Applied for Advanta Biz Credit

Hubby and I took the dive and applied for Advanta Business Credit Card just after Christmas.

Yesterday he got a voice message from Advanta saying, "this is the Credit Dept; please call".

Well, I was nervouce that they'd say "we need to see tax records and financial statements".

But turns out their system botched the suite address for the corporation.

They also had him verify his SSN (they already pulled a hard last week) and also 1 tradeline from his personal credit report.

I held my breath (listening on the extension), then she said "thank you Mr. "Hubby", we'll get this taken care of now"

That sounds good, but not very definitive. We did request a balance transfer of his Citibank cards totalling about $20k.

I want to shout into the phone " so is it approved or what????" But I think that might have given a very uncorporate like impression. (Teehee!)

Whatcha think? Are we in like Flynn?

 

1. Yes he really does own a business (corporation). It has been listed with Dun and Bradstreet for about 16 years, but strangely has no PayDex score (DnB says they don't know how that happened; but his biz has been idle for about 4 years while he divorced, moved to another state and worked for someone else).

I incorporated the biz in March 2002. And also set up a "biz identity" at a business suites company called CEO so he has an impressive business address (Bank of America Tower), a biz phone # (listed in local 411) and 800 fax line.

He's had a Commercial Home Depot account forever -- never late. But no other commercial accounts.

He also has a commercial bank account with JPMorgan Chase since incorporation. Chase requested a letter of recommendation from his previous biz account out-of-state even though it had been closed for years (fortunately he knew the president well and he obliged).

Hubby listed $234k in corporate income. (not true yet, but will be in a bout 60 days). And listed himself as President (true per State of Texas inc. records).

Advanta pulled a hard inquiry on Experian (Texas). His score was 714. Two inquiries were showing.

His personal credit is clean -- no derogs ever.
24 accounts showing (6 with balances, including 3 of his ex-wife's which are closed/never late)

1 paid mortgage
1 open home equity loan Wells Fargo reports as an "Installment"
1 open and one closed Ford Motor Credit loan
2 retail cards (Saks and Nordstrom) at $0 balance

Only balances were on:
a) Citi World Master Card
b) Citi Signature Visa
c) Discover Platinum
d) FirstUSA ecard MasterCard

e) ATT/Universal (Citi); ex-wife's
f) FirstUSA; ex-wife's
g) Shell MasterCard (Chase); ex-wife's

 

**UPDATE**

I went on Advanta's site and found a link to check status of application:

"APPLICATION APPROVED...Your application received 12/28 was approved on 1/6...You will received your card(s), etc. within 7 business days from approval date"

Yippee! This is hubby's corporation's first real biz line of credit. However, I don't know the limit yet. He did, however, request about $20k in BTs, so I hope that pushes the limit upward.

Wish us luck!

 

I think it was $17,500