Advice on building business credit sought

[eliteproxy]

@URHomeInvestments how much are you looking in the BLOC? the amount makes a huge difference how underwriters handle the applicaiton.

[URHomeInvestments]

@eliteproxy I was thinking between $25k and $45k

[eliteproxy]

@URHomeInvestments ok so here is what I recomend

TD Bank:

request 35k but MAKE SURE to let me them that you do not wish to be the SBA backed BLOC. otherwise they will take you through the entire SBA path and its a pain. If they come back with SBA backed BLOC is the only offer then I would not accept.

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PNC

request 50k BLOC and mention same things "No SBA", worst case they will com eback with 25k BLOC...

now here the the best part with PNC. you should also apply for the Business Options Choice Visa Credit Card. This card is not like a regular CC process, you actually specify the limit you want and min is 20k. and this gets approved pretty quick unless you have major credit issues

PNC for both of the BLOC and the Card i mentioned will only do a soft pull on your personal EQ. and they report only to Business Agencies. 

TD will do a hard pull regardless.

Do whatever you can do make your personal EQ look perfect.. no maxed out cards, etc. if you personal EQ credit is not so great then go to the branch. if its 700+ then do it online. 

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for both PNC and TD income is stated they wont ask for any documentation. I like PNC becasue i asked for 25k BLOC and 25K on the card, no hard pulls and it was super fast. They love seeing income around 500-600k per year range.

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if you want a higher BLOC, I would suggest going the SBA backed version, submitting returns etc and you can get a 100k BLOC.

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A little hiddent info for you also...

if you open a PNC account, and you can deposit 100k in the checking accound for 90 days, after 90 days the bank manager will give you the 100k BLOC without even needing anything. You can try with less amount but the first 90 days average balance is a HUGE factor on BLOC limit.

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With PNC .. DO NOT open a business bank account prior to getting approved for the products. once your approved then open.. otherwise a new business checking with low balance will be used against you during underwritting.

[URHomeInvestments]

Holy Guacamole! That was a generous set of tips you shared there.  This might have saved me (and others!) a year of time digging and untold time and money trying other banking options that simply won't work.  Thank you so much!

[Expansion]

@eliteproxy Wow, thank you so much with sharing all this info!!  I'm with @URHomeInvestments , holy guacamole, this is so generous and helpful!!

Question for @eliteproxy: my business income is around $100k.  Do you sense any of these products would be available to me at that level?  

[AzCreditGuy]

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@eliteproxy wrote:

@URHomeInvestments ok so here is what I recomend

TD Bank:

request 35k but MAKE SURE to let me them that you do not wish to be the SBA backed BLOC. otherwise they will take you through the entire SBA path and its a pain. If they come back with SBA backed BLOC is the only offer then I would not accept.

-------

PNC

request 50k BLOC and mention same things "No SBA", worst case they will com eback with 25k BLOC...

now here the the best part with PNC. you should also apply for the Business Options Choice Visa Credit Card. This card is not like a regular CC process, you actually specify the limit you want and min is 20k. and this gets approved pretty quick unless you have major credit issues

PNC for both of the BLOC and the Card i mentioned will only do a soft pull on your personal EQ. and they report only to Business Agencies. 

TD will do a hard pull regardless.

Do whatever you can do make your personal EQ look perfect.. no maxed out cards, etc. if you personal EQ credit is not so great then go to the branch. if its 700+ then do it online. 

-----

for both PNC and TD income is stated they wont ask for any documentation. I like PNC becasue i asked for 25k BLOC and 25K on the card, no hard pulls and it was super fast. They love seeing income around 500-600k per year range.

----

if you want a higher BLOC, I would suggest going the SBA backed version, submitting returns etc and you can get a 100k BLOC.

----

A little hiddent info for you also...

if you open a PNC account, and you can deposit 100k in the checking accound for 90 days, after 90 days the bank manager will give you the 100k BLOC without even needing anything. You can try with less amount but the first 90 days average balance is a HUGE factor on BLOC limit.

----

With PNC .. DO NOT open a business bank account prior to getting approved for the products. once your approved then open.. otherwise a new business checking with low balance will be used against you during underwritting.

---

Ok I am down to apply for PNC, filled out the contact form and I will use what you stated above to see what they give me

[Expansion]

Fico Friends!

Since it's been almost six months since I posted 

asking for advice on what might be a good next move

for my 2nd business credit card,

I wanted to check in and see what the current "lay of the land" is,

since I sense many of you

have the pulse of the credit world more than I do

Here's an update on where I'm at in a nutshell:

I've been working on building my tradelines with net 30s,

monitoring using Nav.

DNB is currently 80, 6 tradelines reporting.

(Staples, Quill, Grainger, Uline, Office Depot, and Nav)

Experian 88, 2 active tradelines reporting.

Equifax is 380, which is "poor."  This rating seems to be primarily due to the fact that only one tradeline is reporting to Equifax.  But maybe there's something else going on that I can't see.

Personal FICO 8s are now:
TU 725

EXP 749

EQ 715

(all improved a lot since I last posted !!!!!!!!!!!!)

Utilization on individual personal CCs is between 0 and 47% (higher utilization on 0% cards)

as I pay down using the 87/67/47/27/7 "avalanche" framework.

Overall personal CC utilization is about 35.6% (also improved a lot since my last post).

I already have 1 business card,

Citizens Business Platnium, 

$25k limit,

current utilization 13%

(the balance is just things I pre-paid for

at the end of 2022

to be strategic about business taxes)

In business since 2003

S corp since 2016

I have personal credit relationships with
Discover, AmEx, BOA, Wells Fargo, Chase, Citi, Mercury, Santander, Barclays,

and I'm a credit union member with

Navy Federal, PenFed, 

and also Apple FCU, Arlington FCU, and NASA FCU. 

Suggestions for easy approvals for my 2nd card?

My goal at this point is really just to build my business credit.

A good business 0% BTO would be awesome, but more of a bonus at this point. 

I combed through everyone's responses and carefully took note of the suggestions:

NIHFCU business CC

Chase Ink 

Capital One Spark (does report on personal)

TD Bank (does report on personal)

Apple FCU business visa

PNC bank 

current offers I have received:

BOA Business Advantage Customized Cash Rewards MC

AMEX offers with stupid high annual fees ($295/695, and I don't really care about rewards/points)

As always, I look forward to your thoughts 

@M_Smart007 @GApeachy @FinStar 

[Expansion]

@bizcredit11 Thank you again for the suggestion about NIHFCU business credit card. 

Clarifying question: I understand it's a PG - does that mean it reports to your personal credit?

[bizcredit11]

@Expansion  No, it does not show up on your personal credit.

It's a rather slow process to obtain the biz card, but the max credit limit is 50k.

Of course the offer has changed a bit...it used to be 15 months 0% APR.

[Expansion]

OK, so I poked around the boards a little bit and saw that @shawnkp73  recently got two $10k approvals, both with 18 month 0% BTOs, for NBKC and Ameris Bank business cards.

I went ahead and applied for both today.

NBKC gave an instant approval, with a $3k starting line.

I kinda feel like I did something wrong, since the startling line is so much lower than my other business card --

Citizens Bank gave me a $25k starting line.

Ameris Bank said they needed to do a manual review and I'd hear back in 7-10 business days.

They both pull TransUnion, and I'm wondering if it was worth it,

since now I think I'll have to wait before applying for a second Navy Federal personal CC with a 0% BTO

to avoid having two recent TU pulls on my file when I apply.

As always, I welcome your thoughts!!

@bizcredit11 @FinStar @tcbofade @SouthJamaica @M_Smart007