BlueVine Credit Line Approved

Creditaddict · ‎07-06-2016

$5k starting because of some NSF the business had a couple months ago (Transfers from Savings to Checking by system but chase makes them looks like NSF).

17% but they did waive the 1.5% withdraw fee.

26 weekly payments

He said he was confident that the line could grow very fast and the rate would go down if I would use it now and make a few payments.... DONE!

Anonymous · ‎07-07-2016

Congratulations!

Was that a factoring, revolving line of credit or just regular line of credit?

Also did they pull personal credit?

Thank you!

mattmyFIC0 · ‎07-07-2016

Nice work! They were awesome when I talked with them. I'm assuming they pulled your EX personal when you took the initial draw?

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board

Creditaddict · ‎07-07-2016

As of this morning EX is not showing an INQ and the draw is already posted in my checking!

Anonymous · ‎07-07-2016

What business information did they ask you to provide when you applied?

I see they have some hoops to jump thru like directing customers to pay thru a new bank account BlueVine sets up for you. My business has receivables that are paid my credit cards so BlueVine might not work for me, but thank you for pointing them out.

Anonymous · ‎07-07-2016

Congrats CA!!! Partner's doing great gardening!

mattmyFIC0 · ‎07-08-2016

@Anonymous wrote:
What business information did they ask you to provide when you applied?

I see they have some hoops to jump thru like directing customers to pay thru a new bank account BlueVine sets up for you. My business has receivables that are paid my credit cards so BlueVine might not work for me, but thank you for pointing them out.

I think you might be confusing the LOC with the Invoice Factoring. They want to see your last three months bank statements and your time in business. It was a very simple app and they call you the next day to go over everything. If you find my post on them in the business forum I shared a few more details about my approval.

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board

Creditaddict · ‎07-08-2016

@mattmyFIC0 wrote:
@Anonymous wrote:
What business information did they ask you to provide when you applied?

I see they have some hoops to jump thru like directing customers to pay thru a new bank account BlueVine sets up for you. My business has receivables that are paid my credit cards so BlueVine might not work for me, but thank you for pointing them out.
I think you might be confusing the LOC with the Invoice Factoring. They want to see your last three months bank statements and your time in business. It was a very simple app and they call you the next day to go over everything. If you find my post on them in the business forum I shared a few more details about my approval.

Exactly... He did initially seem to try to get me on an invoice financing product and I told him I had ZERO interest in that and he quickly switched tone to the line of credit (newer product for them) but rates FAR better than Kabbage and others a like.