Jump to content

Sign in to follow this  
theroadback

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

Recommended Posts


@FixnCred I'm currently on chexsystems, does NFCU approve people for membership of there on chexsystems?

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

they dont use chexsystems.. i froze all my 3rd party CRAs and was still able to open an account 3 weeks ago.. hope this helps

Share this post


Link to post
Share on other sites

 

 

Do they ask for income verification for the business CLOC and CC?

I believe as long at your total business exposure is less than $50K. They will not ask for verification. I have personal products with them and I am currently waiting to see if I am approved for business CLOC and a business CC.

 

 

Any update on the approval?

 

Yes, approved for CLOC 15K and 25K for CC.

Share this post


Link to post
Share on other sites

 

 

 

Do they ask for income verification for the business CLOC and CC?

I believe as long at your total business exposure is less than $50K. They will not ask for verification. I have personal products with them and I am currently waiting to see if I am approved for business CLOC and a business CC.

 

 

Any update on the approval?

 

Yes, approved for CLOC 15K and 25K for CC.

 

 

Awesome. Congrats! Is that what you asked for?

Share this post


Link to post
Share on other sites

Is the NFCU application all PG required?

 

I have a 7 year corp with 3 trade lines list on Experian report, but my personal is low, and I need to know where to start when it comes to no PG offers... Any help?

Share this post


Link to post
Share on other sites

 

 

 

 

Do they ask for income verification for the business CLOC and CC?

I believe as long at your total business exposure is less than $50K. They will not ask for verification. I have personal products with them and I am currently waiting to see if I am approved for business CLOC and a business CC.

 

 

Any update on the approval?

 

Yes, approved for CLOC 15K and 25K for CC.

 

 

Awesome. Congrats! Is that what you asked for?

 

Yes, that is what I asked for. I didn't want to push it as my utilization is at 35% on the personal side.

Share this post


Link to post
Share on other sites

I was just approved for $15k CLOC & 25k credit card and Car loan as well in a brand new corporation. Love NFCU. does any of their products report anywhere?

 

Did you have to provide financials for the CLOC and credit card approval?

Share this post


Link to post
Share on other sites

 

I was just approved for $15k CLOC & 25k credit card and Car loan as well in a brand new corporation. Love NFCU. does any of their products report anywhere?

 

Did you have to provide financials for the CLOC and credit card approval?

 

You will have to provide financials (Physical Docs) if your total exposure is over $50K. With one app you can apply for a credit card, CLOC and a Business Loan or Auto loan.

For anything between $25K - $50K you must provide a financial statement (written info on the application) about financial income, but no Docs needed.

 

Example:

Bus CC $25K & Bus CLOC $15K = ($40K) = Financial Statement/No Docs

Bus Auto Loan $32K & Bus CC $10K & Bus CLOC $15K = ($52K) = Financial Statement/Financial Documents

Bus CC $24K = No financial Statement or Docs

Bus CLOC $15K & Bus CC $10K = ($25K) = Financial Statement/No Docs

Bus CLOC $15K & Bus CC $9.5K =($24.5K) = No Statement/No Docs

 

You can use one app to get up to $50K total exposure, meaning CC, CLOC & Installment/Auto Loan combined.

This will require only one HP.

 

You can also apply separately for more exposure with no Docs, at the expense of another Hard Pull per/app.

Bus CC $37.5K = No Docs/Financial Statement

Bus Auto Loan $42K = No Docs/Financial Statement

Bus CLOC = $15K = No Statement/No Docs

Total ($94.5K) with No Docs

 

Hope this helps clear things up.

P.S. Bus CLOC is Maximum $15K only.

Edited by Fixnsell

Share this post


Link to post
Share on other sites

 

 

I was just approved for $15k CLOC & 25k credit card and Car loan as well in a brand new corporation. Love NFCU. does any of their products report anywhere?

 

Did you have to provide financials for the CLOC and credit card approval?

 

You will have to provide financials (Physical Docs) if your total exposure is over $50K. With one app you can apply for a credit card, CLOC and a Business Loan or Auto loan.

For anything between $25K - $50K you must provide a financial statement (written info on the application) about financial income, but no Docs needed.

 

Example:

Bus CC $25K & Bus CLOC $15K = ($40K) = Financial Statement/No Docs

Bus Auto Loan $32K & Bus CC $10K & Bus CLOC $15K = ($52K) = Financial Statement/Financial Documents

Bus CC $24K = No financial Statement or Docs

Bus CLOC $15K & Bus CC $10K = ($25K) = Financial Statement/No Docs

Bus CLOC $15K & Bus CC $9.5K =($24.5K) = No Statement/No Docs

 

You can use one app to get up to $50K total exposure, meaning CC, CLOC & Installment/Auto Loan combined.

