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Approved for 36 month Term Loan Corp Only

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Zic,

They said that they report the whole line to who....DNB??? This may have already been discussed in this thread earlier...i just dont feel like rereading the whole thread again to find it.

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Zic,

They said that they report the whole line to who....DNB??? This may have already been discussed in this thread earlier...i just dont feel like rereading the whole thread again to find it.

 

 

Yeah Diz...

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Rep says they report the entire line

 

 

Of course they will cause the entire line is maxed out. It's not a LOC as they give you the whole amount and you start making payments. It's no different credit reporting wise than if you had say a Visa card with a limit of $10K and you went out and charged up the entire $10K overnight. If it were me I'd rather they DIDN'T report because a maxed out line actually hurts you credit wise.

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Rep says they report the entire line

 

 

Of course they will cause the entire line is maxed out. It's not a LOC as they give you the whole amount and you start making payments. It's no different credit reporting wise than if you had say a Visa card with a limit of $10K and you went out and charged up the entire $10K overnight. If it were me I'd rather they DIDN'T report because a maxed out line actually hurts you credit wise.

This is TRUE but i guess it wouldnt be any diff than a car reporting from FORD. It's going to show up as installment maxed out. The highlimit looks nice but i can see why the balance could be negative.

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Rep says they report the entire line

 

 

Of course they will cause the entire line is maxed out. It's not a LOC as they give you the whole amount and you start making payments. It's no different credit reporting wise than if you had say a Visa card with a limit of $10K and you went out and charged up the entire $10K overnight. If it were me I'd rather they DIDN'T report because a maxed out line actually hurts you credit wise.

This is TRUE but i guess it wouldnt be any diff than a car reporting from FORD. It's going to show up as installment maxed out. The highlimit looks nice but i can see why the balance could be negative.

 

 

Yeah true. Speaking of Ford there are folks that say it reports to DNB and EX...neither of ours are on EX or EQ just DNB. And I'm positive those high lines have helped Biz #1 get other lines (high CL's).

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I've got over a $100K reporting by FMCC as one line on both EXP and DnB

Edited by Starsky

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I've got over a $100K reporting by FMCC as one line on both EXP and DnB

 

 

Dag, I wonder why ours dont show the same way? We have 2 sep lines on dnb $50K and $45K and nothing at all on EX.

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It's the opposite for me $25k showing on EX but nothing on DNB yet for FORD. It's been about 3wks for the reporting on EX i'm hoping that it will report to DNB soon.

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Just a follow up recently denied, wanted me to PG. Would not extend loan based on business credit. ;)

Wwaaaaaaaaayyyyy to early for application! Where you seriously surprised?

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Just a follow up recently denied, wanted me to PG. Would not extend loan based on business credit. ;)

 

 

Thanks for the update Lori. Question do you know what exactly is reporting for you on DNB or EX or how many on each. Looking at your signature it doesn't show a whole lot of accounts and wondered if at least ALL of those you have listed were reporting.

 

Like Diz said it was a bit early to apply. If you read through the posts you will see a wealth of information, at times you might see something and jump at it hoping to squeeze through and then end up denied, unfortunately the days of sneaking through the cracks seem to be gone.

 

Thanks for the info

 

Zic

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What is the turnaround time for a response once app is done thru their website??? Do they call or they just fax over the paperwork needed. I don't remember a spot on that short app for fax info.

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When I receive the paperwork, I will check to see if:

 

a) if ucc is required (I don't have an issue with this, if there is one required)

:dntknw: if there is a prepayment penalty (this could be an issue if we intend on prepaying early, but for the sake of establishing a loan relationship, I don't have a problem with this)

 

As far as thick file:

 

We have about 30 references on our D&B, 20 year history, 77 paydex (one of our suppliers has a reporting issue that we constantly have to call to correct) currently with $25k high credit reporting

On Experian, we have about 15 references, 98 score, 20 year history with $25k high credit reporting.

 

I only see one inquiry on Experian this month and I think it was for bill me later business, so either there is a delay in updating on Experian's part or they just checked D&B.

 

 

I received the paperwork yesterday and spoke with the rep at Marlin.

 

Yes, they have a 4% prepayment penalty.

Yes, they will file a UCC if the loan is $25k or higher, but generally not for loans less than $25k.

 

So that answers those questions.

 

 

I applied for a loan and they denied me through the Business only application.

 

I have a CFO, who owns 95% of company, has a 640 or so creddit score... What kind of term loan would they approve us for? do you know? has anyone else done a loan with them on these terms?

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I applied and told them no pg...they came back today and said she just found out they will no longer do no pg loans as too many people have defaulted. I have 12 trades on dnb with a high credit of 30k

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Got a call back today and advised that based on the Corp Only Credit we would be approved for $8,500. Can get higher if we PG the loan.

 

I am calling to decline the request now and NOT accept the $8,500. The more I thought about it (and think about it) it is not wise (although the rate is not bad) to take this loan especially for such a low amount. Our CC available credit is far more than their offer even on this relatively new business (10 months INC/PAYDEX 80 w/7 reporting high CL of $5800 reporting/EX 92 w/8 TL's reporting high CL of $9000).

