topic Re: AMEX Business Line of Credit Approval in Business Credit

AMEX Business Line of Credit Approval

CWESTL — Mon, 13 Feb 2023 04:20:34 GMT

To date my business has had one credit account. The AMEX Lowes Business has worked decently with a $25K credit limit. However, an AMEX line of credit was offered when I most recently logged onto my online account dashboard. I decided to apply and was instantly approved for a $25K line of credit with a 4% for 6 month, 7.5% for 12 month or 10.5% for 18 month and no origination/transaction fee terms. No hard inquiry was performed. No immediate plan to use the funds, but happy to expand the options.

Re: AMEX Business Line of Credit Approval

JoeRockhead — Sun, 12 Feb 2023 18:58:28 GMT

It's always great to have options like this available, nice approval, congratulations!

Re: AMEX Business Line of Credit Approval

TMDSCT — Mon, 13 Feb 2023 15:31:05 GMT

Congratulations!

Re: AMEX Business Line of Credit Approval

SouthJamaica — Mon, 13 Feb 2023 16:55:59 GMT

@CWESTL wrote:
To date my business has had one credit account. The AMEX Lowes Business has worked decently with a $25K credit limit. However, an AMEX line of credit was offered when I most recently logged onto my online account dashboard. I decided to apply and was instantly approved for a $25K line of credit with a 4% for 6 month, 7.5% for 12 month or 10.5% for 18 month and no origination/transaction fee terms. No hard inquiry was performed. No immediate plan to use the funds, but happy to expand the options.

Congratulations on your approval for the line of credit.

Re: AMEX Business Line of Credit Approval

cardslayer — Tue, 14 Feb 2023 15:44:41 GMT

Congrats on the approval!

I just wanted to confirm (although you explicitly stated this) no HP from Kabbage? I'm an existing personal Platinum charge cardholder, but no business card accounts. Wanted to pull the trigger on the BLOC but CANNOT take a HP right now. Personal is good with Amex average $20k/mo in charges.

Re: AMEX Business Line of Credit Approval

Mdowning30 — Tue, 14 Feb 2023 17:21:11 GMT

Congrats, being a member with 4 cards plus a checking account, i was looking into this and want to know for certain if it's a SP.

Re: AMEX Business Line of Credit Approval

CWESTL — Thu, 16 Feb 2023 03:43:50 GMT

@cardslayer wrote:
Congrats on the approval!

I just wanted to confirm (although you explicitly stated this) no HP from Kabbage? I'm an existing personal Platinum charge cardholder, but no business card accounts. Wanted to pull the trigger on the BLOC but CANNOT take a HP right now. Personal is good with Amex average $20k/mo in charges.

@cardslayer You are correct that my approval did not involve a HP. All of my AMEX approvals (AMEX Platinum, Lowes AMEX Business, AMEX Business LOC) have not involved a HP inquiry. My initial AMEX Cash Magnet application was the only AMEX account that required a HP inquiry for approval.

Re: AMEX Business Line of Credit Approval

CWESTL — Wed, 15 Feb 2023 21:24:08 GMT

@Mdowning30 wrote:
Congrats, being a member with 4 cards plus a checking account, i was looking into this and want to know for certain if it's a SP.

@Mdowning30 Yes, SP and/or my AMEX account history have been my experience for AMEX determining approval.

Re: AMEX Business Line of Credit Approval

werthere — Fri, 17 Feb 2023 17:31:30 GMT

@Mdowning30 wrote:
Congrats, being a member with 4 cards plus a checking account, i was looking into this and want to know for certain if it's a SP.

I also received this LOC recently, and to my surprise it was a HP on Experian. Piddly $14.4k line, 9.2% cost of capital over a year. Although, my line amount could be impacted by the fact I have six credit cards with them--I think, and a $40k personal loan.

Re: AMEX Business Line of Credit Approval

cashorcharge — Sun, 26 Feb 2023 20:24:23 GMT

Appreciate hearing that there was no HP on this. I wasn't sure if Credit Line apps would follow that likelihood like on Credit Cards

That's great! Congratulations on your AMEX CL approval!! 🥂🎉

Re: AMEX Business Line of Credit Approval

RootDet — Fri, 03 Mar 2023 14:38:21 GMT

I tried but it told me my checking account at the credit union was not a checking account. Last thing i want is to sit on the phone with them.

Re: AMEX Business Line of Credit Approval

SouthJamaica — Mon, 14 Aug 2023 18:40:18 GMT

@CWESTL wrote:
To date my business has had one credit account. The AMEX Lowes Business has worked decently with a $25K credit limit. However, an AMEX line of credit was offered when I most recently logged onto my online account dashboard. I decided to apply and was instantly approved for a $25K line of credit with a 4% for 6 month, 7.5% for 12 month or 10.5% for 18 month and no origination/transaction fee terms. No hard inquiry was performed. No immediate plan to use the funds, but happy to expand the options.

Just bear in mind that the way the loans are structured, the "fee" is against the full amount of the loan, but you have to pay the loans down in monthly instalments, so the average balance is only half the loan amount.

Re: AMEX Business Line of Credit Approval

Willy_Ong — Thu, 17 Aug 2023 05:28:18 GMT

Do you have to link your checking account to amex?

Re: AMEX Business Line of Credit Approval

SouthJamaica — Thu, 17 Aug 2023 14:17:08 GMT

@Willy_Ong wrote:
Do you have to link your checking account to amex?

Yes. Another negative aspect of this program.

Re: AMEX Business Line of Credit Approval

reluctantgarden — Fri, 18 Aug 2023 03:29:45 GMT

@Willy_Ong wrote:
Do you have to link your checking account to amex?

In my case, my checking is connected to Amex for auto-pay, but I didn't have to connect it via Plaid for Amex to "see" it like others have had to do.