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US Bank Cash Flow Manager Line of Credit

The last post in this topic was posted 1442 days ago. 

 

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Well this was a big waste of time for me - DECLINED - excessive debt utilization and high risk :(

We do have a lot of business debt that appears in Equifax - when times are good we pay it off all at once and when times slow down we carry a balance - apparently that disqualifies us.

 

So definitely not so easy to get.

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Well this was a big waste of time for me - DECLINED - excessive debt utilization and high risk :(

We do have a lot of business debt that appears in Equifax - when times are good we pay it off all at once and when times slow down we carry a balance - apparently that disqualifies us.

 

So definitely not so easy to get.

Reference to your personal report? Edited by BRBiz

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Can you give us more information about your credit profile? You mention lots of debt and also a short sale in your signature. How much debt do you have on your personal report?

 

Are you going to try to ask for a reconsideration at a lower amount? Or what is your next move?

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No personal credit is excellent - its all business debt. Mostly ALL business debt shows up on Equifax report (except) for 2 CU accounts.

As I said we rely heavily on credit. We had prior 3 years with millions of dollars - and last 2 years brutal.

That's our business (it's also considered high-risk - mortgage)....even though company has been around for 19 years.

 

I bank with Chase and with a decent average daily deposit of $30k this year - it would be an option if they didn't require full docs.

 

I really need $50k - so will have to keep looking. May have to go personal route if I can't find a partner soon.

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I'm excited to report back. I am approved for my $100k request! Completely unsecured (no UCC). Prime+4% (7.25%) which is lower than I was initially told.

Edited by myfrogger

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I'm excited to report back. I am approved for my $100k request! Completely unsecured (no UCC). Prime+4% (7.25%) which is lower than I was initially told.

Congratulations!

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I'm excited to report back. I am approved for my $100k request! Completely unsecured (no UCC). Prime+4% (7.25%) which is lower than I was initially told.

 

Which credit file did they pull, EX, TU, or EQ and what scores did they pull?

And just to clarify, you used two years of business tax and personal returns and PG right?

I assume you have a deposit account with US Bank, what is your average daily balance?

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They pulled Equifax personal (740-760 fico) and Equifax & DNB business.

Yes, I used two years business and personal tax returns but that was per the banker not underwriter. Underwriter seemed to only be concerned with the last year taxes and YTD profit & loss statement.

Yes, PG.

Yes, I have a ~18+mo deposit history with US Bank with an average daily balance of $30,000

Edited by myfrogger

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They pulled Equifax personal (740-760 fico) and Equifax & DNB business.

Yes, I used two years business and personal tax returns but that was per the banker not underwriter. Underwriter seemed to only be concerned with the last year taxes and YTD profit & loss statement.

Yes, PG.

Yes, I have a ~18+mo deposit history with US Bank with an average daily balance of $30,000

 

Thank you for sharing. :grin:

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Bump. Does anyone have anymore info on this or any new experiences. I'm starting a new business and with their cash flow manager promotion I'm thinking about applying for that as well as checking.

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I inquired about a CLI and it seems there needs to be a new application. Unsecured goes up to $100k (or possibly $125k for their best customers) and then it goes to $250k as secured. Secured can be by blanket UCC-1. Has anyone that has this tried to up the limit?

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Denied.... but some pointers.

They wanted 2 years personal & business tax returns w/K-1 if applicable.

Balance sheet

No personal financial statement requested.

 

They then will ask for various documents and have more questions as they dig into things.

 

They will lend 3x the long term accounts receivable balance. My AR summary showed a balance 61-90 days which they tripled to come up with my limit.

They also look at 20% of revenue, which is somewhat generous. Most banks are 10 or 15%.

I don't know that they care about how much profit you actually make or else I made a sufficient amount they didn't bring it up.

 

Plan on 3 weeks for a decision.

Edited by myfrogger

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