I'm going to be joining NFCU by the end of the month(waiting for credit reports to update) and want to have a business account with them also. I have a corp established in Dec 2005, but I don't have any financials for previous years. It does have a DUNS number and some basic credit though. I would be PGing any product, but would like to know if anyone knows if they will require financials from the business. I can prove my own income because I have a full time IT job. I'm probably just going to go for a credit card, although I might be interested in a loan of some kind if I can get a good rate. Any help is appreciated!
Do NFCU Business products require business financials?
Started by
wdwslr85
, Aug 18 2012 11:15 AM
18 replies to this topic
#1
Posted 18 August 2012 - 11:15 AM
#2
Posted 18 August 2012 - 02:14 PM
I'm going to be joining NFCU by the end of the month(waiting for credit reports to update) and want to have a business account with them also. I have a corp established in Dec 2005, but I don't have any financials for previous years. It does have a DUNS number and some basic credit though. I would be PGing any product, but would like to know if anyone knows if they will require financials from the business. I can prove my own income because I have a full time IT job. I'm probably just going to go for a credit card, although I might be interested in a loan of some kind if I can get a good rate. Any help is appreciated!
I can't speak for NFCU specifically, but I think you will find that if you are PGing, have good personal credit and the size of the loan is within your personal payment means (10-25% of your W2 income), you won't need to provide financials at all. PG'd lines of credit are probably easier to get than actual installment loans. I recently responded to an offer we got from Huntington for a LoC at Prime + 1% (total 4.25%) and it was the lowest doc loan I have ever gotten. Everything was basically just stated and I didn't provide any docs at all. If they even pulled my business or personal credit, then they must've been soft pulls because I didn't get any notifications. I had no previous relationship business or personal with Huntington.
However, I got a PG'd business credit card with a local CU I have been a member of for 20+ years (but not had my primary accounts there for 15+ years) with a ridiculously low 6.25% interest rate. I wanted it to use it to buy additional inventory, so I asked for a $25k limit. That's more than 10% of my W2 income, but less than 10% of my W2 + 10% of 2011 business gross revenues. I had to provide financials (just business, no personal) for that, but it was approved for the full amount (and I even had the card in my hands) in 24 hrs.
#3
Posted 18 August 2012 - 09:25 PM
Navy Business Cards won't require financials for lines under 10K. Not instant approval, takes a few days. Approval based more on personal credit.
They are generous on the personal side as well.
They are generous on the personal side as well.
#4
Posted 19 August 2012 - 02:56 PM
Thank you both for the replies. Once my credit cards have all cycled, I'll have effectively 0% util and only my car loan and a 15k personal loan I recently took out with another bank(10k of it is business related). I'm going to try for 25k loan with Navy under business to get that 15k off my personal and add another 10k for other business expenses. I figure worst case scenario, they will counter me at some level and I'll just go from there. Heck it'd be worth taking even 15k if the interest is lower. But I'd like 25 so I can infuse some cash into the business. I will update when I do the app and have an answer! It will likely be the 29th or so, don't want to join and have them pull the hard until the util is down to 0%
#5
Posted 22 August 2012 - 06:37 PM
I'm going to be joining NFCU by the end of the month(waiting for credit reports to update) and want to have a business account with them also. I have a corp established in Dec 2005, but I don't have any financials for previous years. It does have a DUNS number and some basic credit though. I would be PGing any product, but would like to know if anyone knows if they will require financials from the business. I can prove my own income because I have a full time IT job. I'm probably just going to go for a credit card, although I might be interested in a loan of some kind if I can get a good rate. Any help is appreciated!
I can't speak for NFCU specifically, but I think you will find that if you are PGing, have good personal credit and the size of the loan is within your personal payment means (10-25% of your W2 income), you won't need to provide financials at all. PG'd lines of credit are probably easier to get than actual installment loans. I recently responded to an offer we got from Huntington for a LoC at Prime + 1% (total 4.25%) and it was the lowest doc loan I have ever gotten. Everything was basically just stated and I didn't provide any docs at all. If they even pulled my business or personal credit, then they must've been soft pulls because I didn't get any notifications. I had no previous relationship business or personal with Huntington.
However, I got a PG'd business credit card with a local CU I have been a member of for 20+ years (but not had my primary accounts there for 15+ years) with a ridiculously low 6.25% interest rate. I wanted it to use it to buy additional inventory, so I asked for a $25k limit. That's more than 10% of my W2 income, but less than 10% of my W2 + 10% of 2011 business gross revenues. I had to provide financials (just business, no personal) for that, but it was approved for the full amount (and I even had the card in my hands) in 24 hrs.
What is Huntington ? is this a credit union ? I am interested in getting an LOC and am kicking myself for not applying for that with PSECU - instead I got an installment loan - but had to provide 3 year of financials!