 

Just cant do anything with that amount and have to pay it back in January with payment #1.....I'll pass but it was and is a good find if there is a real good need for it...I guess in the end I really didn't have a major need for that amount.

 

The rep, Janice was more than helpful they all have a strong Northern accent they are out of Jersey.

 

Just my experience folks.....

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I applied and told them no pg...they came back today and said she just found out they will no longer do no pg loans as too many people have defaulted. I have 12 trades on dnb with a high credit of 30k

 

 

Interesting :lol: I didn't get that and just got off the phone with them just now. At least the defaults didn't come from CB as I doubt anyone has re-entered payments with them yet.

 

Oh well....

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I guess that private room you guys spoke about earlier is looking better and better right now.

 

Rea

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Zicman, what's reporting on my DnB is dell only what i have outstanding, telephone, one net 30 and the two other credit cards staples & office depot.

 

Yes, i know my business file is thin, but i thought i'll give it a shot. I received corrrespondences in the mail before, i'm a jersey based business and their only 30 mins away.

 

As for the private room, is this what the board has come too. Members who have received success with established good business credit should look down on others who just starting out or rebuilding. I dont think the "Breeze" would encourage the negative remarks or go forward with a request of a "private room".

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Zicman, what's reporting on my DnB is dell only what i have outstanding, telephone, one net 30 and the two other credit cards staples & office depot.

 

Yes, i know my business file is thin, but i thought i'll give it a shot. I received corrrespondences in the mail before, i'm a jersey based business and their only 30 mins away.

 

As for the private room, is this what the board has come too. Members who have received success with established good business credit should look down on others who just starting out or rebuilding. I dont think the "Breeze" would encourage the negative remarks or go forward with a request of a "private room".

A private room has both pros and cons...(IMO more pros).

I for one like sharing information and i can learn from a newbie just as much from an oldie. However the reasoning this "private room" was mention to begin w/is b/c good info like this is shared EVERYONE runs after it and potentially ruins it for others.

 

After recieving a paydex building business credit to me becomes more about "applying strategically" to A)get higher credit lines and B)get a loan/car etc w/o pg.

 

Similar to personal credit...when you're 18 and you have no file....you wouldnt go apply for $50 loc b/c you will be DENIED! You have to build your file up and then strategically get higher lines and then when your file becomes thick you have more options available to you.

 

The private room would be good for those who UNDERSTAND that strategic building. It does a newbie no good to know about this as they would do w/many on her w/thin files have done and apply w/absolute NO CHANCE of approval.

 

Think like an underwriter...if you had money to give out would you give to the company who dont have a paydex score w/a high limit of $50 or to the company fully rated w/paydex and high tradeline of $30k?

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Zicman, what's reporting on my DnB is dell only what i have outstanding, telephone, one net 30 and the two other credit cards staples & office depot.

 

Yes, i know my business file is thin, but i thought i'll give it a shot. I received corrrespondences in the mail before, i'm a jersey based business and their only 30 mins away.

 

As for the private room, is this what the board has come too. Members who have received success with established good business credit should look down on others who just starting out or rebuilding. I dont think the "Breeze" would encourage the negative remarks or go forward with a request of a "private room".

dizyaboi if you would have read what i have posted about what thay said about youe'r dnb MUST BE TIGHT me and direct have very thick files.

 

THE HIGH ON MY D&B IS 5,000.00 AND 22 TRADES PAYDEX 79 RATING 1R2

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the 15K hit my account yesterday... they said 3 days but it took 1 day. very quick to fund.

 

i wouldn't recommend anyone try to apply for this until you have some good lines reporting... like five figure trade lines+ and some good payment history. i got approved for this easy for 15K NO PG and i have tradelines of 25k+ on dnb (80 paydex) and 25k+ on biz exp (97 score).

 

i don't think dizy meant anything personal to newbies trying to build their credit... just take some time before going for one like this is all. i wouldn't go after this unless you have good year of timely payments and/or five figure tradelines reporting.. not that you couldn't get it with less... but you have a better chance at a higher approval amount if you take time and build first.

 

just my 2 cents...

Edited by manifesto

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:dntknw: Just a suggestion. I am a newbie with the board and I have to say I think a private board that would include all business owners whose Inc. date could be verified through either S.O.S. or their state's comptroller office. Don't based the criteria on CB join date because you can be a member for 3 years and still have no real business. Unfortunately there are some people who do apply for credit or call the credit grantors and cause red flags. Just a thought, STARKSY should be one of the ones who heads it. :D

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maybe i have overstayed my welcome, thanks for helping me get the basics of getting businees credit.

 

i hope that marlin approves me for a term loan, with a PG, thats what i am looking for.. should i apply with a diffirent bank? if i am willing to PG?

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You mention that your business CFO has a credit score of 640. That is not a good score for most loans.

I would suggest he try to get his score up to 700 and then apply for the Loan.

Edited by money19

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