I got NAV in November 2022 to build out my business credit (incorporated LLC in July 2022). By July 2023 I will have a year and 8 months of personal credit history and my FICO will be in the 750 plus range. I got the NAV subscription just to get a Tradeline reporting but don't use this app much and it's costing be 60 bucks per month.
Is this app worth it to keep? Goal is to get high limit business credit cards in a year or so and other biz funding products down the road.
Would appreciate any insights. Thanks.
I don't have NAV nor felt the need to support such subscription. Granted, everyone's approach to business credit may vary, but if your profile is still on the young side of the spectrum, it's unlikely to yield high limits within a year. Then again, your definition of a high limit may be different from others.
What do you consider a high limit?
I have a subscription to NAV credit builder which is costing me 60 bucks per month. I got the subscription because I wanted to get some trade lines reporting with the goal of getting business credit down the road but the more research I do it seems that business credit is really just dependent on your personal credit (for biz credit cards), time in biz, revenue, and having paperwork such as tax forms/PL (for biz line of credit and loans).
I don't mind the subscription if NAV would benefit me but now I see limited value in it and want to cancel.
want your insights before I take action. Thanks.
If your goal is to build Business credit, and eventually without a PG, you simply have to build your business credit profile, Of course time plays a factor being there are different scoring tiers related to your length of time in business. One thing you can do to improve your business scores more quickly is with positive reporting of open tradlines/credit cards. Business CRAs look at you (score you) more favorably if you have 4 or more open tradlines that you are using, and are reporting positively. If you are limited in what you can get approved for, then your NAV subscription definitely serves a purpose at this time. Down the road, once you've established other tradlines, maybe not so much.
I have had it for months and have yet to see it report anywhere for the two businesses I pay for. Seems like the Summa Office people where they tell you they will report and after you spend the money they never report anything. Bank of America doesn't let you see a report but they do give you a business score based of Dun and Bradstreet. Dun and Bradstreet also lets you sign up for free and look at what is reporting on there. I have not found a way to get free reports for Experian and Equifax.
If you can utilise their products, Uline seems to open accounts for everybody. Just go to check out and choose the invoice option. Bank of America offers a secured business card if you don't think you can qualify for an unsecured one that reports.
The only reason i keep my NAV subscription is so I can see all 4 business bureau scores - unfortunately the reports are super basic and lack any specific descritpions of the tradelines reported / cant see any inquires .... but until i can find something better that shows all 4 and updates each month im stuck with NAV
I pay for Nav for the same reason I pay for MyFico. I want alerts and the ability to see my scores/reports. I look at them reporting to D&B, Experian and Equifax as a bonus. YMMV.
I am also just starting to build business credit after being in business for over a decade. Business credit seems to be like the wild, wild west.