Hello all,
Had a mailer that offered this wells fargo “businessline” LOC.
Rates as low as prime +1.75%
From 10k-100K
Applied online late sept using link and code
Approved- 40K-at prime +2.75
Here is some datap-
4 + year biz checking – floats between 15-20k a month balance, doesn’t see monthly use consistently but is used throughout the year.
3+ year personal checking- just under 2K balance and I make sure to use it when I use the biz checking (back and forth)
1 + year biz signify credit card
0% utilized on signify card ( did use it significantly first 6 months)
Overall personal credit usage about 18%
Overall biz credit card usage about 40%
Solid middle 6 digit personal income, biz income for this app/biz 120K a year. Business for 8 + years.
Applied as Sole P with ss#
Followed link in mailer which had me sign in, so 90% of info was already transferred over.
Experian personal pulled with cali address. No idea what biz was/if pulled.
Not sure what my FICO is but my guess would be in the low 800.
6 hard pulls 2 years/ 3 under 1 year
Random observations/opinions-
The total approved is 30% of my stated business income.
Was not asked for any documentation
Didn't receive a congrats/you’re approved type email. Received a “next step in application” email approx 3 business days later. When signed on to see what it said, it actually listed all the details and didn’t have anything else that I needed to do.
When you apply you end up signing a docusign document with specifics and one of the specifics is the amount your applying for. It is set at 100K and there was no way to change it. This is the max number that is used in the mailer. It would seem you can get approved for a lower number then the number listed in this doc you sign.
There's a yearly fee but its waived the first year. No costs to draw. No cost to paying off earlier then minimum payment.
You can access via a mastercard something (I don’t have it yet to see if it says cc or debit or how it works like which one of those). This card gets you 1% cash back for use in a rewards program.
Other ways to access funds are checks and online transfers to business account.
I am not sure I’ll even use this currently, but its another arrow to keep in the business finance quiver. When prime comes down there could be solid business case to use it for short term floats/needs.
