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JayH33

BEST PLACE FOR LOC WITH JUST SCORES ??

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Posted (edited)

What are the best banks, lenders, whom offer business Line of Credits, with just taking a look at your credit reports? 

 

I do not want to go through a drawn out process with taxes and too much documentation. My FICO scores are just shy of 800 on all bureaus. 

 

I have a relationship with Wells Fargo spanning 3 years and just received a business credit card from my application only. I'd like a business line of credit.

 

Or maybe great places for personal Lines of Credit with just credit reports? 

 

Any insight would be greatly appreciated. 

Edited by JayH33

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I have read that Wells Fargo offers a "no-doc" line of credit based on scores as well as having a business relationship with their bank.  Worth looking into.  I believe it was either up to $50k or $100k...no doc.  Give them a call and ask.   I was told the same from Bank of America but they ended up asking for docs.  After the fact, my Loan officer said it can vary depending on various factors and he only saw one account get approved with no docs.  

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On 6/16/2019 at 5:00 PM, direct said:

I have read that Wells Fargo offers a "no-doc" line of credit based on scores as well as having a business relationship with their bank.  Worth looking into.  I believe it was either up to $50k or $100k...no doc.  Give them a call and ask.   I was told the same from Bank of America but they ended up asking for docs.  After the fact, my Loan officer said it can vary depending on various factors and he only saw one account get approved with no docs.  

How long ago did you read that information?

 

And from what source did you read that information?

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On 6/17/2019 at 5:50 PM, GudinoHarvesting said:

Try the PNC business LOC. Soft pull only

Are you sure? 

 

I have applied for the PNC personal line of credit and they are asking for 2017 and 2018 taxes. And they want the last 2 paystubs. 

 

I have banked with them for the last 3 1/2 years too. And they see the activity in my account. 

 

Crazy. 

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On 6/16/2019 at 5:00 PM, direct said:

I have read that Wells Fargo offers a "no-doc" line of credit based on scores as well as having a business relationship with their bank.  Worth looking into.  I believe it was either up to $50k or $100k...no doc.  Give them a call and ask.   I was told the same from Bank of America but they ended up asking for docs.  After the fact, my Loan officer said it can vary depending on various factors and he only saw one account get approved with no docs.  

So, just to follow up. I was just approved for a Wells Fargo Business LOC. I had applied for $50K, but only received $35K. 

 

I have had my business banking account with them for nearly 3 years and I have been in business coming up on 3 years. They have seen money move in and out of my account. When I applied I had around six figures in my account. I was approved for a credit card 2 days prior to this LOC application. They hard pulled for the card and didn’t pull again for the LOC. That was great. 

 

My utilization on my reports is less than 1% and scores are EX 772, EQ 791, TU 775. 

 

Hope this helps some people. 

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