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myfrogger

US Bank Cash Flow Manager Line of Credit

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All depends on the amount you requesting, less than 35k they pull your personal TU credit report, 35k and above your TU credit report + tax return or 3 month bank statement to qualify.

 

I have 30k loc with US bank, application was very simple and got approved in less than 48hours, if your credit score is 685 or better you will have no problem getting approved.

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All depends on the amount you requesting, less than 35k they pull your personal TU credit report, 35k and above your TU credit report + tax return or 3 month bank statement to qualify.

 

I have 30k loc with US bank, application was very simple and got approved in less than 48hours, if your credit score is 685 or better you will have no problem getting approved.

 

Is there a certain amount of business revenue to qualify also?

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All depends on the amount you requesting, less than 35k they pull your personal TU credit report, 35k and above your TU credit report + tax return or 3 month bank statement to qualify.

 

I have 30k loc with US bank, application was very simple and got approved in less than 48hours, if your credit score is 685 or better you will have no problem getting approved.

 

Is there a certain amount of business revenue to qualify also?

 

 

depending on the amount........ if you want to qualify based on business revenue 100k+ should get your qualified no matter what they will still pull your TU personal CR

 

GREAT info jassjerry!! Thanks so much. What kind of relationship did you have with US Bank when you applied?

 

I had no relationship until I applied for their Business Credit card and LOC.

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Oh interesting! I have a relationship with other business accounts for several years and a personal account for ~9 months.

The business I want the LOC with I don't bank currently with US Bank. It sounds like I could still get approved for the LOC even without banking there currently. I have good personal credit scores.

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Yup shouldn't be a problem, I suggest you open a biz checking account, if you are interested xfr money to other bank besides USbank, fees are very very high, 10k transfer to other bank $450 dollars + APR crap, 10k to USbank biz checking account no fees only APR.

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if your CR score is darn good, probably 9.9 rest of them fall under either 12.99 or 15.99 ......mine was 12.99

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Hello everyone. I used to be an avid poster from 2003-2005 under a screen name I can no longer remember, so I guess what I am saying is I am back. My wife currently is in the process of obtaining the maximum 10 mortgages she can do for investment properties. She would like to open a few business credit lines that do not report on her personal credit profile and this US Bank line seems interesting. My goal is to open 3 credits lines asap before any of the mortgages report. My questions are:

 

Can banks now see where you have business lines of credit?

If yes, should we just open these lines right away before the bank can see it?

 

Back in 2003 these credit lines didn't report to DNB and Equifax was very new.

 

Her scores are 750 fico, with an aged LLC. Up to what amount can we ask for without providing tax returns. Would reporting that the business generates $80,000 a year in revenue be sufficient for this credit line? And I'm assuming since it's a pg account, business credit lines do not matter so much? Also are there other banks that are as lenient as US Bank?

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USbank does report to Equifax Business credit bureau, not DNB, from personal experience took over 6 months to show up.

 

You can any ask for amount you like, but be ready to show you can payback whatever amount you are asking for. Either via Tax return or business contractors that money is coming in and not going to stop anytime soon.

 

Navy Federal is my top choice for any lending activity they have been superb in my books.

 

Chase is a PITA very conservative

 

Bank of America is sorta of easy but even they have some strict policy and high fees

 

and any local credit Union will be easy to work with.

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USbank does report to Equifax Business credit bureau, not DNB, from personal experience took over 6 months to show up.

 

You can any ask for amount you like, but be ready to show you can payback whatever amount you are asking for. Either via Tax return or business contractors that money is coming in and not going to stop anytime soon.

 

Navy Federal is my top choice for any lending activity they have been superb in my books.

 

Chase is a PITA very conservative

 

Bank of America is sorta of easy but even they have some strict policy and high fees

 

and any local credit Union will be easy to work with.

 

 

Thanks,

 

So we are closing on 6 new rentals which generate over $950 a month ($5700 x 12 = $68,400) is that something US Bank will ask for? Or if I apply for less than 25k will they only run a credit report?

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less than 35k your transunion credit report only.

