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Can having checking with BOA sidestep business docs request?

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FICOEmpire
Regular Contributor

Can having checking with BOA sidestep business docs request?

Does having a personal checking account with BOA allow business apps to get approved without providing docs? I tried apping a year ago for a business card and was requested to send in Proof of business ownership or authorization to borrow on behalf of the business..., Verification of the legal structure of the business, The two most recent accountant prepared, year-end business financial statements/tax returns, and Your two most recent years of federal personal tax returns with all schedules.

 

I'm a self-employed, sole proprietor--basically a full-time eBay seller for the past 7 years or so. I use my SSN on apps and have AMEX, Chase and recently US Bank business cards. I know I've read on this forum posts that suggested having checking with BOA could sidestep the request for all the docs. Anyone have experience with getting approved as a sole proprietor without the docs? And if so, would personal checking work or would it need to be business checking? Thanks.

Message 1 of 15
14 REPLIES 14
werthere
Contributor

Re: Can having checking with BOA sidestep business docs request?


@FICOEmpire wrote:

Does having a personal checking account with BOA allow business apps to get approved without providing docs? I tried apping a year ago for a business card and was requested to send in Proof of business ownership or authorization to borrow on behalf of the business..., Verification of the legal structure of the business, The two most recent accountant prepared, year-end business financial statements/tax returns, and Your two most recent years of federal personal tax returns with all schedules.

 

I'm a self-employed, sole proprietor--basically a full-time eBay seller for the past 7 years or so. I use my SSN on apps and have AMEX, Chase and recently US Bank business cards. I know I've read on this forum posts that suggested having checking with BOA could sidestep the request for all the docs. Anyone have experience with getting approved as a sole proprietor without the docs? And if so, would personal checking work or would it need to be business checking? Thanks.


I've never had to provide any docs to BofA because I've had business accounts with them for the past five plus years. From what I gather they like cash flow more than anything else. So, I'd say your personal account won't matter when it's time to get business credit. Open up a business account fund it with at least $25k to become one of the preferred tiers, wait a month, and I'm sure you'd be able to get it.

Message 2 of 15
Anonymous
Not applicable

Re: Can having checking with BOA sidestep business docs request?


@FICOEmpire wrote:

.... Anyone have experience with getting approved as a sole proprietor without the docs? 


Yes.

 

In January 2020 I apped and was approved for a BoA personal CC after 15 ish years of no dealings with them. We did not break-up on good terms. I opened a personal checking account at the same time.

 

In March 2020 I was prequalified for a business card. I apped. It was simple. it was approved. 

 

So I would suppose the hoops needed to jump through are profile specific? Good luck. 

Message 3 of 15
imaximous
Valued Contributor

Re: Can having checking with BOA sidestep business docs request?

Sole prop with EIN.
Got approved for 2 biz cards only 3 weeks apart this month. No docs and only 1 HP. First approval was instant. Second one went pending for a day and auto-approved the next.

In contrast, I got denied about a year and a half ago for not having deposit accounts with BofA. Recon didn't help even offering to move credit from my other cards. BofA definitely values banking relationships.
Message 4 of 15
FICOEmpire
Regular Contributor

Re: Can having checking with BOA sidestep business docs request?


@Anonymous wrote:

@FICOEmpire wrote:

.... Anyone have experience with getting approved as a sole proprietor without the docs? 


Yes.

 

In January 2020 I apped and was approved for a BoA personal CC after 15 ish years of no dealings with them. We did not break-up on good terms. I opened a personal checking account at the same time.

 

In March 2020 I was prequalified for a business card. I apped. It was simple. it was approved. 

 

So I would suppose the hoops needed to jump through are profile specific? Good luck. 


@I read your approval post and big congrats to you! This may be the kind of info I need. I've been with BOA since 2014 and have three personal cards totalling $40K in limits with no balances. The most recent was opened 2 years ago. At the time I apped for biz cash rewards last year, 4-1-19, it was a cold app. Ever since and even right now I have business card ads showing up under my special offers in my personal account. It shows all three business cards and if I click Apply it prefills my personal info uptop and I still need to complete the business info. Sounds like that's exactly what you did? Your case makes me think I might get an instant approval.

 

I'm not sure if I need encouragement to try again or talking down, lol? What do you think? Thanks again.

Message 5 of 15
Anonymous
Not applicable

Re: Can having checking with BOA sidestep business docs request?

Well, if you want to burn a HP for some DP's, let us know how it goes!

 

I've been with BoA since 2013ish, though I've never had too much cash flow going through them. Last year i had an offer for teh Biz Cash, but went for the travel card instead and was denied due to type of business. Unfortunatly i don't really recall what I put down, because I didn't actually see an optoion for online ebay sales. They didn't even perform a HP.

 

I suspect that if you have a decent cash flow in your account, your odds are good. Though I don't know if they prefer it be a Biz Checking.

Good luck if you go for it!

Message 6 of 15
Anonymous
Not applicable

Re: Can having checking with BOA sidestep business docs request?


@FICOEmpire wrote:
... Your case makes me think I might get an instant approval ...

There's only one way to find out, right? Smiley Wink 

 

Message 7 of 15
Aloha808
Contributor

Re: Can having checking with BOA sidestep business docs request?

Hope this helps, personal experiences:

1) no deposit relationship. i applied for Alaska biz card May of last year, application Went pending and I was asked for business docs.  I supplied a few docs but I did not supply the TRs that were requested. Outcome: denied after 30 days. 

 

2) opened a BoA biz checking account last August. Applied this month for BoA biz cash. Outcome: instant approval. 

Active: Retired:
Message 8 of 15
CreditobsessedinFL
Established Contributor

Re: Can having checking with BOA sidestep business docs request?

Hi,

I would say my experience was the same as others here; I have had Biz BofA account since October 2018, applied in branch 2/20 and was told no documents were needed, instant approval. 

Message 9 of 15
EverForward
Established Contributor

Re: Can having checking with BOA sidestep business docs request?

@FICOEmpire  Just curious, did you ever app via one of those Special Offers for a BOA biz credit card?  Thanks.

Message 10 of 15
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