Hi, first post.
Applied for a business CC today. The CSR asked for business name, my SSN. They did not ask for EIN or any other business Ran report (looks like against Equifax) and it got declined. My Equifax as pulled by MyFICO is 755, my Trans Union is 772. No derogs, no other inquiries. Have a mortgage and one other personal CC with a 43% utilization (which should drop to 33% by end of month). I was a victim of the Advanta mess but they never reported.
Could the this be what caused the decline? Otherwise I'm perplexed. Any ideas?
Nope, not a collection agency; a bit of googling tells me that they used to be MBNA and Bank of America is behind them somehow. I was trying to get a business card through my credit union (TechCU) and that's apparently who they use.
Have not tried Key Bank. Advanta referred me to Amex (no thanks). Thought about getting a bizcard through Citi (where my personal CC is) but I have enough trouble as it is keeping my interest rate down despite 19 years of good history with them.
And yeah, Advanta sucks, but no more than apparently anyone else.
I'm quite perplexed. Utilization is the only thing I can think of at this point. Thanks for the response.
in this credit market 43% is going to kill a lot of apps with big banks.
Try Key Bank or Home Depot if you have enough annual rev... they are both NO PG so util won't matter.
also Sams Discover with PG will be more forgiving of the util
Something tells me that banks still have no reason to lend to anyone other than those who can pay their business expenses out of their pockets.
The only reason why the card is even at 43% util is because I was supporting the business on it while trying to plow through all the pre-approval mails to find a decent card to put all my business expenses on. The moment I want/need it...
I believe this was a personal guarantee card anyway, so it's probably for the best that I didn't get approved.
I guess what's bothering me is that if utilization is such a big deal with regards to my credit score, then my credit score should be lower.
oh you mean your 43% on your advanta card? so it's not on your personal credit?
I would call back door number and talk to credit and see what's up.
don't take no for an answer for at least 3 try's
My personal CC is with Citi...wouldn't that be an issue? Why not just go with Citi in the first place? Not like I've got a great relationship with them either - their response to 19 years of blemish-free credit history is to double my interest rate, then when I call in to have it lowered, tell me they'll close my account after a year.
And the credit industry isn't a sham, how again?
Don't have a D&B number yet because the company is still a sole proprietorship (we're in the process of going LLC). So I haven't even investigated that part yet. Business is 3 years old.