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Well Fargo Business Line of Credit


jasonhoutx
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Has anyone been successful with approval from them?

 

We get a letter from them every month on the dot saying we are pre-qualified for a Business Line of Credit.

 

We do have 2 merchant accounts with them and process lots of paper through them for large dollar consumer financing. Our DnB is thick with 80 paydex. We have excellent business credit and my personal scores are around 710.

 

I am not sure what benefit this would be to open, except to help our credit portfolio. We already have a nice LOC at our local bank. Should we try for approval?

 

Thoughts?

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Has anyone been successful with approval from them?

 

We get a letter from them every month on the dot saying we are pre-qualified for a Business Line of Credit.

 

We do have 2 merchant accounts with them and process lots of paper through them for large dollar consumer financing. Our DnB is thick with 80 paydex. We have excellent business credit and my personal scores are around 710.

 

I am not sure what benefit this would be to open, except to help our credit portfolio. We already have a nice LOC at our local bank. Should we try for approval?

 

Thoughts?

 

Not sure about specific feedback along the lines of approval but i can definitely guarantee you that they are probably somewhat lenient around this time. I have a couple associates working at Wells Fargo and they are aimed in a direction this year to penetrate the business market. Hence, they have even created a secured business credit card that many others do not offer. And they encourage it for start-ups. I would definitely say move forward on that as with your stats, it seems like the approval could happen with your eyes closed. Especially if the other LOC you have with your other bank is reporting. They want to compete. Good luck!

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If you don't need it and already have a good file with a LOC I don't see the benefit in getting another LOC unless you need it.

 

In biz credit it's not all about how many trades you have but the quality of them. Like I always say its better having one $100k trade reporting then 10 $10k trades. Some people get to hung on the number of trades reporting. A $50 or $100 trade is a joke on a biz credit report. You can use the small ones initially but after 4 or 5 active trades you need to have decent size ones to progress properly.

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If you don't need it and already have a good file with a LOC I don't see the benefit in getting another LOC unless you need it.

 

In biz credit it's not all about how many trades you have but the quality of them. Like I always say its better having one $100k trade reporting then 10 $10k trades. Some people get to hung on the number of trades reporting. A $50 or $100 trade is a joke on a biz credit report. You can use the small ones initially but after 4 or 5 active trades you need to have decent size ones to progress properly.

+1

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  • 4 weeks later...

Got this in the mail today as well.

 

I dont know anything about the industry's standards for fees associated with business LOC but this sounds excessive.

$15-$250 opening fee....$150 annual fee... rates range from Prime plus 1.75% to 9.75% (depending on credit).

WF pulls EX down here in the South. At least the consumer lending side does.

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  • 4 months later...

If you don't need it and already have a good file with a LOC I don't see the benefit in getting another LOC unless you need it.

 

In biz credit it's not all about how many trades you have but the quality of them. Like I always say its better having one $100k trade reporting then 10 $10k trades. Some people get to hung on the number of trades reporting. A $50 or $100 trade is a joke on a biz credit report. You can use the small ones initially but after 4 or 5 active trades you need to have decent size ones to progress properly.

100k is better than 10 10ks because of the size of the trade. That said, if you have only one of those, that could be a drawback for a potential lender. Not a lot of breadth. My largest trade is going to be my van and Im just starting to work on my business credit profile. I am sure that once this reports, I should be getting much larger lines.

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If you don't need it and already have a good file with a LOC I don't see the benefit in getting another LOC unless you need it.

In biz credit it's not all about how many trades you have but the quality of them. Like I always say its better having one $100k trade reporting then 10 $10k trades. Some people get to hung on the number of trades reporting. A $50 or $100 trade is a joke on a biz credit report. You can use the small ones initially but after 4 or 5 active trades you need to have decent size ones to progress properly.

 

100k is better than 10 10ks because of the size of the trade. That said, if you have only one of those, that could be a drawback for a potential lender. Not a lot of breadth. My largest trade is going to be my van and Im just starting to work on my business credit profile. I am sure that once this reports, I should be getting much larger lines.

I have pulled credit reports for large companies that I have worked for in the past and honestly your lucky to see more then 8 to 10 accounts listed on those reports. Large businesses and well run businesses stick with a handful of companies for the their business needs. Does one business really need or benefit from having 4 or 5 different office supply companies?

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