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OilOperator

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  1. OilOperator

    Truck loan for business

    Was this through NFCU? Did you do the personal loan and now switching it to the business?
  2. OilOperator

    Truck loan for business

    We did the transfer so quickly that the loan didn't have time to report to personal credit bureau which is a good thing (sometimes). Having a new account and then its paid off/closed in like 1-2 months actually can be a negative thing. Typically you want an account to age 2 years minimum unless you have a super thick file and your average age of accounts is very high. Switching from personal loan to business loan was pretty much the same (terms, interest, etc.) The only change is the title/registration paperwork gets changed so you will get new registration and plates in the mail since it will be registered & titled in the business.
  3. Amex Corporate card has a max limit of $50K (no docs required) before you will be required to provide financial for a larger limit. If you provide financials that limit is much larger (or can be depending on your company) It's a pay in full card essentially with Net 60 terms (new bill cycle on 29th closes on 28th following month and payment due in full by 28th of the following month). Your statement close date could be different though but same concept. Our Amex corporate card doesn't have a PG associated to it. I believe the yearly revenue requirement was 4 or 6mil per year to qualify. You can get an application from a business consultant in the commercial division. An Amex Business Consultant rep actually reached out to our company to solicit our business. We didn't original apply for a card or reach out to them for a card. I assume they do some kind of data logging/research on businesses and reach out to those they want to get business from.
  4. OilOperator

    Truck loan for business

    Our business rep handled it. Was very simple as it's all in house (internal transfer). The fee they charged (at the time they waived the fee due to a promotion of some kind) is to cover the title & registration processing (personal to business). You can always speak to your business rep about this.
  5. OilOperator

    Truck loan for business

    The LOC with Ford is required once you exceed 250K in loans with them. The LOC has to be renewed on a yearly basis. For us the LOC was a simple process but we also already had 4 loans with them at the time of the LOC application. Once you have the LOC established purchasing is very easy. Each purchase they will set the interest rate but you don't have to apply each time.
  6. OilOperator

    Truck loan for business

    Hitachi Capital is a bank to look at. They do NON PG loans. We have some vehicles financed through them. If you go with NFCU you are better off to do the loan in your personal name and then pay the $200 transfer fee and convert the loan, title etc into the business. You will have to PG a NFCU loan either way. On the business side you they usually only loan 70-75% LTV and give slightly higher rate. On the personal side they loan 100-125% LTV and give better rates as it isn't a business loan. We have had business auto loans with NFCU in the past. This is info coming directly from our NFCU business banker. We did our loans this route. We mainly use Ford as we have an established LOC with them. They are the easiest to deal with IMO.
  7. OilOperator

    Visa, Mastercard no pg

    We have a Amex Corporate card without any PG. It has specific requirements though like years in business and business revenue. I believe the revenue has to exceed 8mil for the year. Most banks classify a business as 0-10mil per year and a corporate business as 10+mil a year. It's to help separate the small mom & pop corporation from larger corporation in terms of revenue. Usually revenue is a good indication of the size of a company but not always.
  8. OilOperator

    Elan/US Bank check personal credit? Rep says no...

    Put a security freeze on all (3) of your credit bureaus. Once the freeze is in place complete the application and provide you SSN. If they call you back saying they can't access your report due to a security freeze then you will know they tried to do a credit inquiry. Always a good idea to have a security freeze in place at all times.
  9. I would suggest putting a credit freeze on all your reports. This automatically blocks anyone (creditors, thieves, etc) from being able to access your credit report (authorized or not). You would have to manually lift the credit freeze on a specific bureau to have them pull your report. It's free to add the security freezes and depending on the state you live in it can be free or $5 each time you lift the freeze.
  10. OilOperator

    Any recommendations on heavy equipment financing?

    Cat & John Deere offer commercial accounts. We have a CAT account. We didn't PG the account.
  11. How many accounts you had before applying for the Amex? Net 30s etc? and how long in business? They had an account rep reach out to us about there product. We probably have 50+ accounts that report with highest reporting around 250K. Our credit profile is pretty thick with trade lines. Not small accounts but actual vendors we use on a monthly basis. Some of these accounts are 100K+ that report. Our business is 6yrs old Is it this card https://www.americanexpress.com/us/credit-cards/card-application/apply/business-gold-charge-card/45094-9-0?intlink=US-Acq-GCP-BusinessCategory-Apply-Gold#/personal-information ? Looks like they ask for person SS#? I'm assuming they didn't ask this when you applied over the phone? You are looking under business. Our card looks the same but says corporate. On that site they have personal, business & corporate. Our account is under corporate cards.
  12. It's a Corporate card. They either come in Gold or I believe a Green card. I carry a gold card and some of my employees have the green card. They all linked to same account just not sure what the difference between a gold & green card is.
  13. How many accounts you had before applying for the Amex? Net 30s etc? and how long in business? They had an account rep reach out to us about there product. We probably have 50+ accounts that report with highest reporting around 250K. Our credit profile is pretty thick with trade lines. Not small accounts but actual vendors we use on a monthly basis. Some of these accounts are 100K+ that report. Our business is 6yrs old
  14. We have an American Express Corporate card. There was no PG required. Only the business information was required. Its a charge card due in full each month. Not a traditional credit card where you can pay a minimum and carry a balance.
  15. OilOperator

    What Business CC

    They had a rep reach out to us to offer the product. We didn't inquire with them. We just filled out like a one page application. They had some of our business information already (not sure where they got it). We filled it out and they sent the cards. Info would have been basic stuff like company information (name, address, #, etc.) , EIN, annual revenue and if we needed additional cards for employees.

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