Can you give me the 411 on opening a business account with Wells Fargo. I'm okay with ChexSystems now, however my FICO is low and I'm in the midst of cleaning of my credit reports. My hubby tried to add me to his business account, however they run both a Chex and an Experian. Said my credit did past the test. Any info would be greatly appreciated. Best regards, T McGill Brand New Solutions
I'm assuming you meant "didn't" pass the test. Okay. I'm sure you know about the ID standards required. Primary ID: Drivers license, state id, passport, etc. Secondary ID: Credit card, debit card, bank ATM card, AAA roadside assistance card, college student ID card, etc. When we open a business account, all business owners and signers sign the "agree to share information" within Wells Fargo, chexsystems and with the 3 credit bureaus. Wells Fargo usually runs experian, but any negative record on any credit bureau will show. Just had one the other day from TransUnion. If a negative item shows, then we are unable to open the business account, or add you on as an authorized signer. I'm not an expert in what constitutes a "negative item", however it's usually something like a collection, public record, derogatory standing on current accounts, excessive late payments, etc. Now, FYI, there IS a way to "override" this negative record - through your bankers' Market Area Manager. This is the branch manager's boss. At least in our region, he is the only person with the authority to override this negative record. However, he'll have to have a good business reason for overriding it. For example, you are a current Wells Fargo Customer and you have been with us for 15 years and keep around $50k on deposit or loan balances with us. It doesn't hurt for your banker to ask his MAM, but he'll need some good reasons to present to him.
Yes - I was a secretary for many years before I moved into computer training and subsequently my own business. I identify wholeheartedly with the movie's premise. I would still be typing endless memos everyday if I hadn't taken charge of my career. Not that being a secretary is a negative thing, I had just outgrown it. Yes - I meant to say "didn't". I have DSL on my computer and my family constantly interrupts to use it so I type very fast. They wouldn't listen months ago when I told them to stop buying dial-up modem for their own computers. Regarding Wells Fargo. Thanks for the info. I was looking for a way to open a business account on the basis of my business credit [Current Accounts: Wireless Telephone Account, Staples, Kinkos, etc.]. As I stated, my FICO is too low to use my personal credit.
I'm still sorry to hear about your situation. It is a WF policy to use both your personal and business credit when opening new accounts. Even if your business credit was NON-EXISTANT, it would still be possible based on your good personal credit. Best of luck to you in getting your credit cleaned up! Be sure to check your credit reports before going back to the bank again. (Don't want extra inquiries if we can at all help it.) BTW, I thought I'd mention this. Wells Fargo offers a SECURED BUSINESS MASTERCARD account that can help you build up your business credit with Wells Fargo, the 3 credit bureaus, and (I think) help your personal credit as well. Major benefits: Establish business credit and your secured deposit earns 4% interest during the first year! Currently, that's 4X the amount of our top paying savings account! So, if you have some money ($1,000 to $100k), I'd look into getting that secured card set up. All you need is an application from the bank or go online to <http://www.wellsfargo.com/biz/products/credit/secured_card/secured_card.jhtml> Drawbacks: Must have collateral to back up the credit card, and must have all your business legal entity documentation to show current owners of your business. I think that's it. Pretty good deal, IMHO. After having the secured card set up, I'd go back to the bank after 3 to 6 months of paying on time, and staying within your credit limit and try to get that business account opened up (or add you on as an authorized signer, etc). Give that a try and let me know how that turns out!
Gracias Again!! Knew about the personal secured cards - -Didn't know WF offered a secured business card. I have the cash and the documentation so I'll try this approach. WF is a convenient option because it is in close proximity to my home and the location of my primary client. Thanks again. Hope you'll keep sharing your experience/knowledge with us on this forum.
Re: Gracias Again!! I just found this forum a couple of days ago, and I have really enjoyed reading the posts and learning a lot myself. I'm also grateful that I have a lot to contribute to help many others who may not have had as much experience and training in credit matters as I have been given through Wells Fargo.
