Kabbage Line of Credit (Amex)

[IOBA]

This is the year I am focused on building my business credit profile.

Kabbage Line of Credit preapproval offers have been coming in a lot lately.  I started the online app and got stopped at the "linking your business account" to the app.  My business bank account is not one that is connected to their portal.  Made the phone call to get tech help.

Live person shared that they (Kabbage) has created portals to allow applicants to use to access their (applicants) banks.  So you do the normal online log in but go through the portal set up by Kabbage.  They (Kabbage) would like you to leave the accounts (all of them) linked to them.  The Kabbage computer (should I say Kabbage Komputer?) likes to review all linked accounts weekly to review all transactions for the last three months.  It was recommended by the Kabbage Kid (compared to my age, he is a kid!) that it's important to leave accounts linked becuase the credit line might be automatically increased!  

I am struggling with this.  Two of my other banks are banks that can be Kabbage Konnected.  I am thinking of disconnecting them after the Kabbage Komputer mades a decision about the line of credit.

I did talk to my business bank last year -- 10 or 11 months ago - about a business line of credit.  I was approved, but then the bank wanted me to agree to pay for an appraisal AND they wanted to put a lien on my real estate.  I did not agree to those terms.  

Suggestions?  Thoughts?  Feedback?

If I did link my other bank accounts, I would diskonnect them after a decision is made.  And yes, I initally did the K play with the words.

[cashorcharge]

Well, I would agree that leaving the accounts konnected long term would not be my choice, regardless of the CLI carrot dangling in front of you.  I have had a few different types of akkounts that have required a linked bank akkount and while I've done that, I've also disabled that konnection afterwards without any consequenkes.

[AzCreditGuy]

Lenders are doing this now, were they ask to be connected with your accounts. I wouldnt do it, since I feel they will get hacked and your info will go out to the web. This happened to me reccently on my personal side to confirm my accounts and they used plaid to do that. I got an email about a year ago and how plaid was hacked and my info had been compromised.....

[babygirl1256]

I started the Kabbage business application also and -stopped- when asked to link my bank account. I didn't feel comfortable allowing them and/or anyone full access. I'll pass for now!!!

[IOBA]

Thanks for the feedback.

[Rgudino1717]

Does anybody know if they will pull personal credit if I apply?

[tjs19593]

 I have been somewhat interested. It appears that you are issued a credit line and then each disbursement is treated as a seperate "loan". I believe they stay connected to your bank accounts as well, even if you do not have a current "loan". 

 I havent wanted to waste a hard pull to get to far in the process. I would like a line of credit for my business and going through the banks is a hassle requiring tax returns and bank account analysis. Thankfully we dont need a line of credit but with a recession looming (my opinion) it may be a helpful tool.  Any insights would be appreciated. 

[FinStar]

@tjs19593- please reference an existing discussion upthread.

[IOBA]

Amex pulls pesonal credit reports.

Amex does not report to the BUSINESS credit bureaus.

Amex does not report to Dunn & Bradstreet.

In the past, Amex has been pretty easy to deal with getting a business credit card.

This product - KABBAGE - wont' work for me becuase my business bank accounts are not on their approved list, therefore they couldn't access those business bank accounts through their portal.  Ironically, my personal bank accounts are on their approved list and could work.  I just don't like the idea of linking any of my bank accounts to someone elses portal, giving them access to my accounts at all times.

[AzCreditGuy]

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@IOBA wrote:

Amex pulls pesonal credit reports.

Amex does not report to the BUSINESS credit bureaus.

Amex does not report to Dunn & Bradstreet.

In the past, Amex has been pretty easy to deal with getting a business credit card.

This product - KABBAGE - wont' work for me becuase my business bank accounts are not on their approved list, therefore they couldn't access those business bank accounts through their portal.  Ironically, my personal bank accounts are on their approved list and could work.  I just don't like the idea of linking any of my bank accounts to someone elses portal, giving them access to my accounts at all times.

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That would be a NO for me Since the business would not benefit from credit history