mon, 12 Jun 2023 02:01:58 GMT

Never hurts to have more tools in the Biz. tool box

I have said in the past,

the time to get credit ...is before you ever need it.

Re: FlexBase Mastercard / Net60 / SP

J-F168 — Mon, 12 Jun 2023 15:11:34 GMT

Not for CA residents

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Mon, 12 Jun 2023 15:31:00 GMT

@J-F168 wrote:
Not for CA residents

That's unfortunate, I noticed there's 4 or 5 states excluded from availability.

Though, the terminology suggests it might be available in the future: "The Flexbase Card is not available yet in the following states: CA, ND, SD, VT, and NV."

Re: FlexBase Mastercard / Net60 / SP

TheRealRo — Mon, 12 Jun 2023 17:36:39 GMT

Has anyone on here gotten approved? I'm on day 8 of waiting. Chatted this morning and was told it normally takes 12 days to process.

Hopefully I hear from them soon.

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Mon, 12 Jun 2023 17:56:45 GMT

@TheRealRo wrote:
Hi
Has anyone on here gotten approved? I'm on day 8 of waiting. Chatted this morning and was told it normally takes 12 days to process.

Hopefully I hear from them soon.

The message I got after applying was 5 business days and it's only been 3 days for me (counting today) due to the weekend.

I did get a text Friday to confirm residential address and they said my app would go to the underwriters once verified.

Let us know if you get approved before I do and any extra data points you can share. Looks like it's the first time this cards been talked about on myFICO.

Re: FlexBase Mastercard / Net60 / SP

TheRealRo — Mon, 12 Jun 2023 17:56:36 GMT

Will do! Please update us once you get approved as well.

I got the 5-10 business day email when I applied but today when I chatted they told me it normally takes 12 days for underwriting to review.

Good luck!

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Mon, 12 Jun 2023 18:01:03 GMT

@TheRealRo wrote:
Will do! Please update us once you get approved as well.
I got the 5-10 business day email when I applied but today when I chatted they told me it normally takes 12 days for underwriting to review.

Good luck!

FWIW - you can login to the web portal and it tells you your app status. Alternatively, you can install the FlexBase app and login on your phone, but that way just tells you available balance and not status.

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Thu, 15 Jun 2023 03:05:05 GMT

Update: I apped on the 8th, today is the 14th, FlexBase chat support stated up to 12 business days on the 8th, I got a text on day 2 (9th) and confirmed residential address, then today I get an email stating it will be another 5 to10 days for a decision.

Total wait time so far, minus weekend = 4 business days.

Fingers crossed I find out sooner than 10 more business days and that it's good news.

Anyone else tried Appling for this one yet or have progress to report?

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Sat, 17 Jun 2023 02:15:23 GMT

Adding data points: after conversing with a few small businesses that previously apped and were declined, I found the following datapoints some might be interested in.

1. If you don't link your bank with plaid or your bank is not available on plaid, they will do a HP to try and get you approved without a plaid linkage. (It's an SP only if you link with plaid)

2. They pull from Experian personal + Experian Biz.

3. The x2 denials brought to my attention from other businesses was that the reason for denial was that their score did not meet the minimum requirements. Both the exp scores of the sole prop businesses were under 695 and neither linked plaid.

Re: FlexBase Mastercard / Net60 / SP

TheRealRo — Tue, 20 Jun 2023 19:34:17 GMT

Received text saying they cannot approve me and I will receive an email. It's been 24hrs no email.

Any luck with yours?

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Tue, 20 Jun 2023 23:24:08 GMT

@TheRealRo wrote:
Received text saying they cannot approve me and I will receive an email. It's been 24hrs no email.

Any luck with yours?

Sorry to hear that.

Please update with the denial reason(s) once you get them.

Still no word back on my application yet. :/ 🤔

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Fri, 30 Jun 2023 20:08:19 GMT

Update: Unfortunately, I was declined as well for the following reason(s):

Equifax sp:

Too many inquiries (9 inquiries in the last 24 months)

Length of time in business too short (2005)

Unable to verify business revenue sources

Seems a bit odd for reasons, but OK. I gave it a shot.

Honestly, I can't seem to find even 1 approval case, anywhere. Every topic I come across on all platforms is a denial.

Maybe they are just physhing for Biz info (leads) to pitch different product later?

Anyone else have any luck?

Re: FlexBase Mastercard / Net60 / SP

GRosaUSA — Sun, 09 Jul 2023 00:56:21 GMT

Hello everyone. My first post. The reason I'm posting is because I searched google to check reviews on the Flexbase Business Card.

I received a text this morning that my credit application was approved for $7,500.00.

I did waited about 2 weeks for approval. Yo be honest I even forgot ss put it until I received the text.

if you have any questions please let me know.

if someone can teach me to add photos I will post photos of messages I've received.

good luck.

Re: FlexBase Mastercard / Net60 / SP

Drifter73 — Sun, 09 Jul 2023 15:20:36 GMT

@GRosaUSA wrote:
Hello everyone. My first post. The reason I'm posting is because I searched google to check reviews on the Flexbase Business Card.

I received a text this morning that my credit application was approved for $7,500.00.

I did waited about 2 weeks for approval. Yo be honest I even forgot ss put it until I received the text.

if you have any questions please let me know.

if someone can teach me to add photos I will post photos of messages I've received.

good luck.

You were approved for $7.5k?

If so, congrats on your approval. Nice!

That would be the first approval reported so far here.