Business is sole proprietory. I have no business credit, so I assume it will be personal guarantee. no problem...but...how solid are these offers?
Offer is, 100k@4.99% fixed for 12 months, $0 AF for first year. APR listed as prime+1.75 to prime+9.75. On some banks this range might indicate a marketing letter rather than true pre approval. Do wells fargo LOC preapprovals have a specific APR listed or a range?
Annual fee is listed as (if I'm reading it right) $0 up to $10k "line amount," $95 from 10k to 25k, or $175 for greater than 25k "line amount." Is this "line amount" the total available (credit limit) or is this based on utilization. I'm kind of surprised by the 100k offer...but, if it was truely approved, I'd love to accept the full amount. However, I only have a possible need for about 10k til the end of the year. after that, I will likely never go over 10k. I wouldn't want to pay $175 a year for a credit limit I'm NEVER going to take advantage of.
Does wells fargo report to personal credit on business LOC? The only purpose I have in this as effectively a balance transfer from a card that just ran out of 0%. If it reports to personal credit, this will not be of use for me.
