I’m starting a new LLC, literally just opened a business savings with PNC. While speaking with the branch mgr (spoken with her about 3x now) laid back n jolly.. but she’s essentially telling me no on getting any lines of credit for about 2 years smh.. but a credit card, yes!
1. 2k in business account for 3 months? 2. What is a good stated revenue amount? Personally just starting 3. What business naics code do you recommend? Management? 4. I have a thin profile on the personal side but a 740. Would they approve a 20-50k if I don’t have comparable credit on the personal side ?
I'm trying to be an author I have my llc and ein and article of corporation I should be good with this I've been told that I don't need the article of corporation.
I am a start-up niche sneaker brand but my credit is like 650 and I don't think I would get approved from this bank. And it could take me 6 months or longer before I would have revenue coming in even if I did get a loan. So my question is are there banks that will give you 1 year before you have to start making payments? I mean banks wait 4 years on college loans
Great question. Your best bet is to get your credit up and get a 0% intro business credit card for a year or longer. That would be the closest thing to what your describing.
@LaJuanHughes92 right but I would still need to make those monthly payments, without any money coming in yet. There has to be loans that help people that manufacture products, I will do some research. Thanks for replying back so quickly.
@@codypatron5968you should be giving them projected income. What would you realistically be making if you had the capital to create the revenue. You can save up some money before applying, so that you have a title stash to make the minimum payments on the full amount if you need to use it all right away. And then bust your ass to make some money with that so you can pay it back. And then apply for another one to do it again, and again and again. Focus in on using the capital directly into revenue generating activities. Ads and marketing, seo, etc. spend the time to get your credit in order before doing this it is way worth it. I spent a year preparing for this myself and I’m really glad I did. I worked three jobs for over a year, paying down credit cards, monitoring my credit reports constantly, setting up my business and all the things I need for it to look professional, opening business checking accounts at various banks and depositing money in them. This is not an over night thing, and it should not be treated that way.
Hey Juan, whats a safe business income to say to get 60K line of credit. In general, what would be a safe business income to say before they start asking the proof. I have a 2 year old LLC, but hoping to try draw cash with melio now. Your suggestions! Appreciate your content, brother 👍🏼
Yeah it really depends on the bank. Each state and branch can do different things sometimes so you definitely don't wont to go to high for sure because you increase chances of asking for docs unless you can prove it of course.
I received one Buisness credit card just saw the memo about the two for one and or bloc been about three weeks how long should I wait to apply for bloc and possible second credit card
Pnc is very sensitive about new accounts even if its from them. 1.) I would get in contact with the banker that set you up and ask if its possible to apply for another card with the same pull. 2.) If not that it would be best to wait 60-90 days
I have two Wyoming LLCs in which PNC has no footprint. I have an excellent profile. Could I open a Business account as a Sole Prop? Also Could I apply as a Sole Prop and personal guarantee the Business Credit Cards without Operation Agreement, Articles of Organization?
Great questions! PNC is kind of strict with giving out funding. You will definitely need operating agreement, and articles of incorporation plus other business docs. They are typically not our first bank to get funding from
just verifying: across all three bureaus, I have 1 collection, 2 charge-off, 2 lates closed accounts ALL ARE OVER 2 YRS OLD, 690 equifax credit score - should I pull the trigger
If you have stated income of $100,000, how much can you ask for when requesting the PNC Visa Business Credit Card and the PNC points Visa Business Credit Card?
my utilization is high on business side but want to move some of that card debt off of cards now charging interest to interest free cards. PNC a good option?
I’m looking to open up business account with pnc so if I have no income I can still state I make like 20,000 of my business to get approved for a business line of credit because that what I will make also
Thanks for these valuable data points. 1) I have a 1 late payment (30 days late from Dec 2019). However, that account is now current and paid down the a 0 balance. Any idea how that may affect my approval odds with a 750+ score and 0% utilization? if Establish relationship over a month now. Have a balance just over 5 grand in biz checking 2. Do you recommend applying online or in branch with a banker. Is the BLOC a separate inquiry or is it 1 inquiry if the BLOC and CC are applied for together?
@@tesfapitt625 we've seen it be only one inquiry for all products during the same day. You should be ok with the late pay. It is old enough now. Definitely apply in branch
What about the business address thing? There are no virtual addresses near me so I'm stuck using my personal address which doesnt qualify for business credit from many lenders.
@@MansaNze if you check alliance virtual offices they have virtual addresses in Pittsburgh. You don't need to have things mailed there per say but just using that as the physical business address would work
@@creditjuan Well I was more concerned about having a long distance address on my marketing material for a very local small town business. People find my website and exclude me because they believe I'm too far away.
