PNC $119K in Approvals

[Uncle_Money]

Hello all,

Happy to report some recent approvals from PNC Bank. Last week I applied for their biz line of credit online and on Monday my company received approved for the full $100K. What impresses me here is no hard pull on personal credit, no reporting on personal credit and a very painless approval process. No documentation required. The only stipulation I had was to open a business checking account. Initially, this was a bit of a hassle because I don't have any nearby PNC branches but I decided to visit a branch to get it done. While there the banker suggested I also apply for their cash rewards card. Was approved for $19K for the cash rewards Visa Signature business credit card. Not the highest SL I've received on a biz card but definitely decent. Not sure if this was a hard pull or not on personal credit but I haven't received any "new inquiry" notification, at least not yet.

Side note: I have several companies and this is the third line of credit I have with PNC. It really is a great product. With the previous two credit lines I didn't have to open a biz checking account. Maybe that is changing now. It's an extra step but either way it's worth doing IMO.

Stats: Business established in 2013 and personal Ficos 800+ across the board.

Final Verdict: I find PNC to be less like the big commerical banks as the banker actually took an interest in my business and offered a wide array of potential products that can be beneficial. They seem to actually want to establish a relationship, which is unlike the bigger banks. Overall I highly recommend giving PNC Bank a shot if you're looking for some business funding!

Uncle Money

[TryItAgain]

Grats on your huge success here, that's Awesome! 

I bank my business with Chase and really like it there, but I would be fine opening a PNC business account just to get this BLOC. Do you or anyone else know just how much business they want run through there for how long before they consider allowing a BLOC?   Or is just having the business account live enough?

My only current relationship with PNC is a $10.5k Cash Rewards card which was a migration from the old BBVA.

[Uncle_Money]

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@TryItAgain wrote:

Grats on your huge success here, that's Awesome! 

I bank my business with Chase and really like it there, but I would be fine opening a PNC business account just to get this BLOC. Do you or anyone else know just how much business they want run through there for how long before they consider allowing a BLOC?   Or is just having the business account live enough?

My only current relationship with PNC is a $10.5k Cash Rewards card which was a migration from the old BBVA.

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Thanks!

It's a soft pull on personal credit, which means you still need to PG the credit line. To answer your question my guess is that your personal credit profile is mainly what they'll go on, not how much you're running through on your other account. I have no banking relationship with PNC other than the business checking account I had to open this time. Previously I didn't have to do that and I've been approved each time. You have nothing to lose by applying because there won't be a hard hit to your credit. This is one of the things I love about the product. Go for it.

[cashorcharge]

That's terrific @Uncle_Money 

Glad to hear the process was so easy!  

I also like the SP process of course...I think PNC uses EX for those SP approvals.

Congrats!

[babygirl1256]

Congrats Uncle_Money on your fantastic new LOC and thank you for posting this valuable information. I will certainly open a business checking with PNC!!!

[bizcredit11]

Congrats @Uncle_Money! PNC definitely likes you. 

If you don't mind me asking what BLOC's (products) do you have with PNC?

I am in CA and find it difficult to do any business with them (right now just personal).

Thanks, 

bizcredit11

[GApeachy]

Impressive!

[TryItAgain]

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@Uncle_Money wrote:

Hello all,

Happy to report some recent approvals from PNC Bank. Last week I applied for their biz line of credit online and on Monday my company received approved for the full $100K. What impresses me here is no hard pull on personal credit, no reporting on personal credit and a very painless approval process. No documentation required.

Uncle Money

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I went in today and opened the business checking account, and I know you have stated it was soft and thats what has me excited.

However, I just want to re-verify @Uncle_Money  that as of now you still have no hard pull for this PNC Business line of credit?  I am ready to apply for it online but the wording is stating they will pull credit on any personal guarantor.  I am mortgage approved but awaiting new construction completion in 8 months or so, so really nervous on taking any personal hard inquiries.

Side question to anyone who knows.. All 3 of my primary reports are currently frozen, do I need to un-freeze for soft pulls as well?

[TryItAgain]

Just an update here, and let me start off with a thank you to @Uncle_Money for enlightening me on PNC and this BLOC.

I went ahead and apped for the business line via online a few days after opening my PNC business checking at a local branch.  Within a day or two I received an email greeting from my very nice loan coordinator confirming it was underway.  Personal EQ/TU/EX were all frozen at the time. This resulted in an email a day later from her asking to unfreeze Equifax for a day for the underwriter, which I suppose is their only personal SOFT pull (I'm located in South Florida-YMMV).

Relevent scores at the time were...

personal EQ-744

business D&B 80 / EXP 96 / EQ ? (I use Nav to see Business scores it says 380 but I have heard EQ Bus reports wrong on Nav)

I have no baddies or lates ever on personal or business, and over $300k in avail personal maybe 150k business revolvers. However, I do have a nearly expired (comes off 9-22) BK-7 from 2012 still showing on personal.

My ask was for an $80k business line and they a week or so later countered with a 50k offer. She told me this was only due to the BK still showing, understandable and I accepted the counter and e-signed the docs. To this day it's only been a soft pull on personal EQ, my EQ was re-frozen 2 days after she requested the lift. I did not ask for a business card as really want no hard pulls on personal right now.

Result was a $50,000 BLOC with a rate being Prime+3.89, so 7.39% as of today.  There is also a $175 annual fee which is quite reasonable. When the BK falls off I will request to the $100k level, but 50k is enough for my current needs.

This is been one of the most painless processes I have ever seen for a business loan/line product.  Within 3 days after doc e-signing the BLOC was attached to my online login. I am able to easily transfer BLOC to business checking, and checks have been mailed. Call me completely impressed, I may actually start to shift some of my chase business deposits over to PNC just because of it.

Thanks yet again @Uncle_Money and MyFico Forums as a whole. Also thanks PNC, what a great bank.

[cashorcharge]

Thanks for sharing your update @TryItAgain 

Really happy to hear it went so well, easy with a SP

Congratulations on your PNC BLOC Approval!! 🎉🥂👏