@TryItAgain wrote:
@AzCreditGuy wrote:Ok with my recent GM Business CC and high SCL...I would like to get 1 more line of credit for my business that will be used for a vehicle purchase. No I am not looking for a business car loan, too many variables and not looking to get dinged 30+ times on inquires. I am narrowing it down to another SBA loan or what other options others have used without getting a car loan.
FYI I already have a Business LOC with Wells Fargo, but it will never used due to the low limit and APR
Have you tried Citizens Bank yet? It's a soft pull personal and business Experian. I asked for 50k and approved for 50k at 10.24%, likely left a lot on the table but 50 is good enough for me. They did tell me they do counter though so maybe shoulda asked for more, oh well. Not the best rate of what I already have but not aweful either. Only reports on business credit and Interest only minimum payments really make it a nice BLOC to have on hand when needed.
Just remember, their business credit card and BLOC are both soft pull. However, any other lending product they offer is a hard pull, loans etc. The link for the BLOC app is here https://www.citizensbank.com/small-business/loans/line-of-credit.aspx
They did charge a one time $450 origination fee, but thats not too bad considering it' s not annual.
Happy Hunting.
Well I took the plunge lol....Maybe they changed states now? I got some interesting feeback from the intial pass. My Industry is a higher risk, my company scores where good and my own personal repayment was in excellent. Hmmm lets see what happens as I asked for $100k.....Yeah $450 wouldnt be bad, but I am hoping if they do approve me the APR is below $7%....Because at the moment I am credit great
@AzCreditGuy wrote:
@TryItAgain wrote:
@AzCreditGuy wrote:Ok with my recent GM Business CC and high SCL...I would like to get 1 more line of credit for my business that will be used for a vehicle purchase. No I am not looking for a business car loan, too many variables and not looking to get dinged 30+ times on inquires. I am narrowing it down to another SBA loan or what other options others have used without getting a car loan.
FYI I already have a Business LOC with Wells Fargo, but it will never used due to the low limit and APR
Have you tried Citizens Bank yet? It's a soft pull personal and business Experian. I asked for 50k and approved for 50k at 10.24%, likely left a lot on the table but 50 is good enough for me. They did tell me they do counter though so maybe shoulda asked for more, oh well. Not the best rate of what I already have but not aweful either. Only reports on business credit and Interest only minimum payments really make it a nice BLOC to have on hand when needed.
Just remember, their business credit card and BLOC are both soft pull. However, any other lending product they offer is a hard pull, loans etc. The link for the BLOC app is here https://www.citizensbank.com/small-business/loans/line-of-credit.aspx
They did charge a one time $450 origination fee, but thats not too bad considering it' s not annual.
Happy Hunting.
Well I took the plunge lol....Maybe they changed states now? I got some interesting feeback from the intial pass. My Industry is a higher risk, my company scores where good and my own personal repayment was in excellent. Hmmm lets see what happens as I asked for $100k.....Yeah $450 wouldnt be bad, but I am hoping if they do approve me the APR is below $7%....Because at the moment I am credit great
Best of luck @AzCreditGuy
I've found Citizens to be great to work with though they don't do anything fast so I wouldn't expect a 24-48 hour turnaround. My initial app took almost a week as did the SP CLI I request 6 months later.
@cashorcharge wrote:
@AzCreditGuy wrote:
@TryItAgain wrote:
@AzCreditGuy wrote:Ok with my recent GM Business CC and high SCL...I would like to get 1 more line of credit for my business that will be used for a vehicle purchase. No I am not looking for a business car loan, too many variables and not looking to get dinged 30+ times on inquires. I am narrowing it down to another SBA loan or what other options others have used without getting a car loan.
FYI I already have a Business LOC with Wells Fargo, but it will never used due to the low limit and APR
Have you tried Citizens Bank yet? It's a soft pull personal and business Experian. I asked for 50k and approved for 50k at 10.24%, likely left a lot on the table but 50 is good enough for me. They did tell me they do counter though so maybe shoulda asked for more, oh well. Not the best rate of what I already have but not aweful either. Only reports on business credit and Interest only minimum payments really make it a nice BLOC to have on hand when needed.
Just remember, their business credit card and BLOC are both soft pull. However, any other lending product they offer is a hard pull, loans etc. The link for the BLOC app is here https://www.citizensbank.com/small-business/loans/line-of-credit.aspx
They did charge a one time $450 origination fee, but thats not too bad considering it' s not annual.
Happy Hunting.
Well I took the plunge lol....Maybe they changed states now? I got some interesting feeback from the intial pass. My Industry is a higher risk, my company scores where good and my own personal repayment was in excellent. Hmmm lets see what happens as I asked for $100k.....Yeah $450 wouldnt be bad, but I am hoping if they do approve me the APR is below $7%....Because at the moment I am credit great
Best of luck @AzCreditGuy
I've found Citizens to be great to work with though they don't do anything fast so I wouldn't expect a 24-48 hour turnaround. My initial app took almost a week as did the SP CLI I request 6 months later.
Yup, they were so straight foward with my personal CC and loan products....To grant me a CC and deny me a loan lol...I just wish they did SP for personal CCs as well. I find it interesting how lax they are with business products vs personal, thats good for business owners