@AzCreditGuy wrote:
@spiritcraft1 wrote:
@AzCreditGuy wrote:It says I have the best rates? That 5% balance transfer fee is the highest I have seen for new accounts. Might get it as the 0% APR could help me shift some of the SBA loan money that I took out and pay it down faster and also build payment history for the business. Data pts for you around 820ish credit score for all 3 on personal. 1% Uti and 6 inq on Ex (5 falling off in the next month) 2 inq on Eq ( both falling off next month) 2 inq on TU ( both falling off next month) Business side Gas card NO PG used for the past 3 years since applied for, Belhalf $10k credit line No PG that I never use and 1 SBA EIDL for $16.5k that is deferred until 06/28/21. Are they are a 3 hard pull or 1? I might go for it since I like the 0% APR
One Hard Pull = EX Bankcard 09
@spiritcraft1 So they dont pull Fico 8??? I might go for it for now if thats what they do, as I will have 1 inq from the SBA for a 2020 pull on Fico 8 EX
Nope, EX FICO Bankcard 09
@spiritcraft1 wrote:
@ocheosa wrote:
@spiritcraft1 wrote:I got $15k at 20% for the prequal. I think I will hold off a bit since I just got the personal version. This card is likely one of my next moves though.
I was actually gardening this year in hopes of snagging the AmEx Business Cash in January '22. I set my reports on fire in December picking up 5 new personal accounts so needed the cool off period. This [prequal] opportunity was too good to pass and I am over the moon that it looks like an approval. Now I'm down to only the AmEx Amazon and Lowe's, may even try for a BLOC sometime late next year, then call it done for business credit. Gotta say it's been a great 2yr credit run, pandemic notwithstanding.
Excellent. Let us know the final outcome.
Well I can happily report I received the approval email. Unfortunately it didn't include CL or APR so I called Cust Svc. The Rep said the approval was for 10k but since a card number had not yet been generated she can't see the APR [15.24%]. I am truly shocked, although prequal for 15k on the personal card, I have a young registered business (3yrs) and first credit account was October of last year. I was not expecting that much. Maybe a few years down the line I'll try for a personal card as well. This was an awesome outcome!
SoleProp DPs: My fax was lost so I was given the direct email of the analyst working on my application. He was able to use my BRC but not the EIN or COA (guess because it has legal name, not dba). He gave me the option to use bank statement or utility bill, as long as the document has the business name as listed on the application. I used my bank statement. So keep this in mind when you provide the amount in your bank account on the application.
ETA: App Status Updated on Portal.
@bizcredit11 wrote:@ocheosa Congrats as you keep pushing and moving forward.
You have a strong personal credit profile, limits, and tradelines. Why don't you want to do the same on your business profile? You mentioned you were about done with your biz credit. Why not focus more on that with your 3 year old business? It will take all the pressure off your personal credit report (keep high scores, low utilization) and develop strong business credit for your future.
bizcredit11
Hi @bizcredit11 ,
Thank you for your kind words. To your question, because it currently is still a very small business. I won't need much more credit for right now that I won't be able to increase through CLI's with FNBO, planned future AmEx cards and possibly a BLOC. With these lenders CLs will quickly grow. I chose them purposely for that reason, as I did with my personal accounts. Between the few vendors that I use and a few credit cards it will be just enough to build a strong business credit foundation. Quality over quantity. I also have existing product vendors that I use for a separate business in which I'm a partner that I plan to utilize for my business.
Separately, I've dedicated a few personal cards for business use. If I didn't, those cards would go inactive. I honestly don't have the personal spend to consistenly use that much credit. Being a Sole Prop it works out just fine for me and was approved by my Accountant. I only carry small 0% apr balances on new accounts to build history. Otherwise I pay in full before statements cut, leaving a few small balances for utilization. I've been at this game for many years and learned what works best for my profile and more importantly, mental health.
What I have also diligently worked on is to secure HY deposit/investment accounts with quite a few financial institutions. Not only am I earning from the investments but also developing positive relationships for future growth. If I should upgrade to a LLC, which may very well happen, then I could easily look to those institutions to secure business funding. In my opinion, the mistake many fledgling businesses make is too much, too soon. Luckily I had the education and prior career experience to use as guidance.
Sorry it's late and this was off the cuff (and wordy
) but hope I answered your questions?
got the same message for 2-4 weeks letter
