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deazyman21

Business LOC Advice - (Chase, Wells, TFCU)

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Id like to get suggestions on which direction to go from here and how to go get some higher LOC's to do tech & real estate future goals. I'd like to hear from some people with chase business experience I have heard alot of great things about them. Im a Web developer with a 12 yr LLC web/software development company with some good business financials. I have good personal credit and high CC limits, As well as good revenue with my company and good liquid cash on hand. 

 

I have acquired the following:
 

  • Personal Wells CC 25k Personal Platinum Card
  • Personal LOC 20k
  • Biz LOC 20k
  • Truliant Federal Credit Union Biz LOC 1k (Feel like they lowballed me :( )
  • Wyndham rewards CC $12,5k 


I have a nice history of business revenue and a good paying W2 income as well as I do six figure software contract jobs (1099) for years through my business so I have pretty good returns as well so my DTI is really good. My only debt is a 20k Student loan.

Where should I go from here? Anyone been in my position? Any and all comments/advice/suggestions is appreciated.

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On 2/16/2019 at 10:33 PM, deazyman21 said:

Id like to get suggestions on which direction to go from here and how to go get some higher LOC's to do tech & real estate future goals. I'd like to hear from some people with chase business experience I have heard alot of great things about them. Im a Web developer with a 12 yr LLC web/software development company with some good business financials. I have good personal credit and high CC limits, As well as good revenue with my company and good liquid cash on hand. 

 

I have acquired the following:
 

  • Personal Wells CC 25k Personal Platinum Card
  • Personal LOC 20k
  • Biz LOC 20k
  • Truliant Federal Credit Union Biz LOC 1k (Feel like they lowballed me :( )
  • Wyndham rewards CC $12,5k 


I have a nice history of business revenue and a good paying W2 income as well as I do six figure software contract jobs (1099) for years through my business so I have pretty good returns as well so my DTI is really good. My only debt is a 20k Student loan.

Where should I go from here? Anyone been in my position? Any and all comments/advice/suggestions is appreciated.

 

Who do you currently bank with?  Wells Fargo can be strict if you don't have a relationship.

 

Chase isn't as strict, but it helps to have the banking relationship with them as well.  

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I have a relationship with Wells fargo and have had one since 2001 I thought they would do way higher than 20k biz and 20k ploc considering I have a good amount in savings & income. I heard great things about chase. I have an Virtual Office address in atlanta I have had since 2007.  Im thinking of opening up an account with them. What do you recommend I go for with chase? Biz Loc & Personal CC? Right now I just have two CC's. 

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21 hours ago, deazyman21 said:

I have a relationship with Wells fargo and have had one since 2001 I thought they would do way higher than 20k biz and 20k ploc considering I have a good amount in savings & income. I heard great things about chase. I have an Virtual Office address in atlanta I have had since 2007.  Im thinking of opening up an account with them. What do you recommend I go for with chase? Biz Loc & Personal CC? Right now I just have two CC's. 

$20k for Wells Fargo is great for just opening with them!   

 

 

Depending on your scores, you should be able to get a Chase Biz card.  I'm sure you will need a checking account if you want to also apply for a LOC with them.

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11 hours ago, NYCdude27 said:

$20k for Wells Fargo is great for just opening with them!   

 

 

Depending on your scores, you should be able to get a Chase Biz card.  I'm sure you will need a checking account if you want to also apply for a LOC with them.

I guess so... I was expecting alot more given my situation & personal relationship... Maybe my expectations were unrealistic.  Yea I just opened the biz account with them. My personal has been with them for a long time since 2001 since they were wachovia. 

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Sometimes creditors think you have enough credit, so they prefer not to offer you any more credit. That said so, sometimes you need to be in debt (around 10-20 %) so they can extend you some more credit. 

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On 3/5/2019 at 3:39 PM, Falcon1871 said:

Sometimes creditors think you have enough credit, so they prefer not to offer you any more credit. That said so, sometimes you need to be in debt (around 10-20 %) so they can extend you some more credit. 

How often should you ask for credit limit increase? Its a soft inquiry if you already have an account with them right?

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On 3/26/2019 at 8:32 PM, deazyman21 said:

How often should you ask for credit limit increase? Its a soft inquiry if you already have an account with them right?

Every 6 months to 12 months is good enough. As long as it is a soft inquiry, it is all good. 

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1 hour ago, Falcon1871 said:

Every 6 months to 12 months is good enough. As long as it is a soft inquiry, it is all good. 

Really? I see on my credit report I have 3 inquiries I thought. Do soft inquiries count against the 5/24 rule as well? So a soft inquire for about 3-4 accounts at one time is ok? I have a 2 Biz loc, personal loc, 2 CC's. Thoughts?

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3 hours ago, deazyman21 said:

 

Really? I see on my credit report I have 3 inquiries I thought. Do soft inquiries count against the 5/24 rule as well? So a soft inquire for about 3-4 accounts at one time is ok? I have a 2 Biz loc, personal loc, 2 CC's. Thoughts?

I don't think soft inquiry will count towards 5/24. Sometimes some cards don't even pull soft inquiry, they just check your last 12 months payments and balance on your card. You can ask for a limit increase all at once, as long as they don't pull your report as a hard inquiry. 

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