@TeenWolf wrote:I understand that these lenders use Plaid to access your biz bank accounts, and that they all take current balances, deposits, and withdrawals into consideration. But, do they do this once, upon initial application, or do their credit lines change weekly, monthly, or in real-time according to your bank info?
I'm just wondering if making a very large deposit into my biz checking before applying would get me a significantly larger credit limit. I'd hate to have the limit reduced as soon as I withdrawal those funds, however.
I can tell you that you do agree to ongoning monitoring by such companies when you link your account. However, I have just closed off the connection after approval for the ones I have had (Divvy and Capital On Tap) and I didn't run into any problems. Having money siting in your account and showing income will help you get the approval, but I honestly don't think they monitor it too much after that. A card like Revenued where they are changing the spending limit may use such a feature more. Brex seems to want to also be your business bank, which further complicates matters.
I was approved for a Divvy Business card by liking my bank account. The limit was $20,000.00. I'm not sure how they determined the limit but I believe the balance of my bank account at approval was around $200k.
I moved money to the new business AMEX checking to take advantage of the 1% interest rate and Divvy lowered my limit. I then closed the account. It's just too much work maintaining these accounts that monitor your bank activity. In the end, American express is smart enough to not give third party companies the ability to link to their business bank accounts.
Last Inquiry 12/23/2022 Ally Bank Mortgage
