I recently applied for 3 business CB credit cards that meet the criteria posted here: https://ficoforums.myfico.com/t5/Business-Credit/Business-Cards-for-New-ish-LLC/td-p/6731752
1. US Bank Business Leverage (2%/1% CB)
I didn't have high expectations of getting approved for this card, US Bank is known to be very conservative. But, this card gives the highest CB I could get while also meeting the rest of the criteria I posted before so decided to try my luck anyway.
Applied on 1/11, got the 7-10 day mesage. Instant TU HP. (apparently some people get the HP later)
Called on 1/12, no decision. Called again on 1/16, denied. I don't know the reason yet, waiting for the envelope.
2. Capital on Tap (Flat 1.5% CB)
Decided to try my luck with this card too since it gives 1.5% CB with no FTF and is personal SP. Interest rates are insane but I tend to PIF so not a big deal. I don't like linking bank accounts and I knew they might ask for that, but if they do I can just not do it, let the app expire with no HP loss. Applied today.
That's excactly what happened. They wanted me to link bank accounts or provide 6 moths of POI. I'm not doing that, so it'll expire.
3. BofA Business Advantage Unlimited Cash Rewards (Flat 1.5% CB)
This was on my list for a long time but I didn't want to apply because it technically has a FTF. Fortunately the definition of FT is purchases made with a foreign currency and not purchases made outside of the United States, so it's good enough. (Tested with their debit card too)
I have a relationship (checking accounts personal and business) with them, and I always felt like it helped my odds of approval, wether it's my first US credit card which was an instant approval with no POI and no credit history, the numerous CLI's I got on that card every 3mo or this card application.
Applied today. HP on TU (again), so they saw the recent USB INQ. Instant approval. 8000 SL. Not the greatest CL but it's ok for now, I'll request a CLI @ 3mo.
I don't see it online yet and I didn't get a confirmation email from them yet.
Personal DPs: (pre USB app)
EX8: 755
EQ8: 743
TU8: 751
Utilization: 6%
AAoA: 15 mo
AoOA: 25 mo
New credit cards: 0/6 3/12 8/24 (+1 personal loan June 2023)
Inquiries:
EX: 0/6 2/12 6/24
EQ: 0/6 0/12 1/24
TU: 0/6 1/12 ?/24
Congratulations on the Bank of America approval. And thanks for all the data.
@ADMYFIC0 wrote:2. Capital on Tap (Flat 1.5% CB)
Decided to try my luck with this card too since it gives 1.5% CB with no FTF and is personal SP. Interest rates are insane but I tend to PIF so not a big deal. I don't like linking bank accounts and I knew they might ask for that, but if they do I can just not do it, let the app expire with no HP loss. Applied today.
That's excactly what happened. They wanted me to link bank accounts or provide 6 moths of POI. I'm not doing that, so it'll expire.
This is most likely for address verificaton as opposed to income verification. When I applied for CoT, they did request for a copy of a bank statement (with all info displayed) for address verification. I had about $1,000 reflected on the statement. However, I was approved for $20,000 initially (now, up to $30,000 automatic increase). They would still need a bank account for payment, later. Understand that business owners may have their primary bank account in a different institution, offering better rates. As you mentioned, it won't affect your personal scores anyway, should you get denied. I'd try my "luck".
It's not address verification unless the page was lying to me. It mentioned verifying income, which is a really complex process for my business due to not all income geting deposited into checking accounts (staying on channel clearing accounts for some time, then getting deposited after they take their selling fees, sometimes up to 50%), and some accounts appearing under my personal name (Amazon doesn't let you use SMLLC names). It's just not worth it, I'm not that desparate. BofA + Amex should be enough for now.
Great job on the BofA.
They are next for me on bsiness cards. I got a decline because I don't have enough of a relationship with them.
Finally got the USB denial letter.
Denial Reason:
- Insufficient business credit history
No mention of new accounts or inquiries in the denial reasons section. They mention that these hurt my personal score though.
Pulled D&B for business and TU for personal. TU F9 was 748.
Their address correction really messed with the address I entered too, I'm surprised it got delivered. Maybe that's why it took this long.
("0000 A Bbbb Ccc Apt 00" became "0000 Bbbbb Ccc A Ste 00")
