Hatchcard.com?

[Anonymous]

Hey everyone! Thomson here--I'm the founder and CEO at Hatch. Someone told me about the post here and so I thought I'd chime in here to assuage folks that we're a real company! We're just starting out but the idea behind Hatch is to work with new business owners who usually don't or can't get access to credit--folks who've just moved into the US or people who have impaired credit, but are working on their businesses.

OP is a great example of such a business: 

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.

I think that's crazy that a business making $600k has trouble obtaining credit for their business. And that's why I started Hatch.

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.

- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

[Anonymous]

I think it's pretty cool that you found this post and commented, Thompson. I know I appreciated the approval and how easy you guys made it. Customer service has also been great. Keep doing what you're doing. Keep it personal.

Happy New Year!

[Anonymous]

I just got my hatchcard.

I agree reporting to the business credit bureaus would be awesome.

[spiritcraft1]

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@Anonymous wrote:

Hey everyone! Thomson here--I'm the founder and CEO at Hatch. Someone told me about the post here and so I thought I'd chime in here to assuage folks that we're a real company! We're just starting out but the idea behind Hatch is to work with new business owners who usually don't or can't get access to credit--folks who've just moved into the US or people who have impaired credit, but are working on their businesses.

OP is a great example of such a business: 

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.

I think that's crazy that a business making $600k has trouble obtaining credit for their business. And that's why I started Hatch.

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.

- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

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Nice of you to take the time to post some answers to questions.  There are a lot of great sub $1M revenue companies out there with no real access to credit.  This would seem a great market.  Reporting would help your clients though!

[azsnake]

Thats great news on the reporting. I just applied right now. I will follow up here with the experience. Thank you

[Puppetmaster]

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@Anonymous wrote:

- We want to start reporting to bureaus sometime in mid-late Q1....

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Thanks for posting this.  It makes me glad I got your card for my business.  Reporting will make it significantly more valuable, and it'll get used regularly when it reports.  Thanks also for addressing the market need.  It sure would have come in handy 6 months ago, when my best option was to open a secured Mastercard account, which required first opening a checking account that I didn't need, with a big bank that I'd rather not deal with.  Kudos to you!

[GApeachy]

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@Anonymous wrote:

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First Congrats!  Is this a Business Credit card or a Line of Credit w/ debit carb?  Linking to your bank it sounds more like a loc w/debit card, plus saying they work like Kabbage, but you didn't mention funds transferring so idk...Credit Card?

What's the apr?  Pay Back Terms?

[RehabbingANDBlabbing]

They are calling it a line of credit, but you cannot use it to obtain cash. I have been using it and it works just like a credit card. My APR is 24%. I'm not sure if they all are that rate, but that's what they had me do. They use Plaid to verify your bank account and funds coming in. You can pay anytime or pay your monthly bill as you would on a credit card. So far, I have been enjoying the Hatch card and have not had any issues. I think it really stands out that the founder came on here to talk to us as well.

[GApeachy]

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@RehabbingANDBlabbing wrote:

 I think it really stands out that the founder came on here to talk to us as well.

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That caught my eye too and yes, it is neat. 

[GApeachy]

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@Anonymous wrote:

Answering some other questions in the thread:

- We want to start reporting to bureaus sometime in mid-late Q1--this is one of the biggest requests we've gotten from cardholders. It only makes sense--if we want to help businesses start/grow, we have to be able ot help cardholders grow their credit histories with good behavior.

- We're in a couple of states for now, but are looking to expand that very quickly in the coming months.

Happy new year gang!

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I'd like to make a suggestion; though I'm not looking for anymore biz credit presently, that it would be totally awesome to have a choice to keep it hidden or report.

That ability; choice in reporting or not would make it a "unique" product.  Cuz as you know, sometimes less is more.  Just a thought.....can it be done like that?