This will require only one HP.

 

You can also apply separately for more exposure with no Docs, at the expense of another Hard Pull per/app.

Bus CC $37.5K = No Docs/Financial Statement

Bus Auto Loan $42K = No Docs/Financial Statement

Bus CLOC = $15K = No Statement/No Docs

Total ($94.5K) with No Docs

 

Hope this helps clear things up.

P.S. Bus CLOC is Maximum $15K only.

 

 

Thank you for the great info!

Share this post


Link to post
Share on other sites

I just need a little clarity about getting approved with no docs. With one pull I can apply for a business credit card and the BCLOC. Where I am confused is how much I should ask for without have to sho finacials or any docs. Is it 25k or 50k? I have a brand new business so I do not have any tax returns or docs for it. just need a little help so that I do not make any mistakes.

Share this post


Link to post
Share on other sites

I just need a little clarity about getting approved with no docs. With one pull I can apply for a business credit card and the BCLOC. Where I am confused is how much I should ask for without have to sho finacials or any docs. Is it 25k or 50k? I have a brand new business so I do not have any tax returns or docs for it. just need a little help so that I do not make any mistakes.

What happened?

Share this post


Link to post
Share on other sites

I am about ready to apply for a NFCU business visa card and LOC on one application. Will the application only cause 1 personal hard credit inquiry?

 

Also, I was going to apply for a 24k card and a 15k loc. Personal scores are 745 plus. Will they ask for addition documents at these level or should I lower request amounts for a no doc app for both some?

 

I know they report on business credit for activity. Side question: I case of default or very late payments do they report to personal? Also, are they aggressive with lawsuits if those cases? For example, AMEX and Wells Fargo are aggreesive with lawsuits while Citi and Bank of America are not so much.

 

Thanks all.

Share this post


Link to post
Share on other sites

Oh...in addition to https://creditboards.com/forums/index.php?showtopic=568501&page=4#entry5744872

 

Regarding NFCU Business multi app. Do you think it is best to get a $15k LOC with the most Business Visa card limit they will give VS. a full $24k just on the Business Visa card in one?

 

The reason I ask is will having both a LOC and a Business card with decent lines show more diversity and therefore help the Business credit scores?

 

AND

 

I understand purchases and LOC will be the same low interest rate but the business card will have higher cash advance interest rates?

 

The two above items are good reasons to get both IMO.

 

However, if I get a full $24k on just a NFCU Business Visa then that larger line will show up for future other applications with other companies where they may be more inclined to give higher limits since I would already have a 24k business line with NFCU. This is a checkmark for doing just the card.

 

Which do you think is best to get the overall benefit to go for? All opinions welcome . . . love to hear what others have to say about this.

 

:)

Share this post


Link to post
Share on other sites

Unless you are desperate, the NFCU BCLOC rate is not low at all.

 

I can't confirm that they report to SBFE, but they don't report anywhere else. If you are trying to "help the Business Credit scores," NFCU doesn't fit the bill.

 

The only good reasons I can think of to get their business credit products is you need a "generous" line to run your very small business, you can't get better anywhere else and they have a branch close to you.

 

If you have a legitimate business that shows a profit on your taxes, there are much better products out there.

Share this post


Link to post
Share on other sites

Inverse,

 

So are you saying NFCU does not report activity on the business credit visa card or LOC to D&B or Experience Business etc?

 

What are a few products you would recommend? Business tax returns about $125k and mid 740s personal scores.

Share this post


Link to post
Share on other sites

^^^

 

NFCU does not report to D&B, EX or EQ business for me and I haven't seen anything to prove otherwise for anyone else

 

Is $125K your gross revenue or your net income?

 

I'd start wherever you bank for business. If you run your revenue through a bank that offers business products, you should easily be able to get a LoC for 10% of your gross revenue at a much better rate than that of the NFCU BCLOC. If you can't get that where you bank, any big box bank like BOA, Chase, Wells Fargo, TD Bank will offer it to you with a 740 if you are running your revenue through their bank and can show them 2 years of tax returns.

 

And before anyone asks, it will be a PG

Share this post


Link to post
Share on other sites

I understand that most people are going in with $25k cc and $15k LOC - but since LOC has higher interest rate - what is the max CL for a biz cc? I like the low cc rates, haven't applied for any personal cc yet.  Just became a member although my SP has been a member for a few years. Want to apply for a biz cc and want max CL - but I don't see that posted on their site.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines