topic Re: 50K Business Line Of Credit With Wells Fargo in Business Credit

50K Business Line Of Credit With Wells Fargo

triplej0718 — Sat, 26 Aug 2023 19:23:55 GMT

Hey guys I got 50K BLOC with no docs, bank statements, or tax returns. They went off only my stated income. Ive had a business checking account with them for 2 years but I only have like 50 bucks in it. I use Chase for my business cashflows and deposit. I applied on Monday with a business bank manager and got the conditional approval on Wednesday. They finalized the full approval yesterday and was mailed out yesterday. Its now showing the 50k BLOC on my Wells Fargo online account. They pull from Experian. Very easy process with Wells and was a bit surprised how quickly the turnaround was.

Re: 50K Business Line Of Credit With Wells Fargo

BigBS — Sat, 26 Aug 2023 20:04:26 GMT

Congrats on that huge approval!

Re: 50K Business Line Of Credit With Wells Fargo

Classroom-Middle — Sat, 26 Aug 2023 20:36:10 GMT

Congratulations on the 50k!!! Is this the BLOC with the annual fee of like 195$?

Re: 50K Business Line Of Credit With Wells Fargo

DatBoiQuick — Sun, 27 Aug 2023 00:15:38 GMT

Thats a nice CL congrats!

Re: 50K Business Line Of Credit With Wells Fargo

CH-7-Mission-Accomplished — Sun, 27 Aug 2023 01:27:27 GMT

Congrats! Do they require a personal guarantee?

Re: 50K Business Line Of Credit With Wells Fargo

cashorcharge — Mon, 28 Aug 2023 16:57:29 GMT

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

Re: 50K Business Line Of Credit With Wells Fargo

bn — Tue, 29 Aug 2023 23:38:49 GMT

I applied online actually today before I saw your post, I see I am conditionally approved but only for 15k when I asked for 100k. Did your amount ever change or it was always 50k from start to finish?

Re: 50K Business Line Of Credit With Wells Fargo

triplej0718 — Wed, 30 Aug 2023 15:09:38 GMT

@CH-7-Mission-Accomplished wrote:
Congrats! Do they require a personal guarantee?

Yes they require personal guarantee. They pulled my personal Experian and I think they pull our Business Equifax as well. Quick easy process.

Re: 50K Business Line Of Credit With Wells Fargo

triplej0718 — Wed, 30 Aug 2023 15:11:18 GMT

@bn wrote:
I applied online actually today before I saw your post, I see I am conditionally approved but only for 15k when I asked for 100k. Did your amount ever change or it was always 50k from start to finish?

It was 50k from the start that I requested. However I also did it in the branch with a business bank manager. That could also be the difference compared to doing it online.

Re: 50K Business Line Of Credit With Wells Fargo

Citylights18 — Thu, 31 Aug 2023 01:24:17 GMT

Are there any early payoff fees?

What is the minimum monthly payment due as a percentage of account balance?

Re: 50K Business Line Of Credit With Wells Fargo

AzCreditGuy — Thu, 31 Aug 2023 16:19:54 GMT

Congrats....Good to know that having a 3+ yrs Wells Personal account...did nothing for me....they gave me a $10K BLOC....I never use it and asked for a downgrade to $9,999 to avoid the fees, which they still have not reduced my BLOC...

Re: 50K Business Line Of Credit With Wells Fargo

bn — Fri, 01 Sep 2023 00:10:39 GMT

When I look online at app status it says account created lol but I don't see it in my wells login and no email from them since I applied. Weird still says 15k too I will call for sure to see if I can get it increased, but I see in the application lingo you request an amount but if they approve you for less you automatically accept it lol

Re: 50K Business Line Of Credit With Wells Fargo

bigpoppa1 — Sun, 03 Sep 2023 08:47:30 GMT

What were your personal credit and business credit scores at the time you applied?

Re: 50K Business Line Of Credit With Wells Fargo

triplej0718 — Sun, 03 Sep 2023 13:14:24 GMT

@bigpoppa1 wrote:
What were your personal credit and business credit scores at the time you applied?

My personal credit with Experian 8 is 790 but I think they pull Experian 9 and my score is 813. I think they pull business Equifax as well and I have 4 tradelines reporting there and my score is 440.

Re: 50K Business Line Of Credit With Wells Fargo

bn — Sun, 03 Sep 2023 17:17:18 GMT

I got approved 15k, but I will request a CLI. Score is Ex 784

Re: 50K Business Line Of Credit With Wells Fargo

barrymc0904 — Mon, 04 Sep 2023 21:12:04 GMT

@triplej0718 wrote:
Hey guys I got 50K BLOC with no docs, bank statements, or tax returns. They went off only my stated income. Ive had a business checking account with them for 2 years but I only have like 50 bucks in it. I use Chase for my business cashflows and deposit. I applied on Monday with a business bank manager and got the conditional approval on Wednesday. They finalized the full approval yesterday and was mailed out yesterday. Its now showing the 50k BLOC on my Wells Fargo online account. They pull from Experian. Very easy process with Wells and was a bit surprised how quickly the turnaround was.

Congrats! Yea showing anything >$100k can be no doc, never seen any big approval DPs for it though, mind sharing more DPs.. revenue, entity type etc?

Re: 50K Business Line Of Credit With Wells Fargo

triplej0718 — Sun, 17 Sep 2023 00:54:31 GMT

@barrymc0904 wrote:
@triplej0718 wrote:
Hey guys I got 50K BLOC with no docs, bank statements, or tax returns. They went off only my stated income. Ive had a business checking account with them for 2 years but I only have like 50 bucks in it. I use Chase for my business cashflows and deposit. I applied on Monday with a business bank manager and got the conditional approval on Wednesday. They finalized the full approval yesterday and was mailed out yesterday. Its now showing the 50k BLOC on my Wells Fargo online account. They pull from Experian. Very easy process with Wells and was a bit surprised how quickly the turnaround was.

Congrats! Yea showing anything >$100k can be no doc, never seen any big approval DPs for it though, mind sharing more DPs.. revenue, entity type etc?

They pull Experian Fico 9 I believe and i have 790 score. Had a personal checking account with them for several years and I had a business checking account with them for just over 2 years with only 100 bucks in there. My cash flow runs through my Chase business checking account. I have an S Corp and it was established in April 2021. It was a very easy and quick process and turnaround. Revenue is 300K.

Re: 50K Business Line Of Credit With Wells Fargo

URHomeInvestments — Tue, 26 Sep 2023 15:31:23 GMT

Such a helpful thread. Thank you~