Unsecured Credit Lines
Description:
A true EIN driven credit lines from A rated banks. Establishes instant business credit by using any officer of a company’s personal credit history to expand worthiness directly to the company. This is not a working capital line of credit through an existing partnered bank. This program is designed to divorce a company owner’s personal credit risk from his or hers company’s. Credit lines that belong to the company’s EIN not the owner’s SSN.
Submission:
- Requires Credit Monitoring Service that has ALL 3 bureaus (creditchecktotal.com, Equifax.com etc.)
- Completed 3 page application to include the URL, username, and password (on page 3)
- Once received and reviewed a consult call will be scheduled directly with the processor
Once legible and completed documents are received the file is reviewed by a Finance officer and you will be contacted within 24 hours to discuss findings and all options available to client.
Minimum Requirements for Submission:
- Minimum credit score of 700
- No more than one (1) delinquency in previous six (6) months, no more than two (2) in previous twelve(12) months
- No paid collections in previous three (3) months, no more than one (1) in previous six (6) months
- No bankruptcies on the credit report whatsoever
- No open (unpaid) collections, liens, or judgments
- No more than five (5) new accounts opened in previous twelve (12) months
- Preferably no closed accounts with unpaid balances
- No more than four (4) inquiries per bureau (preferably no more than two (2) inq. per bureau)
- Must have minimum of 5 years history in credit bureau
- Must have minimum of two (2) open revolving accounts of $5,000 or higher, or one (1) of $10,000 or higher –guarantor cannot be the authorized user on these minimum qualifications
- Utilization cannot exceed 45% in total—individual lines that exceed 45% can/will also impact funding
Additional Notes:
- This program has a 10% success fee on all established credit lines. The fee will be billed upon issuance of the credit line and paid by that credit line.
- Although each bank has different guidelines, generally credit lines come with a 0% APR for the first 6-12 months
- Collateral Required: Good personal or business credit
- Loan Amounts: $10,000-$150,000
- Term: Revolving credit cards
- Rates: 5-29% APR, 10% funding fee paid after approval
- Credit Requirements: Excellent personal credit required, no late payments or derogatory credit within the last 12 months can be on personal credit now, no open collections or bankruptcies, less than 2 inquiries in the last 6 months on consumer credit report
- Details: Approval amounts are typically 5 times the amount of their existing highest limit credit card now, must have open credit cards with balances below 30% of their card limits
- Deal Submission requirements: Application, credit monitoring login credentials