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You can now pre-qualify for the business FNBO 2% Cashback card

Mynewscore
New Member

Re: You can now pre-qualify for the business FNBO 2% Cashback card

14k instant approval same as pre qual

Message 81 of 110
Swatch
Regular Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

FNBO showed me that I was prequalified for a high limit, but after apping I got a message saying they would mail a letter in 2-4 weeks! The email said 10-14 business days instead of 2-4 weeks. Now they have apparently pulled my D&B manually, because I can't think of any other place that would be pulling my D&B now. I thought that this was going to be based solely on my personal credit and don't have a Paydex yet. I probably should have waited longer, but maybe they will at least give me a low limit soon.

I do AZEO.
Message 82 of 110
mikeef
Valued Member

Re: You can now pre-qualify for the business FNBO 2% Cashback card


@Swatch wrote:

FNBO showed me that I was prequalified for a high limit, but after apping I got a message saying they would mail a letter in 2-4 weeks! The email said 10-14 business days instead of 2-4 weeks. Now they have apparently pulled my D&B manually, because I can't think of any other place that would be pulling my D&B now. I thought that this was going to be based solely on my personal credit and don't have a Paydex yet. I probably should have waited longer, but maybe they will at least give me a low limit soon.


They will base it solely on personal credit if your business has no established credit. If your personal credit had been bad, which doesn't sound like the case here, then you would've probably received an instant denial or one in the mail rather quickly. What I believe they do from my own experiences in this kind of business banking model for writing is they move you into the next phase of an application after your personal credit checks out.

 

The underwriting phases that follow for this kind of model probably go somewhat like this.

  1. Verify business exists, that you are the owner of the business and the information you provided matches what they found.
  2. If they verify everything, then they move to the next phase; if not, they request verification information before you move to the next phase.
  3. Now they dertermine if your busiiness has established credit or not;
    • If it doesn't: They make their decision at this point, based solely on your personal credit.
    • If it does: They move you into the next phase, which is to review your business credit
  4. If your business credit checks out, they will use it to determine your final credit line. (If it is bad, they'll likely deny the entire application.)
  5. Then there is always a chance they may request docs if they find something questionable.

I was approved myself, but like almost everyone else I had to wait (around 12 days for me). In my case, I did not use my established business because I wanted to build credit for an LLC that I filed 6 months prior, so there was nothing to go on but my personal credit, so I was approved for the pre-approved amount ($15k).

 

Chances are you were probably already approved by the time I wrote this, but I figured I would explain what I believe to be the process for this kind of underwriting model to help people in the future that are new to it. Smiley Wink

Message 83 of 110

Re: You can now pre-qualify for the business FNBO 2% Cashback card

I apped with them and got 15k on their personal signature card with a 7.99% rate. I also apped the same day for the Line of credit and got 25k. They say their total exposure is 35k but it's up to underwriting. 850 scores and no inquires. 

Message 84 of 110
bizcredit11
Frequent Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

@Blessedinvestor Congrats on your approvals. Were these both personal accounts?

 

bizcredit11

Message 85 of 110

Re: You can now pre-qualify for the business FNBO 2% Cashback card

Yes sir, they were all personal.. I got a total of 8 accounts with 2 inquiries on each of the bureaus. Now I need to go hard on the business side. I'm a real estate investor so lines on credit are mostly what I need but I'll take what I can get. Any recommendations? 

Message 86 of 110
choices2017
Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

I decided to join the party. Apped on 9/25 , showed prequalified for 15 k,  pukked experian personal, went to pending, this morning approved for 15K. Thanks folks.

Message 87 of 110
bizcredit11
Frequent Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

Congrats @choices2017 that's on the business side correct?

 

Just applied and was approved on this account for 15k after waiting quite a while.

 

FNBO sent me a confirmation for an approval on a Visa card hours later. No mention of a business Visa card approval. I called customer service and they couldn't find my approval. I have to call back tomorrow and talk to the credit/underwriters department. 

Not exactly confident in their business operations at this point.

 

bizcredit11

Message 88 of 110
choices2017
Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

Hi,yes business side. i already have a 15K personal card

Message 89 of 110
bizcredit11
Frequent Contributor

Re: You can now pre-qualify for the business FNBO 2% Cashback card

I did speak with the credit department this morning at FNBO. My approval was found and I asked that the card be expedited. Should arrive on Friday. 

 

I also asked for a CLI, but the underwriter wanted 2 years tax returns. I asked them to just use by business credit. No go. FNBO caps this business card approval at 15k initially. 

 

Also, on an unrelated note it seems obvious now that FNBO does not like virtual offices/addresses. Home addresses are just fine.

 

bizcredit11

Message 90 of 110
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