The point is to give you the data points on this funding play and show people what the underwriters are mainly looking for. Utilization needs to be low because banks aren't willing to lend you more money if you haven't paid back what you already owe
📞 Get 1on1 help and a custom funding strategy with access to my banking contacts by booking a call: omnigrowthstrategy.com/apply-yto
Thanks man your information is very uplifting
Appreciate that!
I tried PNC but had terrible experience. Switched banks and am happy I did it
Yeah I completely get it. This is a older video and things have definitely changed
@@creditjuanlike what
@@user-of4em9vi5w alot of their underwriting I will be making an updated video on them soon.
I’m starting a new LLC, literally just opened a business savings with PNC. While speaking with the branch mgr (spoken with her about 3x now) laid back n jolly.. but she’s essentially telling me no on getting any lines of credit for about 2 years smh.. but a credit card, yes!
Yeah exactly. With this particular bank you do need 2 years of tax returns.
@@creditjuan2 yrs of tax returns? or 2 years n business? In the video u say stated income and no docs just making sure
@@BlackWorkSuede 2 years in business but this video is a few months old now and things have definitely changed with PNC
@@creditjuan appreciate the update
1. 2k in business account for 3 months?
2. What is a good stated revenue amount? Personally just starting
3. What business naics code do you recommend? Management?
4. I have a thin profile on the personal side but a 740. Would they approve a 20-50k if I don’t have comparable credit on the personal side ?
This can be discussed on your call with us. Looked like you just booked.
Great content!
Thanks,
When you got that class?
Will be dropping this Thursday. Make sure your subscribed and have notifications turned on.
I got a call from PNC and have a meeting with them to talk about opening account.
Ok good job!
@LaJuanHughes92 Thanks. Hopefully, it will go good
@@rakimstories if your details are in line it should.
I'm trying to be an author
I have my llc and ein and article of corporation I should be good with this I've been told that I don't need the article of corporation.
@@rakimstories yeah it depends on how the branch is
I am a start-up niche sneaker brand but my credit is like 650 and I don't think I would get approved from this bank. And it could take me 6 months or longer before I would have revenue coming in even if I did get a loan. So my question is are there banks that will give you 1 year before you have to start making payments? I mean banks wait 4 years on college loans
Great question. Your best bet is to get your credit up and get a 0% intro business credit card for a year or longer. That would be the closest thing to what your describing.
@LaJuanHughes92 right but I would still need to make those monthly payments, without any money coming in yet. There has to be loans that help people that manufacture products, I will do some research. Thanks for replying back so quickly.
@@codypatron5968you should be giving them projected income. What would you realistically be making if you had the capital to create the revenue. You can save up some money before applying, so that you have a title stash to make the minimum payments on the full amount if you need to use it all right away. And then bust your ass to make some money with that so you can pay it back. And then apply for another one to do it again, and again and again. Focus in on using the capital directly into revenue generating activities. Ads and marketing, seo, etc. spend the time to get your credit in order before doing this it is way worth it. I spent a year preparing for this myself and I’m really glad I did. I worked three jobs for over a year, paying down credit cards, monitoring my credit reports constantly, setting up my business and all the things I need for it to look professional, opening business checking accounts at various banks and depositing money in them. This is not an over night thing, and it should not be treated that way.
Thank you for the video and information. Does the PNC credit card and line of credit report to personal credit? Thank you in advance.
No it does not.
@@creditjuan Thank you!🙏🏿
Game. Appreciate it.
No problem!
How much is the interest in that 50k line of credit and what is the term length to pay back
It depends on credit profile. It will typically be the prime rate + whatever the interest will be so typically we are seeing anywhere from 9% to 15%.
Thank you
My appt was virtual online
Nice!
Thanks. I might be looking at that $400 business card bonus you showed on their site next time I have a large purchase.
There you go. That will work great
Hey Juan, whats a safe business income to say to get 60K line of credit.
In general, what would be a safe business income to say before they start asking the proof. I have a 2 year old LLC, but hoping to try draw cash with melio now. Your suggestions!
Appreciate your content, brother 👍🏼
Yeah it really depends on the bank. Each state and branch can do different things sometimes so you definitely don't wont to go to high for sure because you increase chances of asking for docs unless you can prove it of course.
@@creditjuan got it. Does 100K revenue sound normal 🤔
@@sidshri6080 that would be low
Since they only pull your experian report, will it matter if you have new inquiries on your equifax and transunion?
No you would be good there since they don't pull those.
I received one Buisness credit card just saw the memo about the two for one and or bloc been about three weeks how long should I wait to apply for bloc and possible second credit card
Pnc is very sensitive about new accounts even if its from them. 1.) I would get in contact with the banker that set you up and ask if its possible to apply for another card with the same pull. 2.) If not that it would be best to wait 60-90 days
I have two Wyoming LLCs in which PNC has no footprint. I have an excellent profile. Could I open a Business account as a Sole Prop? Also Could I apply as a Sole Prop and personal guarantee the Business Credit Cards without Operation Agreement, Articles of Organization?
Great questions! PNC is kind of strict with giving out funding. You will definitely need operating agreement, and articles of incorporation plus other business docs. They are typically not our first bank to get funding from
just verifying: across all three bureaus, I have 1 collection, 2 charge-off, 2 lates closed accounts ALL ARE OVER 2 YRS OLD, 690 equifax credit score - should I pull the trigger
No you shouldn't you wont get approved. You would need to atleast get the collection and charge offs removed first
Hi! Are you saying 5% utilization on the personal side or the business side?
Personal side, 5% or under. You can get away with 10% but it will lower your approval limits.
If you have stated income of $100,000, how much can you ask for when requesting the PNC Visa Business Credit Card and the PNC points Visa Business Credit Card?
For business income or personal?
@@creditjuan Business stated income of $100,000
So it would be one pull if I applied for both cards and the line of credit?
Yes although some branches differ on that
I have a 690credit score but have no history on my report how can I get funded
If there's no history then you need to work on getting some history on there.
@@creditjuan I only have a year in like 1year an 3 months of history
my utilization is high on business side but want to move some of that card debt off of cards now charging interest to interest free cards. PNC a good option?
If you're referring to balance transfers then yes they are.
@@creditjuan yes looking to do a balance transfer to give myself a little more time with no interest to pay off
@@412foto yes they have some cards that go to 13 billing cycles and beyond.
Is PNC better than Chase?
It definitely depends on alot of different things. For some people yes, for others no
I’m looking to open up business account with pnc so if I have no income I can still state I make like 20,000 of my business to get approved for a business line of credit because that what I will make also
Business line of credit wont work for you with PNC. That ask for tax returns.
👍
Does it report to your personal credit or is it hidden ?
No it will not show up on your personal credit outside of a inquiry.
Thanks for these valuable data points.
1) I have a 1 late payment (30 days late from Dec 2019). However, that account is now current and paid down the a 0 balance. Any idea how that may affect my approval odds with a 750+ score and 0% utilization? if Establish relationship over a month now. Have a balance just over 5 grand in biz checking
2. Do you recommend applying online or in branch with a banker. Is the BLOC a separate inquiry or is it 1 inquiry if the BLOC and CC are applied for together?
@@tesfapitt625 we've seen it be only one inquiry for all products during the same day. You should be ok with the late pay. It is old enough now.
Definitely apply in branch
What if i put 5k to 10k and let it sit for 30 days, how much have you seen people get ?
That wouldn't increase your bank rating. It would need to be 90 days.
@@creditjuan do you still think i can get 10k with both cards ?
@@Y12354 depends on a bunch of factors
@@creditjuan My credit is at 750+ and no late payments. Will credit lines help ?
@@Y12354 what exactly do you mean by that?
You forgot fico 8 and fico 9
Do you mean I forgot to mention which of those fico models they pull?
@@creditjuan where can i find my fico 9 score?
@@mikam7016 my fico
Clark Jeffrey Martinez Dorothy Brown Mark
?
No new information here.
Thanks for watching
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What about the business address thing? There are no virtual addresses near me so I'm stuck using my personal address which doesnt qualify for business credit from many lenders.
What state are you in?
@@creditjuan I'm in Pennsylvania about about 70 miles from Pittsburgh.
@@MansaNze if you check alliance virtual offices they have virtual addresses in Pittsburgh. You don't need to have things mailed there per say but just using that as the physical business address would work
@@creditjuan Well I was more concerned about having a long distance address on my marketing material for a very local small town business. People find my website and exclude me because they believe I'm too far away.
5% utilization so what's the point of this video in the first place?
The point is to give you the data points on this funding play and show people what the underwriters are mainly looking for. Utilization needs to be low because banks aren't willing to lend you more money if you haven't paid back what you already owe
@@creditjuanhigher utilization doesn't mean you don't pay your bills.
@@ApostleConstance I agree with you but im just telling you how the banks view it. Especially now with underwriting being very tight.
Do you have to have business credit established? If Is the personal pull good enough