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Business Banks/Credit Unions

I need to open a business checking account and eventually want to get a business credit card (as well as some equipment lease financing) for a Wyoming based LLC.

 

I am looking for recommendations for a good no/low fee checking account provider (happy with either a bank or a credit union), and any suggestions as to what might be a good credit card to eventually get that will not report to my personal credit.

 

For what it is worth, I currently have personal accounts with Navy Federal CU, First Tech Federal CU, Alliant CU, and NASA Federal CU.

 

Thanks in advance

Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: Business Banks/Credit Unions



Couldn't tell you what would be a good checking account. I think it depends on how you'll use it - most biz accounts have thresholds where it won't cost you anything. I have a Chase Biz account and as long as it has $1,500 in there any given day, I'm not charged any fees. Tends to offer high ATM options (if withdrawal's would be part of your regular activity).

 

I've heard complaints about the Navy application process, but don't hear much about them after they are opened. Probably just a pain in the neck app process, but seems pretty easy to maintain after that. 

 

Regarding credit cards, the banks vary on this. I prefer the same as you and after digging all over the internet here is what I've been able to pull together. Some reports online say Amex does report to Biz CRA's, but none of my Amex cards show up. I think some banks only report to specific CRA's but haven't been able to find a definitive list of how they are paired. Hope this helps and good luck!

 

Screen Shot 2019-03-14 at 10.00.46 PM.png

 

 

 

 

Message 2 of 10
Moderator Emeritus

Re: Business Banks/Credit Unions

I generally use this list for business card reporting:

 

https://www.creditcardinsider.com/learn/definitive-guide-building-business-credit/#credit-card-issue...

 

I haven't been able to verify much of it other than Chase and Amex on some bureaus (vis a vis I've never tried to pull SBFE, just don't care enough about my SP) but so far seems accurate.




        
Message 3 of 10
Valued Contributor

Re: Business Banks/Credit Unions


@Revelate wrote:

I generally use this list for business card reporting:

 

https://www.creditcardinsider.com/learn/definitive-guide-building-business-credit/#credit-card-issue...

 

I haven't been able to verify much of it other than Chase and Amex on some bureaus (vis a vis I've never tried to pull SBFE, just don't care enough about my SP) but so far seems accurate.


Great Link @Revelate! 

Message 4 of 10
Established Contributor

Re: Business Banks/Credit Unions

If you are already a NFCU member it is a relatively simple process to open a business checking account.

They also offer a Biz CC .

I have had the CC for approximately 10 years and if I remember correctly they use your personal credit score but other than the inquiry it only reports to business.

Like all NFCU cards they seem to be generous with CL.

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 5 of 10
Super Contributor

Re: Business Banks/Credit Unions


@ThomasJNewton wrote:

I need to open a business checking account and eventually want to get a business credit card (as well as some equipment lease financing) for a Wyoming based LLC.

 

I am looking for recommendations for a good no/low fee checking account provider (happy with either a bank or a credit union), and any suggestions as to what might be a good credit card to eventually get that will not report to my personal credit.

 

For what it is worth, I currently have personal accounts with Navy Federal CU, First Tech Federal CU, Alliant CU, and NASA Federal CU.

 

Thanks in advance


1. IMHO Chase is the best for a business.

2. NFCU's business department is nothing like its consumer-side department; customer service is poor. Stay away.

3. Almost all business credit cards report only to business credit. Exceptions -- to be avoided -- are Capital One, TD Bank, and Discover.


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 6 of 10

Re: Business Banks/Credit Unions


@credit_is_crack wrote:


Couldn't tell you what would be a good checking account. I think it depends on how you'll use it - most biz accounts have thresholds where it won't cost you anything. I have a Chase Biz account and as long as it has $1,500 in there any given day, I'm not charged any fees. Tends to offer high ATM options (if withdrawal's would be part of your regular activity).

 

I've heard complaints about the Navy application process, but don't hear much about them after they are opened. Probably just a pain in the neck app process, but seems pretty easy to maintain after that. 

 

Regarding credit cards, the banks vary on this. I prefer the same as you and after digging all over the internet here is what I've been able to pull together. Some reports online say Amex does report to Biz CRA's, but none of my Amex cards show up. I think some banks only report to specific CRA's but haven't been able to find a definitive list of how they are paired. Hope this helps and good luck!

 

Screen Shot 2019-03-14 at 10.00.46 PM.png

 

 

 

 


Great info!

LLC 4.5 Yrs | Paydex 80 ‐ 7 TL | EX 74 ‐ 5 TL | EQ 406
Message 7 of 10

Re: Business Banks/Credit Unions


@Revelate wrote:

I generally use this list for business card reporting:

 

https://www.creditcardinsider.com/learn/definitive-guide-building-business-credit/#credit-card-issue...

 

I haven't been able to verify much of it other than Chase and Amex on some bureaus (vis a vis I've never tried to pull SBFE, just don't care enough about my SP) but so far seems accurate.


Good stuff!

LLC 4.5 Yrs | Paydex 80 ‐ 7 TL | EX 74 ‐ 5 TL | EQ 406
Message 8 of 10
Established Contributor

Re: Business Banks/Credit Unions

We just opened a Chase business account.  We are at NFCU but are not appreciated there or have any luck in getting a hold of our "rep".  Since the biz rebounded in 2015, we have run $3M though them without a glitch and get squat for it. Not even a simple acknowledgment that we exist.  The are inept and worse that a major evil bank when it comes to business.  I would not even consider approching them for a loan as they are so impossible to deal with. We are firing them.


Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
11-1-19 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG
Message 9 of 10
Highlighted
Established Contributor

Re: Business Banks/Credit Unions


@spiritcraft1 wrote:

We just opened a Chase business account.  We are at NFCU but are not appreciated there or have any luck in getting a hold of our "rep".  Since the biz rebounded in 2015, we have run $3M though them without a glitch and get squat for it. Not even a simple acknowledgment that we exist.  The are inept and worse that a major evil bank when it comes to business.  I would not even consider approching them for a loan as they are so impossible to deal with. We are firing them.


While I have been biz banking with NFCU for over a decade I am a small interior millwork LLC who takes on 1099 help when I need it.

I have years where I do 100k and years where I do 250k.

I keep a checking and biz CC with them and have little need for anything else.

 

But if I was running over $1mm through a biz account a year it is absolutely the right decision to seek an institution that will give you better service and more options.

 

NFCU could do so much more with their biz division but for some reason have just dropped the ball.

 

Good luck.

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 10 of 10
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