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Just got off the phone from PNC talking to Zach about whether the LOC requirements and application process has changed from last year.
This is what I found out:
No longer an Equifax pull. It's now an Experian pull, but it's still a soft pull.
Yes, PNC pulls your business credit. Experian business is pulled too.
A bank statement is required. No PNC business account checking/savings/credit card is required. You can pay your LOC from your bank...the same bank you provided your statement from. You don't need to use the digital wallet even though you can.
LOC runs from 10k to 100k.
I will be applying soon.
bizcredit11
@bizcredit11 wrote:
Just got off the phone from PNC talking to Zach about whether the LOC requirements and application process has changed from last year.
This is what I found out:
No longer an Equifax pull. It's now an Experian pull, but it's still a soft pull.
Yes, PNC pulls your business credit. Experian business is pulled too.
A bank statement is required. No PNC business account checking/savings/credit card is required. You can pay your LOC from your bank...the same bank you provided your statement from. You don't need to use the digital wallet even though you can.
LOC runs from 10k to 100k.
I will be applying soon.
bizcredit11
hey, TGIF! makes sense to pull ex in socal because this is the land of chase and they pull ex as a primary as well as most auto dealers so it will generally be the worst score so they will get a more accurate picture of individuals. they did pull my biz ex as well as they report to it so that is not a change. a statement was not required for me, just the face page showing the business name and account #, not sure if that showed an amount or not but there is never much in that account so they are not using it to verify $ it would seem. I sent them one of my chase accounts and have never paid from it, I have paid the bloc from bank of the west, nfcu & first republic. unless something has changed the min transfer is $1k, a biz checking or wallet is the only way around it. the wallet is in $50 increments. my interest is still holding at 4.99.
question for you, what accounts that you have report to your biz ex?
when are you going to apply? I thought you were already set up with something or was that just a loan?
I have about 18 tradelines reporting on Experian.
Tradelines Experiences
AutoZone
Uline
SupplyWorks
Ecredable (reports your utilities, telephones, cable, water etc) (no longer reporting to Experian)
Payment Experiences:
Exxon/Mobil Commerical Citi
Behalf (2 separate tradelines so far-Uline & AutoZone)
2 Staples Commercial More Net 30 Citi (1 closed)
Northern Tool Net 30
Conoco Commerical Revolving Synchrony
UPS Net 10
Staples Commercial More Business Revolving Citi
Lowe's Account Receivables Net 20/30 Synchrony
Amazon Net 55 Synchrony
Sam's Club Biz Store Card Syn
Sam's Club Biz MC Syn
Paying down some debt, then after it reports I will apply. No products from PNC yet, but looking forward to this LOC.
Thanks for all your information share on your account. Looks like an amazing product.
bizcredit11
@bizcredit11 wrote:I have about 18 tradelines reporting on Experian.
Tradelines Experiences
AutoZone
Uline
SupplyWorks
Ecredable (reports your utilities, telephones, cable, water etc) (no longer reporting to Experian)
Payment Experiences:
Exxon/Mobil Commerical Citi
Behalf (2 separate tradelines so far-Uline & AutoZone)
2 Staples Commercial More Net 30 Citi (1 closed)
Northern Tool Net 30
Conoco Commerical Revolving Synchrony
UPS Net 10
Staples Commercial More Business Revolving Citi
Lowe's Account Receivables Net 20/30 Synchrony
Amazon Net 55 Synchrony
Sam's Club Biz Store Card Syn
Sam's Club Biz MC Syn
Paying down some debt, then after it reports I will apply. No products from PNC yet, but looking forward to this LOC.
Thanks for all your information share on your account. Looks like an amazing product.
bizcredit11
thanks + gosh that is an insane list. I have like 2 things reporting to ex, pnc is one of them and I am curious what the other one is lol. all I have are biz cards from chase and amex, I cannot imagine what else would report. I dont have anything on your list which is why I was sort of asking also just curious. do you make use of all of that?
Yes, but you have excellent personal credit! Since this is a PG that's what PNC is going off of. Also, you have Chase and AMX business cards, which I presume they can see off the SBFE. Don't you have/see Chase reporting on any of the big 3 biz bureaus?
I use the accounts as needed. Only one account is PG'd, but Behalf was a soft pull when I attained it. I wanted to separate personal and business to make my business more valuable if and when I sold it. Suggest that to all business owners. I haven't had a HP in 3 years+.
Even with all that biz credit I bet I don't come close to 66k! Be estatic with half of that.
bizcredit11
@bizcredit11 wrote:
Yes, but you have excellent personal credit! Since this is a PG that's what PNC is going off of. Also, you have Chase and AMX business cards, which I presume they can see off the SBFE. Don't you have/see Chase reporting on any of the big 3 biz bureaus?
I use the accounts as needed. Only one account is PG'd, but Behalf was a soft pull when I attained it. I wanted to separate personal and business to make my business more valuable if and when I sold it. Suggest that to all business owners. I haven't had a HP in 3 years+.
Even with all that biz credit I bet I don't come close to 66k! Be estatic with half of that.
bizcredit11
thanks for your post, very interesting info. I guess I will come clean, I dont know anything about anything other than how to make money and to never be late to an appt or paying a bill. I have heard of the sbfe but that is the extent of it. I just pulled the below and that is all I know about myself credit wise. I dont have a clue what amex and chase look at for biz cards. I have 4 amex and 5 chase biz cards. all instant and all massive limits that I will never come close to using. I pay my t-mobile bill on the CIP that has a $55k limit lol. the ex nav shows that I have 2 accounts feeding it, I dont have a clue of what the other account is besides pnc. I did try and get a n/c report but thus far it has not happened and I am too cheap to fork over the $40 for a rpt when I could get a decent bourbon with it. I guess I should be more concerned about my biz credit but it has not happened so far and by the time I get around to doing anything I will probably be living in france or at least I hope so. at one time I was going to lease or finance something with dell just to get on the radar with d&b, they just sent me a pre-approval the other day again but the final paperwork requires a hard pull so its still in my inbox. I am going to research some of what you posted, see where that takes me. really appreciate the info. god is it monday already? again?? I like in LA and leave for the OC at 5:30am!!!
Your scores are over the top! Earning money and paying your bills is not a bad habit.
You certainly don't have to take time to build your business credit because of your personal credit. You prioritized already!
Don't concern yourself with D&B because they will never be an asset to you like your personal credit. HP's mean very little with your scores.
Are you looking to eventually sell your business? Then, I would build your business credit. Otherwise, keep going strong.
Good travels!
bizcredit11
lol I don't think my biz is worth much without me so no sale. but will trade for alcohol or strippers haha...scores are interesting, it seems the most history/aaoa one has the more leeway one has or at least my profile has. I recover from pulls and new credit in ~4-6 months, crazy good.
I just tried to apply and got this:
We're not able to offer this financial product in your geographic location.
I'm in Illinois. What states do they offer this product in?
So I just called PNC and they offer this product only in states where they have no branches. Oh, well)