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Since I've learned so much on this site, it's only right that I share the outcome of my recent app spree? First, here a quick backstory:
So, fast forward to May 2018---for the first time I started reading the Business Credit section of this forum and learned so much primarily as it relates to which companies will do No PG's and here are my results.
APPROVALS:
DECLINATIONS:
So all-in-all a pretty decent start. While we didn't get everything approved; the declinations taught us a great deal so I appreciate those just as much. Learning is Growing!!!!!
Sometimes I think building business credit may be harder than personal credit. Thanks for all of the no-PG guidance and advice as it helped us to secure the 3 approvals we did get. We will wait 60-90 to let these report & address to get updated and will try again.
Any additional thoughts or suggestions you have for no PG approaches please let me know.
This forum is awesome--truly a blessing.
Thanks Everyone...gotta run...need go use my Shell Gas Card to fill 'er up for the weekend. Ya'll said they report quickly so need to get the tradeline working!!!
@Aspireto850 wrote:
- Tired of banks/financial institutions continuing to have me personally guarantee 'cuz we have no established business credit"
This isn't going to change with a few NoPG accounts. It might change with a multiple of 7 figures of revenue.
Thanks Inverse. I'm not the credit grantor and therefore not privy to their internal scoring but feel confident that revenue is not our issue as we overly exceed requirements.
Best.
If you ever want a credit line with a bank you are going to need a PG. In addition any CC w/ BOA, Chase, Amex or Citi require a PG. Amex Corporate card’s don’t require a PG.
If you really need working capital and want to borrow at prime rates a Bank is the best way to go. Why should they take all the risk if your business fails and you don’t have enough collateral to pay them back. They are lenders not your business partners.
I never had a problem PGing bank line of credit for $250k for business working capital needs. Commercial lending is a different animal vs. personal consumer lending.
You should develop a relationship with your business bank.
Can you reference where your utilization and CBs scores were when you started the spree. It would be a great help.
I had no business credit established; therefore, utilization was 0. Paydex, from 1 small tradeline, was 80 and Experian was 83.