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Amex HHonors Biz crd and Biz loan in 3days

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Amex HHonors Biz crd and Biz loan in 3days

I started building 2 integrated businesses in 2019, both LLCs and I have been actively building a credit base for the businesses. So far I have opened biz checking and gotten a few credit cards. I decided I would focus my credit efforts almost exclusively on biz credit in 2020 and it has started fairly well.

 

I found that that the older of the two LLCs was pre-approved for a bunch of Amex business cards(already have 2 with them), so I pulled the trigger on the HH card and was instantly approved for $3k(not an impressive SL) but given the fact that the biz income I reported was only $10k and I already have $15k in CL with them, I couldn't really complain that much.

 

While trying to track the delivery of the HH card yesterday, I got a pre-approval for a $5k biz loan for just 6 months at 12.97%. At first, I felt insulted at the amount, APR and tenure but then on second thought I considered the age of the biz: 10months, the annual revenue they have on file and the leanness of my biz credit file relative to the personal side and i quickly accepted it. Instant approval and I expect deposit today. Monthly payment will be $895 and roughly $190 in interest. This will be the first instalment loan on my biz credit file. Will help create a track record of on-time payment.

 

There was no credit pull for both approvals. Surprisingly, for me at least, the biz loan approval process took all of 15 minutes from me accepting the offer to the new account showing up online.

 

On the whole really pleased with the progression of the biz credit build, so far. Hope someone gets some ideas from this.




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Re: Amex HHonors Biz crd and Biz loan in 3days


@Kad4life wrote:

... Hope someone gets some ideas from this ...


Yup. Nicely done. Congrats!

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Re: Amex HHonors Biz crd and Biz loan in 3days


@Kad4life wrote:

While trying to track the delivery of the HH card yesterday, I got a pre-approval for a $5k biz loan for just 6 months at 12.97%.


Congrats x's 2!  It's positive they offered a loan through the portal.  Where exactly did you see it?  

"America was not built on fear. America was built on courage, on imagination and an unbeatable determination to do the job at hand." --Harry S Truman

"The future doesn't belong to the fainthearted; it belongs to the brave." - Ronald Reagan

“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
— Marie Curie
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Re: Amex HHonors Biz crd and Biz loan in 3days

  
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Amex HHonors Biz crd and Biz loan in 3days

I started building 2 integrated businesses in 2019, both LLCs and I have been actively building a credit base for the businesses. So far I have opened biz checking and gotten a few credit cards. I decided I would focus my credit efforts almost exclusively on biz credit in 2020 and it has started fairly well.

 

Congrats on leveraging your personal credit to build business credit!

Well done!!

Message 4 of 10
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Valued Contributor

Re: Amex HHonors Biz crd and Biz loan in 3days

Congrats on the loan offer.

I've had my two BIZ cards with Amex since April of 19, and had looked into their loan a couple months ago. But no go, said there were no offers ATM. I too was hoping a Biz installment loan would look good, and it would have allowed me to pay down the CC balance.

 

Maybe it was the fact that I already had a $3,500K balance on BBP with 0% promo at the time, who knows. But at least that rate is probably beter than what the loan would have been, so maybe a blessing in diguise. lol

 

Also, considering that Amex doesn't seem to be reporting. I doubt the Loan would have made that much a difference.






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Re: Amex HHonors Biz crd and Biz loan in 3days

Congratulations!

 

Thanks for posting, because - as you hoped - you have given me ideas. 

 

I just registered my LLC, and am developing my biz banking and credit plan so you've provided a timeline and a path for me to work from, as soon as I get my personal scores where they should be. 

Starting Score: 622
Current Score: 652
Goal Score: 750


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Re: Amex HHonors Biz crd and Biz loan in 3days


@Janus wrote:

Congrats on the loan offer.

I've had my two BIZ cards with Amex since April of 19, and had looked into their loan a couple months ago. But no go, said there were no offers ATM. I too was hoping a Biz installment loan would look good, and it would have allowed me to pay down the CC balance.

 

Maybe it was the fact that I already had a $3,500K balance on BBP with 0% promo at the time, who knows. But at least that rate is probably beter than what the loan would have been, so maybe a blessing in diguise. lol

 

Also, considering that Amex doesn't seem to be reporting. I doubt the Loan would have made that much a difference.


Hi there. My BBP( the Amazon Biz prime does not) does report to Experian business credit report but not to my personal credit report which would not be desirable for anybody. Just wanted to chip that in. If you don't already have one, you could get a free account with NAV where you could see all your business accounts that are reporting to Experian, EQ or D&B business reports. 




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Re: Amex HHonors Biz crd and Biz loan in 3days

Hello @GApeachy.

 

There is a banner that shows up at the top of the "account home' for each card one has, especially after making payments that says something like " we received your payment and it will be posted within 24 to 48 hrs". that banner suddenly showed up saying I have lending options for my business..." name of business". When I clicked on it, it showed me the 4 or 5 options including business loan and when I clicked the business loan it said: " 'my name' you are pre-approved for a $5000 loan".

 

Come to think of it, I think it might have been there for a couple of months, this is just the first time I actually clicked on it cause it looked generic to me. So it might be worth checking out the lending options dropdown if you have it showing anywhere in your account.




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Re: Amex HHonors Biz crd and Biz loan in 3days


@Kad4life 

 


Oh cool, thanks.  I'll have to pay attention to see if I ever get one or have one.  Probably not, I zero in on the word "pre-approved".

"America was not built on fear. America was built on courage, on imagination and an unbeatable determination to do the job at hand." --Harry S Truman

"The future doesn't belong to the fainthearted; it belongs to the brave." - Ronald Reagan

“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
— Marie Curie
Message 9 of 10
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Re: Amex HHonors Biz crd and Biz loan in 3days

Well done, Congrats!

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