Got this "pre-qualified" thingy in the mail at our office. I read it weeks ago, but didn't act on it as Wells Fargo can be a butthead stickler, stingy-pumpkin about credit lines and limits. But re-reading it carefully, it's the same as the one on their site unders small biz section, only about 1/4 the questions. Says line of credit up to $100,000. The date had expired, but I took a shot anyway and enter the reservation number online. Our biz info popped up and I finished the application. It asked for biz revenue, owner's SSN, home address, but not much else. Then it had us print out a signature authorization and fax it to a toll free number. We did that, too. Anybody else get this "pre-qualified" app? The small print says "pre-qualified" means our company met their "basic criteria". I'm assuming they pulled DnB. Should be interesting to see what happens. Hubby is 100% shareholder of biz so we only use his unblemised credit whenever applying for biz lines. Currently his scores are: Experian: 731 (7 inquiries, some for mortgage rate hunt) Equifax: 753 (0 inquiries) TU: 751 (9 inquiries, all for recent mortgage rate hunt and corresponding insurance) No baddies, ever; 12-17% usage (depending on CRA). What ya think?
We did this about a year ago. We were approved based on credit scores alone. One score was about 740 and the other about 640.
We asked for $10,000 and got $10,000. We were told we would have gotten more if the 640 had been higher. We asked about increases for curiosity. We were told that they would entertain increases over the phone after we were with them for one year. Prior to that, we would have to apply in writing.
Update!! Got It!! Called yesterday and were told we got the full $50,000 we asked for, (the most you can get without submitting financials). I had also checked the box which said would you like us to direct deposit an amount to your business checking-- choices were $k, $10k and $15k. I chose $15k (may as well ask for a pound as a penney, eh?) This morning I noticed they had deposited $15k into our biz checking at Chase. I'm soooooo jazzed!!!
The biz has been listed on DnB since 1986. But it was a sole proprietorship until 2002 when we incorporated it.
Hope, where are you and who did they pull? Did you have any new personal credit when you applied? What was your paydex? We checked last night and it was an 80 (we're new to dnb this year.) EQ (which is what it looks like they pull in SE) is 729 for one partner with 4 inqs in the last month... (bumpage first?) or does it matter since it's business credit?
We're in Texas. Wells pulled Experian which was 731 with 7 inquiries (all in the last 3 months from rate shopping mortgages). but our newest account was 16 months old. (Oldest was a 30 year old mortgage). Our PayDex was 73.
Some of you were able to get store accounts without a PG. I notice the application suggests a PG if it's a new business. Has this effected anyone? My bus. is 1 year old and I just got my DNB number.
Not if it was a retail card. We didn't fill in any pg's for lowe's/homedepot/office depot/staples. I promise! Lowe's surprised us with 3k revolving and 10k on their prox which is great for us in construction, saves us interest on the constr loans. Just do it mon! stop stressin!
