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WF Business Platinum Conditional Approval?

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azpro
New Contributor

WF Business Platinum Conditional Approval?

Applied for WF Business Platinum earlier this week. Asked for 25K. Saw Hard Inquiry emails notifications within few minutes. Got a call from someone within 1 hour of application saying that I was conditionally approved. They ask to look out for docusign beneficial ownship form for the LLC. I never ask any credit card ask for that before.

 

(About 2 years ago I was denied that WF business card even after I called reconsideration line. I went to AMEX who is my primary card issuer and value my business and 20 year loyalty.)

 

I currently have personal checking account at WF and part of my pay is deposited there to avoid account fees.

 

Now the business is about 2 years old. My personal scores are above 790. I'm utilizing less than 3% of my Total available credit. Recently (Dec 2020) opened 1 Business revolving credit at Lowe's. Also got another inquiry on the report which is about to fall off in Feb 2021. Wanted to add VISA to the mix to use it at place that don't accept AMEX. 9 Months 0% APR will be nice to have

 

 

Is that an approval of 25K?

I hope the business balance don't show on personal credit? Does it?

Which  bureau does WF business report?

What does conditional approval mean?

Any tips would be help?

Should I contact them to check?

What is/was your experience?

I'm thinking to apply for Home Depot Business revolving, that would be 3rd inquiry in 2 months, should I or it would be waste of HP?

 

Thanks

 

13 REPLIES 13
blindambition
Senior Contributor

Re: WF Business Platinum Conditional Approval?

Congrats on conditional approval!!! The limit will be decided after manual review of revenue and reports.

Message 2 of 14
Rebuild2019
Valued Contributor

Re: WF Business Platinum Conditional Approval?

Congratulations 🎉🎊🎈 @azpro on your approval.

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Message 3 of 14
FinStar
Moderator Emeritus

Re: WF Business Platinum Conditional Approval?


@azpro wrote:

Applied for WF Business Platinum earlier this week. Asked for 25K. Saw Hard Inquiry emails notifications within few minutes. Got a call from someone within 1 hour of application saying that I was conditionally approved. They ask to look out for docusign beneficial ownship form for the LLC. I never ask any credit card ask for that before.  Some business lending internal policies allow for this information to be requested.

 

Is that an approval of 25K? The limit, when/if approved, will be assigned based on the information you provide on the form

I hope the business balance don't show on personal credit? Does it?  WF biz CCs don't report to personal CRs

Which  bureau does WF business report? SBFE - from reported data points 

What does conditional approval mean? It means an approval is contingent upon the additional information that was requested 

Any tips would be help?

Should I contact them to check? You can - if it's been a week (or longer) and you haven't received any additional updates

What is/was your experience?

I'm thinking to apply for Home Depot Business revolving, that would be 3rd inquiry in 2 months, should I or it would be waste of HP?  That's entirely up to you on whether this supports your business plan 

 

Thanks

 


See above, @azpro.

Message 4 of 14
azpro
New Contributor

Re: WF Business Platinum Conditional Approval?

I appreciate the detailed reply. @FinStar 

 

I applied from Home Depot, Business Line 60 Days terms. Got approved for $1000. Any information or number to call to get a better line?

Message 5 of 14
FinStar
Moderator Emeritus

Re: WF Business Platinum Conditional Approval?


@azpro wrote:

I appreciate the detailed reply. @FinStar 

 

I applied from Home Depot, Business Line 60 Days terms. Got approved for $1000. Any information or number to call to get a better line?


Anytime @azpro.

 

Unfortunately, no experience here on the Home Depot business line.  Let me page @GApeachy and @jaxstraw on the courtesy line to see if they can point in the right direction.

Message 6 of 14
azpro
New Contributor

Re: WF Business Platinum Conditional Approval?

Message 7 of 14
FinStar
Moderator Emeritus

Re: WF Business Platinum Conditional Approval?

Let us know how your application progresses with the Wells Fargo biz CC @azpro.

Message 8 of 14
GApeachy
Super Contributor

Re: WF Business Platinum Conditional Approval?


@azpro wrote:

https://ficoforums.myfico.com/t5/Business-Credit/Home-Depot-Business-60-Days-Terms-Approved-for-1K/t...

@jaxstraw @GApeachy I started a new thread

 

Thanks again @FinStar 


LOL, I'll hop on over there ^^^.  Smiley Wink

My Take Home Pay Don't Take Me Home
Message 9 of 14
azpro
New Contributor

Re: WF Business Platinum Conditional Approval?

 

@FinStar I checked online. $2500 from WF with PG. Interest rate is Prime + 17.99%. Wow.

Maybe, I'm too honest with Business revenue and profits. That limit is just one card swipe and wont even cover complete business insurance bill.

 

Any suggestions on how I should use this card to be eligible for future CL increases? How generous and how often do they consider that for a business?

 

Message 10 of 14
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