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Fund&Grow... Anyone used them?

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Regular Contributor

Fund&Grow... Anyone used them?

I haven't read anything specifically about F&G in the business forum.

 

F&G specializes in getting business credit cards that report to the business credit bureaus with a PG. 

 

Any experiences in our group with F&G?

 

Thanks,

bizcredit11

Message 1 of 13
12 REPLIES 12
Regular Contributor

Re: Fund&Grow... Anyone used them?

I haven't tried them, but there are a few people that have on the Bigger Pockets forum. Here, I would expect the consensus to be "don't pay $3k for something you can do yourself." However, they are known for building large lines. They are also known for not having the greatest communication. Of all the personal accounts I've read, communication was the primary complaint. The 2nd was people not getting as much as they expected. (I believe they advertise up to $250k, but some people's credit didn't support that, so they got around $70k. Still nothing to be angry about.) The 3rd complaint was (lack of planning) and people not realizing it would all be credit cards, so they were limited to the cash available (for real estate deals). Sorry this is one giant paragraph; I'm on mobile.
Message 2 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

My understanding is they do not use your existing business. I believe they create a business (consulting works well) that is more attractive to lenders. Don't hold me to that though. I haven't looked in a while. Also, most lines are 0% interest for an intro period (bc they're credit cards). Some people rinse and repeat for another round of 0% cards the following year. They also suggest doing that if you don't get as much as you want the first year.
Message 3 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

I remember one guy said they had him wait a few months for his last inquiry to age to 6 months. You, of course, end up with quite a few inquiries from all the lines they set up. Sorry, I kinda rattled on a little there, but hopefully that's some useful info. There's a link online for a $500 discount (which is why I said $3k and not $3.5k). It was on Bigger Pockets, but I'm not sure if I can link here...? Oops...never mind, they took it down.
Message 4 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

It's $4k now.
Message 5 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

@TylerDurden17

 

I know I read one person in the group tried to do it on his own. It read like a struggle. Although he did get a few cards.

 

I don't particularly want to spend a lot of time negotiating with underwriters which is what F&B says they will do for you. 

 

The membership for a year even at 3.5 or 4k is less than the 10% or so from say Seek or other credit card stackers. 

 

A lot of the process is made easier by having a higher personal credit score like 750 to begin your first round of funding. Also for optimal credit limits especially in the first round your utilization should be between 30-35% or less. 

 

I will have to check out their customer service before taking it too far. So far, I am impressed with the questions I had answered from Matt at F&G. Knowledgeable and customer service oriented. 

 

Thanks Tyler Durken! Hopefully a user will add their 2 cents.

 

bizcredit11

Message 6 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

I definitely see the value in it, especially if you're busy doing more productive things. Hopefully someone else chimes in!
Message 7 of 13
Contributor

Re: Fund&Grow... Anyone used them?

This looks something rapid advance tried pushing on me awhile ago. Rapid advance's product was all personal but fund and grow looks like they only get you cards that report to buisneses credit.

I imagine this is a small group that really knows what underwriting likes to see, and they are OK with playing a little loose with documentation. They probably also have some connections at smaller regional banks I've never heard of.

Then they max out the lines and turn it into hard cash. You pay them a fixed fee for helping to arrange everything, or 9% of the total line they got for you.

So it's a $4k or 9% fee on an undetermined credit line, at 12-18months 0%. I can definitely see some value in this.
Message 8 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

@egold

 

Yes, you only get cards that report to business if that's what you need and want. F&G says they are the only ones that negotiate with the underwriters. Others want to strictly go off of automatic approvals which is a much lower percentage.

 

F&G's market is primarily real estate investors among others. You can also bring in a partner if you get in their automated webinar system. By spliting the cost with a partner that brings the cost down to 2% or less for membership for a year. Yes, the pay as you go is 9% which is too costly.

 

Unfortunately, I still haven't spoken to anyone personally that has used F&G...just testimonials.

 

bizcredit11 

Message 9 of 13
Regular Contributor

Re: Fund&Grow... Anyone used them?

I know we have a few members that are into expanding their businesses.

 

Do we have any real estate investors in our group?

 

Fund and Grow supports real estate investors and a multitude of other businesses. 

 

If you don't want credit cards reporting to your personal/consumer accounts and ruining your FICO you might like F&G. 

 

The legwork/negotiations and approvals is done by your rep applying similtaneously. Do your due dilligence.

 

Once again, do any of you have any personal experience?

 

Feedback is appreciated,

bizcredit11 

Message 10 of 13
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