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 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.
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.
Impressive!