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oldblue

What bank for business LOC?

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Personal scores were high 700s last I checked, no problems pging, sole proprietor been in business 8 years with consistent provable revenue and income, have 3 business cards(chase, amex, cap one) and 4 personal. 0% utilization across the board. Currently my business checking is with a credit union I'll most likely be getting away from. I have a personal checking with huntington and like them so I was thinking about opening a business checking and LOC there. Didn't know if there would be a better option for a high limit/low apr LOC.

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On 4/15/2018 at 7:21 PM, oldblue said:

Personal scores were high 700s last I checked, no problems pging, sole proprietor been in business 8 years with consistent provable revenue and income, have 3 business cards(chase, amex, cap one) and 4 personal. 0% utilization across the board. Currently my business checking is with a credit union I'll most likely be getting away from. I have a personal checking with huntington and like them so I was thinking about opening a business checking and LOC there. Didn't know if there would be a better option for a high limit/low apr LOC.

Where did you end up going for your LOC?

 

And what were the outcomes?

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20 hours ago, JayH33 said:

Where did you end up going for your LOC?

 

And what were the outcomes?

A local bank my buddy recommended for a business LOC. Got 25k at 10%, annual fees $95.

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4 hours ago, oldblue said:

A local bank my buddy recommended for a business LOC. Got 25k at 10%, annual fees $95.

And what local bank? 

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Since you are a sole proprietor, do your business credit cards still NOT report to your personal credit report?  I'm looking to transfer personal cc balances to a 0 % business cc . All the charges were for business purposes--just want to get to 0% utilization on personal CRA.  

 

Looking at the Amex Blue Business Cash card.  I already have a 40k limit with them on Everyday card, and they are constantly offering me a 40k personal loan pre-approval.  Don't want to transfer if the Biz card ends up showing up on my personal CRA. since it's a sole proprietorship.  ( 9 yr old company with strong proof of revenue)

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Business debt for a sole proprietor is still hidden from personal unless you default. Does depend on the card though, my capital one spark reports to personal and business but my amex and chase business cards do not report to personal.

Edited by oldblue

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Thanks Old Blue.  Did Amex require any docs for your sole proprietor account, or did you just get approved off your score?

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22 hours ago, gatorgirl2 said:

Thanks Old Blue.  Did Amex require any docs for your sole proprietor account, or did you just get approved off your score?

 

Nope If I remember right they ask for paper work around 25k. I know I was disappointed at first with only 3k limit but the 3x CLI at 60 days or whatever it is worked like a charm but on the second cli I went under 27k so as not get that form request.

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Did you have prior cards with Amex?  The rep at Amex said I'm not allowed to transfer the balance from my another Amex acct (personal). I haven't had an inquiry in 3 years,  Would hate to burn one for a low CL

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Pulled the trigger and applied.  Only 9k CL but Amex usually increases pretty quickly.  Transferred $6500 balance from high % Chase card to 0% intro on Amex .  Will lower my utilization on my personal CR and save $, so I guess it was worth it.  Really wanted 25k.  Looks like only a soft pull so that's good.

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