Business Secured report to Equifax Biz

[stroked89coupe]

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

 

 

 

Curious to see what their min score requirement is.

 

I was refering to the reason why they do a hard instead of a soft at account opening if they are getting all the verification data they need from a soft.

[stroked89coupe]

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

 

 

 

Curious to see what their min score requirement is.

 

Its also possible that it could also be part of the contract for being allowed access to pull reports... I know there are a few places that pull soft to see if you qualify and then pull hard if you do, so maybe they are required to do it if they extend credit based on any credit report information.

 

If everyone pulled softs then there'd be no inqs showing which has some negative side effects for businesses relying on the reports.

 

And of course then they'd have no use for my most favorite denial reason (sarcasm) -> Too many recent inquiries.

 

 

Some additional good points regarding the INQ's and applying for credit. Never thought of that!!

[BRBiz]

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

 

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I was refering to the reason why they do a hard instead of a soft at account opening if they are getting all the verification data they need from a soft.

Oh ok... They shouldn't be doing any pull at all on a secured business product. No reason to verify anything besides the business info especially when you have money securing that account. We discussed how they could loss money but how about a line of credit or loan? No risk of loss there at all and a lot of banks still want a PG.

[jmight]

 

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I was refering to the reason why they do a hard instead of a soft at account opening if they are getting all the verification data they need from a soft.

Oh ok... They shouldn't be doing any pull at all on a secured business product. No reason to verify anything besides the business info especially when you have money securing that account. We discussed how they could loss money but how about a line of credit or loan? No risk of loss there at all and a lot of banks still want a PG.

 

It's not just as simple as them loaning you your own money.

 

There are a lot of costs involved with servicing a loan or line of credit, even when your being lent your own money. Those CSRs don't work for free, electricity for all the servers sending out your bill (or emailing it), etc..

 

Plus, they will generally leverage your account by selling the underlying note to create more money to lend. Investors want returns not just principal repaid. [This is something that even small businesses do to sometimes get capital quicker (selling off the A/Rs and then paying the purchaser as the customer pays off their accounts).]

[GR8WhiTE]

A common way to over come a bad credit issue when trying to rent is to provide extra security deposit funds. Any where from a extra month or two ontop of the one normally given.

 

This method works very well when leasing a commercial property also. A extra month of security and prepay for 3 to 6 months and you often can get I to most properties.. Lately commercial properties have really relaxed their requirements for leasing. The down economy and people just working out of their homes has really vacated the commercial properties at least here in the Northeast.

everywhere really

[GR8WhiTE]

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

 

 

 

Curious to see what their min score requirement is.

I dont think it has to do with a score because these secured cc's are to help you build your scores. I think the verification is to see if you ever had a bad history with that particular bank. If you did have a bad history with them.....they simply wont do business with you

[GR8WhiTE]

I just think the pulls should happen for verification. Ok, say they can lose money even though you are securing your account. The money they can lose is limited. But the money you put down for your secured product is getting invested by the bank and the gains they can make are unlimited.

[BRBiz]

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

 

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I dont think it has to do with a score because these secured cc's are to help you build your scores. I think the verification is to see if you ever had a bad history with that particular bank. If you did have a bad history with them.....they simply wont do business with you

A lot of people are denied secured cards due to a low score or BK's all those good things.. But I was referring to this biz card in particular since it shouldn't matter what your personal score is since it s a business card for building business credit. If you want to build personal credit then you would just get a secured personal card.

[GR8WhiTE]

 

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I dont think it has to do with a score because these secured cc's are to help you build your scores. I think the verification is to see if you ever had a bad history with that particular bank. If you did have a bad history with them.....they simply wont do business with you

A lot of people are denied secured cards due to a low score or BK's all those good things.. But I was referring to this biz card in particular since it shouldn't matter what your personal score is since it s a business card for building business credit. If you want to build personal credit then you would just get a secured personal card.

I got off course. Ok so if you have a low personal score that can get you denied for a secured biz card? I know personal is more flexible.

[BRBiz]

 

 

 

 

 

 

 

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

 

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I dont think it has to do with a score because these secured cc's are to help you build your scores. I think the verification is to see if you ever had a bad history with that particular bank. If you did have a bad history with them.....they simply wont do business with you

A lot of people are denied secured cards due to a low score or BK's all those good things.. But I was referring to this biz card in particular since it shouldn't matter what your personal score is since it s a business card for building business credit. If you want to build personal credit then you would just get a secured personal card.

I got off course. Ok so if you have a low personal score that can get you denied for a secured biz card? I know personal is more flexible.

I honestly have no idea what they are looking for in terms of personal credit. But I believe they are picky with their personal secured card so Im sure its not a guaranteed approval.

[GR8WhiTE]

 

 

 

 

 

 

 

 

 

I though the argument was regarding pulling credit at all. My bad. I definetly think it should be switched to a soft pull.

 

 

 

With that said, There has GOT to be a reson why everyone does a hard. We must be missing something.

I think you and I both already said the reason.. A slight risk of going over your secured deposit.. They want to have a almost non existent risk even though they are allowing the risk.

Curious to see what their min score requirement is.

I dont think it has to do with a score because these secured cc's are to help you build your scores. I think the verification is to see if you ever had a bad history with that particular bank. If you did have a bad history with them.....they simply wont do business with you

A lot of people are denied secured cards due to a low score or BK's all those good things.. But I was referring to this biz card in particular since it shouldn't matter what your personal score is since it s a business card for building business credit. If you want to build personal credit then you would just get a secured personal card.

I got off course. Ok so if you have a low personal score that can get you denied for a secured biz card? I know personal is more flexible.

I honestly have no idea what they are looking for in terms of personal credit. But I believe they are picky with their personal secured card so Im sure its not a guaranteed approval.

I think they just check to see if you have a bad history with them in the past. When I went for a secured card in the past, the first think I was asked was "have you banked with us in the past?" I respond "no". And they respond "ok, let's check"......after that was smooth sailing