NFCU Bus Credit loans, CC and line of credit?????

[theroadback]

I was wondering what is reasonable to ask for for a business line of credit, loan or credit card from NFCU? Do they do full doc or is it credit based? Is 30k a reasonable limit to ask for? Have been in business 5 years and have credit score somewhere around 730. Any insight would be greatly appreciated! Thank you in advance.

[FixnCred]

They are strictly TU for Biz. It's a single TU pull for Biz CC and CLOC.

 

I was approved for a $25K CC @ 10.4%APR and $15K CLOC which is the max CL at 14.4% APR.

 

My LLC was 2 months old with $0 income and I listed $0 income on the application.

 

If your TU is clean you should be able to easily get a $30K CC. Hell if your personal TU is clean then I would request a $50K CC if I were you.

 

The traditional Business LOC will probably be a rectal exam with DOCS so it depends on if you need it or not and how badly. No matter what you will need to submit a personal financial statement which is a mild questionnaire about your assets.

 

The CC comes with convenience checks for the same purchase APR which is very cool.

 

The easy shoe in will be the CC and CLOC. You should easily be able to get $15K max CL on the CLOC.

 

You are quoting a FICO score right? Where is your 730 score coming from?

[theroadback]

It is from myfico.com. Is the cloc your referring to on the business account? Thanks for your insight it is greatly appreciated!

[FixnCred]

Yes I have both Biz and Personal CLOC.

[theroadback]

Will they use 1 TU pull for all 3 or will the personal be a separate pull?

[FixnCred]

Just one TU pull for both the CC and CLOC. You could probably try for 3 or 4 products on that same credit pull if you apply for all at once with your Business Rep.

 

Do you have an assignex NFCU business rep yet?

[blake10]

Wow...how can I sign up to do this FixNCredit? I would love to have these options available to me

[theroadback]

Thanks for all the info fixncred! They gave me my rep but she is on vacation until next week. Two last questions:

 

1) Do you think they are more strict and critical with higher limits and having to submit the personal financial statement?

 

2) Do you know if they pull the business credit bureaus like dnb or exp or is it strictly a personal pull?

 

Thanks again for all your help!!

[FixnCred]

Wow...how can I sign up to do this FixNCredit? I would love to have these options available to me

Blake you just have to be Eligible to be a member. Go go www.navyfederal.org and there is an eligibility tool.

 

If you are eligible through immediate family but they are deceased you will need to gather those docs up.

[FixnCred]

Thanks for all the info fixncred! They gave me my rep but she is on vacation until next week. Two last questions:

 

1) Do you think they are more strict and critical with higher limits and having to submit the personal financial statement?

 

2) Do you know if they pull the business credit bureaus like dnb or exp or is it strictly a personal pull?

 

Thanks again for all your help!!

I think it just comes down to your personal TU score and credit history. If you have no lates, BK, collections, COs, and low utilization then you should be good to go.

 

Like I said. I used a two month old LLC with $0 in sales on my application.

 

It does take about a week for everything to be processed manually and then another few days after the approval to get everything setup.

 

Good luck!!

[blake10]

So NFCU Is the best one for biz lines?

[FixnCred]

I don't think one of the best.... Because it's membership based and not open to the public.

 

It is nice if you can get in because likely you will get high limits. Albeit not always the best rates.

[FixnCred]

blake10 have you signed up for the free Nav trial?

[blake10]

blake10 have you signed up for the free Nav trial?

Yes why?

[FixnCred]

There's a lot of information about LOCs and CCs on there. I have been doing some research on them. None have struck out as must haves yet.

 

I wonder if any 'Approval' preference is given when applying from a Nav link as opposed to a link on the Banks websites.

[CreditCuestions]

This sounds promising! I should have a clean TU in November. Anything I can do in the next 6 months to help approval/interest rates?

[blake10]

There's a lot of information about LOCs and CCs on there. I have been doing some research on them. None have struck out as must haves yet.

 

I wonder if any 'Approval' preference is given when applying from a Nav link as opposed to a link on the Banks websites.

Like do you think they have a special hook up or something?

[blake10]

They are strictly TU for Biz. It's a single TU pull for Biz CC and CLOC.

 

I was approved for a $25K CC @ 10.4%APR and $15K CLOC which is the max CL at 14.4% APR.

 

My LLC was 2 months old with $0 income and I listed $0 income on the application.

 

If your TU is clean you should be able to easily get a $30K CC. Hell if your personal TU is clean then I would request a $50K CC if I were you.

 

The traditional Business LOC will probably be a rectal exam with DOCS so it depends on if you need it or not and how badly. No matter what you will need to submit a personal financial statement which is a mild questionnaire about your assets.

 

The CC comes with convenience checks for the same purchase APR which is very cool.

 

The easy shoe in will be the CC and CLOC. You should easily be able to get $15K max CL on the CLOC.

 

You are quoting a FICO score right? Where is your 730 score coming from?

Do you have any accounts with NFCU or just the cc?

[FixnCred]

I have quite a bit with them.

 

Personal:

$22K cashRewards

$22K GoRewards

$15K CLOC

$5K Personal Loan

 

Business :

$25K Visa Siggy

$15K CLOC

[blake10]

I have quite a bit with them.

 

Personal:

$22K cashRewards

$22K GoRewards

$15K CLOC

$5K Personal Loan

 

Business :

$25K Visa Siggy

$15K CLOC

Which one did you get first? Did you apply online?

[FixnCred]

Personal all same time in Nov 2015 except second card was a month later.

 

Biz May 2016 both together.

[FixnCred]

Personal is all done online after membership approval. You will likely get some pre approved offers but they will still be an HP for each persoal product.

 

 

Biz is one HP for all products applied for together and it is done manually on paper with your Business Development Specialist.

 

The same UW reviews all products on the same application at once and approves at the same time. That's why you want to apply for all the business products you want at the same time.

Edited June 1, 2016 by FixnCred

[blake10]

Personal is all done online after membership approval. You will likely get some pre approved offers but they will still be an HP for each persoal product.

 

 

Biz is one HP for all products applied for together and it is done manually on paper with your Business Development Specialist.

 

The same UW reviews all products on the same application at once and approves at the same time. That's why you want to apply for all the business products you want at the same time.

ok gotcha. I am trying to figure out how to prove eligibility bc my family has now passed. What kind of documentation will they need?

[FixnCred]

You need the SS# plus DD214 www.dd214.us. You will also need to prove the relationship that makes you eligible.

 

Call Member Services and apply. You will then need to send proof of eligibility.

 

If you have a hard time you might try having your mom or dad whichever is the child of the eligible person join first with the SS# and DD214 then they can sponsor you in.

[giloka67]

They are strictly TU for Biz. It's a single TU pull for Biz CC and CLOC.

 

I was approved for a $25K CC @ 10.4%APR and $15K CLOC which is the max CL at 14.4% APR.

 

My LLC was 2 months old with $0 income and I listed $0 income on the application.

 

If your TU is clean you should be able to easily get a $30K CC. Hell if your personal TU is clean then I would request a $50K CC if I were you.

 

The traditional Business LOC will probably be a rectal exam with DOCS so it depends on if you need it or not and how badly. No matter what you will need to submit a personal financial statement which is a mild questionnaire about your assets.

 

The CC comes with convenience checks for the same purchase APR which is very cool.

 

The easy shoe in will be the CC and CLOC. You should easily be able to get $15K max CL on the CLOC.

 

You are quoting a FICO score right? Where is your 730 score coming from?

 

 

Does the business credit card and CLOC require a PG?