#6
Posted 22 August 2012 - 07:46 PM
What is Huntington ? is this a credit union ? I am interested in getting an LOC and am kicking myself for not applying for that with PSECU - instead I got an installment loan - but had to provide 3 year of financials!
Huntington is a regional bank in the midwest. They would probably not have anything to do with CA.
http://www.huntington.com
Also, we got an invite offer in the mail for this one, so even if you were in the midwest you might not be able to walk right in and ask for the same rates.
#7
Posted 05 September 2012 - 05:12 PM
Just wanted to let you all know that I FINALLY got my NFCU membership. Took my dad a while to be able to get to a branch on base to open an account, but I'm in!!! I then opened a business checking account and got the CC app. As was advised on here, the limit is 10k without financials. Over 10k they require 3 years of business and personal tax returns plus a financial statement from each owner. I submitted my application and should hopefully know tomorrow about the approval. My FICO is 730 so I expect things will be fine. Hurray!
#8
Posted 24 September 2012 - 09:02 PM
Just wanted to let you all know that I FINALLY got my NFCU membership. Took my dad a while to be able to get to a branch on base to open an account, but I'm in!!! I then opened a business checking account and got the CC app. As was advised on here, the limit is 10k without financials. Over 10k they require 3 years of business and personal tax returns plus a financial statement from each owner. I submitted my application and should hopefully know tomorrow about the approval. My FICO is 730 so I expect things will be fine. Hurray!
How did it go?
#9
Posted 24 September 2012 - 09:19 PM
Just wanted to let you all know that I FINALLY got my NFCU membership. Took my dad a while to be able to get to a branch on base to open an account, but I'm in!!! I then opened a business checking account and got the CC app. As was advised on here, the limit is 10k without financials. Over 10k they require 3 years of business and personal tax returns plus a financial statement from each owner. I submitted my application and should hopefully know tomorrow about the approval. My FICO is 730 so I expect things will be fine. Hurray!
How did it go?
Thanks for checking in! I was approved just fine, the card was issued, and I received it one week after it was issued! I've managed to get all my business expenses transferred from personal too!
GTE is another story. I kinda stopped following up with them and haven't heard a thing. I'll call them tomorrow, but I'm a little annoyed I have to keep following up. Not very good service...but I spent the inquiry so I want an answer one way or another.
#10
Posted 25 September 2012 - 02:43 AM
did NFCU pulled TU?
#11
Posted 25 September 2012 - 06:14 AM
yes for business they pulled TU, which surprised me. For everything else they pulled EQ.
#12
Posted 26 September 2012 - 11:58 PM
the biz credit card..is a nice little hidden tradline..does'nt report to personal CRA's.
#13
Posted 27 September 2012 - 06:17 AM
yeah it is! GTE denied me for not enough history with them, oh well, wasted the inq but I'm happy with NFCU!
#14
Posted 28 September 2012 - 11:40 AM
Good to hear! What CL did they start you out with?
#15
Posted 28 September 2012 - 11:42 AM
They gave me 10k which is the max they will give without business financials. The great thing is I have started to transition the corp into being utilized for me being an Independent associate with Legal Shield. So, within the next couple years, once I have the income and tax returns to back things up, I could see an increase coming.
#16
Posted 28 September 2012 - 12:01 PM
Did Navy also pull business reports? My personal credit is good but my business credit is excellent. Have over $100k in business lines with my vendors and some business credit cards like $10K Sams Club Discover.
#17
Posted 28 September 2012 - 12:04 PM
if they did, I'm not aware of it. They only pulled personal as far as I know. They never asked for a DUNS number either. I think since it's PG, they just pull personal.
#18
Posted 19 December 2012 - 05:22 PM
I spoke with the rep from the southeast region (who wasnt the most pleasant person) and he told me no financials under $10k, must have 700+ beacon to even be considered and thats not a guarantee. It was frustrating calling and waiting for a call back. I left him a message and he called me back from his cell phone. He got mad because I called his cell phone!
#19
Posted 23 December 2012 - 08:17 PM
I spoke with the rep from the southeast region (who wasnt the most pleasant person) and he told me no financials under $10k, must have 700+ beacon to even be considered and thats not a guarantee. It was frustrating calling and waiting for a call back. I left him a message and he called me back from his cell phone. He got mad because I called his cell phone!
they gave me one for 7k and i have not a dollar in business income yet and been runing for about 6 weeks, 721 score ( Trans was pull) 12% util, i have 3 personal accts ( 20k flagship, 15k Navcheck and a 10k cash R visa sig currently, year member feb 2013.. took about 2 hours from pull for approval.. asked for 6 months paystubs. ( 240k income) pull personal only, dont report to credit... around 10%
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