 

Do you mind me asking, is your business income based off rental property? reason why I asking all banks have different credit criteria based on type of business, are you high or low risk.

 

After the housing market crash banks have been very stingy.

Edited by jassjerry

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Are you for sure on the $35k number?

 

For easy underwriting based on personal TransUnion, should I request 34,000?

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pretty positive, request 35k, If you have a darn good credit report you will get it, without any issue. If UW sees any blemishes in your CR, they may change the amount and send you the approval.

Edited by jassjerry

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All depends on the amount you requesting, less than 35k they pull your personal TU credit report, 35k and above your TU credit report + tax return or 3 month bank statement to qualify.

 

I have 30k loc with US bank, application was very simple and got approved in less than 48hours, if your credit score is 685 or better you will have no problem getting approved.

Great info JJ!

 

Have you gotten any USB cc's? I have one right now that my mom PG'd on one of my corps and another I PG'd on my other corp. In the next month or two I was planning on going for another one and consolidating it. I don't know now if I should do the LOC first and wait another 6 months before applying for another cc OR if I should continue with my original plan and wait a week or two and apply for the LOC then. My PG will have over an 800 score.

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Yes I have two CC with them, Edge Rewards (12k) and Edge Platinum card (15k)

 

Dang with 800 score you will have no problem getting approved for LOC or Credit card. I would definitely spread it out between the two applications.

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I had this before in 2007. They reported it as a SECURED MORTGAGE LOAN. Even though I never owned a house back then and they could not have a lien on a house I had.

 

Make sure to read the fine print before you sign up for this credit line. It was many pages from what I remember.

 

I was approved for about $25,000 and they send you a credit card in the mail to use the credit line.

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Yes I have two CC with them, Edge Rewards (12k) and Edge Platinum card (15k)

 

Dang with 800 score you will have no problem getting approved for LOC or Credit card. I would definitely spread it out between the two applications.

You gotta get some CLI's and combine those JJ!!

 

My one cc is 23k and the other is 12k. I want to grow those cc's. I love their cash rewards cc.

 

I had this before in 2007. They reported it as a SECURED MORTGAGE LOAN. Even though I never owned a house back then and they could not have a lien on a house I had.

 

Make sure to read the fine print before you sign up for this credit line. It was many pages from what I remember.

 

I was approved for about $25,000 and they send you a credit card in the mail to use the credit line.

not a check book?

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Yes I have two CC with them, Edge Rewards (12k) and Edge Platinum card (15k)

 

Dang with 800 score you will have no problem getting approved for LOC or Credit card. I would definitely spread it out between the two applications.

You gotta get some CLI's and combine those JJ!!

 

My one cc is 23k and the other is 12k. I want to grow those cc's. I love their cash rewards cc.

 

I had this before in 2007. They reported it as a SECURED MORTGAGE LOAN. Even though I never owned a house back then and they could not have a lien on a house I had.

 

Make sure to read the fine print before you sign up for this credit line. It was many pages from what I remember.

 

I was approved for about $25,000 and they send you a credit card in the mail to use the credit line.

not a check book?

 

 

No check book a credit card. This was 8 years ago so don't know what their process is now. I still have the credit card and know for a fact.

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Yes I have two CC with them, Edge Rewards (12k) and Edge Platinum card (15k)

 

Dang with 800 score you will have no problem getting approved for LOC or Credit card. I would definitely spread it out between the two applications.

You gotta get some CLI's and combine those JJ!!

 

My one cc is 23k and the other is 12k. I want to grow those cc's. I love their cash rewards cc.

 

 

I might give it a try next week

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Yes I have two CC with them, Edge Rewards (12k) and Edge Platinum card (15k)

 

Dang with 800 score you will have no problem getting approved for LOC or Credit card. I would definitely spread it out between the two applications.

 

You gotta get some CLI's and combine those JJ!!

 

My one cc is 23k and the other is 12k. I want to grow those cc's. I love their cash rewards cc.

I might give it a try next week

MGB had explained it in a thread very well. He's over 50 and aiming higher.

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