@RealEstateGuy89 wrote:
@ScorpioRising wrote:
Almost 2 weeks ago, I applied for a Navy Fed Business Card, mainly because it has no FTF and I wanted to continue building a relationship with them. It seems they only have one Business Card with either a Visa or MasterCard variation.
I chose the MasterCard version because the benefits were more in line with my business needs. Just now, this email popped up:
"Congratulations! Our underwriters were able to approve you for the Business Rewards Credit Card with a credit limit of $15,000.00 and 9.15% Variable APR."
I am beyond thrilled and grateful because I have so many hard pulls already this year but was still hoping for an approval 😂
Navy Fed pulled Experian. I have 11 Inquiries...7 within the last 6 months. My Fico 8 is 739. They already have my Equifax 9 which is 785. My gardening days, months, years (2) just began. 😂
Update: I now have 12 credit inquiries on my Experian, 7 on TransUnion and 3 on Equifax. I'm not going to be applying for a personal credit card for the next infinite years because I no longer have the need or desire for one.
My next card/s will be the Amex Business Marriott Bonvoy and/or Hilton Honors card for travel purposes, since it will be a soft pull for both and they'll work well with my Business Platinum / Gold cards. But that's down the road, waaayyy down the road 😀
That's awesome man, congratulations! I have been thinking about opening up a business checking soon, also with the hopes of getting a business credit card at Navy. My Corporation is 12 years old, but I filed a name change for it earlier this year and Navy Federal wants the EIN letter with the new business name on it. That is a special request to get that form from the IRS, as they said that they don't require anyone to notify them of any business name changes until it is time to file the business taxes and then I can make the name change with them on the tax form.
I called them to see if I could get them to fax me the corrected EIN letter to me but they said no, that it needed to be done manually through the mail and that I needed to resign myself to the fact that it will take at least 8+ weeks to get here. Hopefully I will be receiving it soon. I already have everything lined up to open the business checking and savings once it comes in the mail.
I currently have a personal checking, savings and a personal credit card through Navy Federal that I opened a few months back. I was just wondering if you have been a long-term member at Navy? I'm trying to decide whether I want to submit the business credit card request right after I open up the biz checking account. I might have to wait a couple weeks as I will need to wait until my personal credit card is 95 days/3 statements old.
My business credit is good and it has several trade lines on both Experian and Dun & Bradstreet. I never seem to have anything reporting to Equifax Business except for one little trade line. I tried to find a good credit account to report to EQ Biz to bring up that score but gave up after awhile when I didn't find anything.
Congrats on the AMAZING Card!
RealEstateGuy89
Thank you! I opened my personal and savings account in November 2019 and I was approved for the Cash rewards Visa in Jan 2020. I opened my business checking and savings in April 2021 and as you're aware, the business credit card in July 2021. So, I consider myself a fairly new member, compared to many members here. Both my personal and business checking have not being dormant though. They are actively used.
Regarding the EIN letter from the IRS, yes. It's one of the documents that's required for the business checking account application, along with your Biz licence, Articles of Inc, etc, that you'll need to upload through their SDU portal (SecureDocumentUpload). FYI, be prepared for an 1hr to a 2hr process if you open your biz account on the phone. The credit card application can only be done online.
You are already way ahead with your Business creds...12 yr old Corp, D&B, Experian etc. Fantastic! As for Equifax, I've had a similar experience with them. Do you know that most Business Inquiries don't even bother with Equifax? They almost all exclusively pull D&B and Experian. There must be a reason why, so don't even worry about Equifax.
I would wait until your business checking account is funded and actively used to make transactions. Per example, pay some bills, link 1 or 2 external bank accounts, make a few transfers etc. I'm quite sure you will have no problem being approved for the Business card. Just make sure to read up on the Visa and MasterCard benefits, ahead of time, to decide which version will meet your needs better.
Buona fortuna, my friend. Be encouraged. I wish you well!
