Hello everyone, I am a new BOA bank member (was previously
banking at a credit union in Colorado
Springs) and anyway have recently moved my business
and personal checking over to BOA.
Yesterday I applied for a line of credit with BOA.
Haven’t heard anything back yet, but with a credit score of 650 to 690+
depending. on what bureau score is ran, no collections or recent late payments
in the last year or so and being in business since 2002 with 208k to 280k in
sales the last few years (could be alot more if I could keep more inventory in stock), what are my chances of this being approved?
I also was told a long time ago by an exec. at a bank that banks don’t submit
people who cannot qualify for loans/lines with the normal bank criteria for SBA
loans/lines, they use SBA guarantees to further guarantee loans by people who
meet their criteria. With that said I have never applied for a line with
a bank.
Also will BOA (or most banks that are preferred SBA lenders) automatically know
I am a veteran and consider me for funding with the new Patriot Express program
or will I just get one of those letters in the mail saying "you was denied
because your score isn’t high enough blablabla?" The lady that took
my application on the phone was talking so fast and rushing me, I really didn’t
have any time or want to ask questions.
