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Hatchcard.com?

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Established Member

Hatchcard.com?

Has anyone ever heard of this company? I saw them on a Facebook ad and the replies to the ad seemed genuine. I called them and they were really friendly, so I applied online.

They did not pull my credit. I don't even think they asked for my social. Or maybe the last 4. I did not sign a personal guarantee. They did ask for my business banking info and I had to connect it through Plaid. They approved me for a $2000 credit line after like 3 days. Lady over the phone said they increase it quickly with responsible use. I think they work like Kabbage does, but they give you a Visa card to use.

I'm pretty stoked, actually. I had been trying forever to get a business card but couldn't due to poor personal credit. Hopefully they report to beureaus and I can start building up the company's credit.

For those thinking of applying. My business does about 600k per year but I only keep about $5000 in the business account at any given time since the rest goes to pay out employees, myself, or into savings.

Should be getting my card by early next week.
Message 1 of 32
31 REPLIES 31
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Valued Contributor

Re: Hatchcard.com?

They could be useful if they report. If they do not report, their usefulness is limited.

If you are looking for a business card that is easier to get that reports to business credit bureaus look at the Capital One Spark Classic. The limits do not usually start above $2K but it is a very easy card to get. Its the one with no SUB and no intro APR. Cap1 says for "average credit". All their other business cards say "excellent credit".

it doed report to your personal credit but in your case that might actually help.

Message 2 of 32
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Frequent Contributor

Re: Hatchcard.com?

It should be noted that they are only available in specific states at this time.

Currently accepting applications in Arizona, Colorado, Illinois, Indiana, Michigan, Nevada, North Carolina, Texas, and Washington, with more coming soon


Regardless, if they do not report, they could still be used as a reference if you have the right contact info, but if they do, that does cut down on needing to provide reference (though its usually best to provide such reference to those who dont pull DNB or a specific CRA that hatch might report too).

Message 3 of 32
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Valued Contributor

Re: Hatchcard.com?

You're braver than I am, I certainly wouldn't have allowed access to my bank account to a company I never heard of! lol

 

Congratz on sucuring a  fairly easy LOC though!






Message 4 of 32
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Valued Contributor

Re: Hatchcard.com?

I contacted them. They said they don't report anywhere. I guess if you have a small home based business and you need the cash flow or some way to separate expenses they could be useful. But imo "starter" accounts like this are most useful to people building business credit only if they report. I hope they reconsider since they are a new startup.

Message 5 of 32
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New Contributor

Re: Hatchcard.com?


@javylab wrote:
Has anyone ever heard of this company?

I applied with them on Tuesday and was approved today (Friday) with a $3,000 limit.  This doesn't appear to have any business credit building value, but it's a free tool in the toolbox just in case needed for anything in an emergency.





Personal Credit: | 5/21/2019 - $0 | 12/16/2019 - $32,300 |

Business Credit: | 5/21/2019 - $0 | 12/16/2019 - $70,000+ |
Message 6 of 32
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Frequent Contributor

Re: Hatchcard.com?

I was approved for this card recently. They gave me an $800 starting SL. I looked and looked, but I didn't see any language about a personal guarantee. They didn't pull my personal credit at all and they overnighted me the card (a surprise). 

Message 7 of 32
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Member

Re: Hatchcard.com?

 

I got one with a $3K limit.

 

Used it a couple times to try it. It declined at a couple merchants

Message 8 of 32
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Established Member

Re: Hatchcard.com?

Did it ever work? I was going to try using it tomorrow and it would suck if it didn't go through.
Message 9 of 32
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Frequent Contributor

Re: Hatchcard.com?

I used mine to order some coffee from Nespresso and it worked okay.
Message 10 of 32
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