As I posted in your other thread from back in December, I got a $100k BLOC from Truist (BB&T) based on nothing more than filling out an application and a HP on my credit. To be honest, I can't even say for sure if they ever did the HP, and I think the application was just a formality. In other words, the whole thing might have been a rubber stamp kind of approval. I did say in the previous post I thought this was around 2010, but it had to be more like 2007, definitely before the housing crash of '08, my apologies for that. The important part is that I also stated that I ran a considerable amount of money through BB&T annually, where they could obviously see my banking history. At that point in time I had already had 10+ year relationship with them.
This type of thing wasn't uncommon back then as I was given a similar credit line with a major construction materials supplier on nothing but filling out the application and I know for a fact that one was rubber stamped and pushed through. Again, because of the long standing relationship/purchase history I had with them. (there's a consistent theme here)
I realize those days are largely gone, and since the crash of '08 things have gotten tighter. Lots of businesses have been around for long periods of time and while that's something someone could be proud of, it's not something on its own that reassures a lender that they're profitable, or more importantly, low risk. I know people who've been in business 20 years, but are also continually struggling. Would I lend them $100k unsecured based solely on the fact they've been around a long time? No, and neither would most people. The proof is in the pudding as they say. While having a strong banking relationship with any of these lenders may make a difference, for a stranger they know little to nothing about, it's guaranteed they're all going to want a PG, see tax returns, bank statements, possibly P&L statements, and maybe even a business plan. They may very well want you to pledge assets as security as well when requesting over a certain amount of credit.
I don't know that producing any of these documents is really a hassle, or more of a concern based on what story they tell. If you're worried about what may, or may not look good for you on any of those documents mentioned, you can always do something no one seems to want to do anymore, which is not call or email, but rather go sit down face to face with a banker and have a conversation. Convey your goals, ask questions, get their insights as to what their bank views as advantages, disadvantages, acceptable, or your realistic chances of securing $X. Based on their answers you might decide to pull, or not pull the trigger.
I concur. I've been following Joe Lawrence for years. There's dozens of banks and credit unions that will give you a 50k BLOC and a 25k BCC, no doc, that don't report to your personal credit. I just got a 50k BLOC from Truist. No doc and a soft pull. I recently got 25K BCCs from US Bank, Chase, Wells Fargo, and BofA. You just need to set everything up right and work hard on your personal credit. Mine hit 850 today but as you can see it takes time and it's not only the score that's important. Even with an 850 score, I've been declined for too many inquiries. Even for too short a credit history. But everything is fixable. Joe Lawrence is the way to go.
