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    6 Replies Latest reply on May 12, 2008 11:20 AM by MaxAdvance

    Chances of getting line of credit.....

    Getdies Newbie
      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.
        • Re: Chances of getting line of credit.....
          LUCKIEST Guide
          Chances of getting line of credit, Welcome to this web site.

          Yesterday you applied for a line of credit with BOA., Best of luck. I feed your info into my crystal ball
          • and the answer was WAIT. Lets NOT second guess what happens at BOA. and hope for the best.*
          Do you do business with BOA?? Have a Checking account there?? Tell us more about your business.
          Where are you like City and State?? What kind of business?? Do you have an Accountant??
          Banks will also want to see a Business and Marketing Plan.
          BOA will look at prior years profits since you have been in business since 2002.
          Banks are in business to make money and get their loans repaid.
          Again best of luck, LUCKIEST
            • Re: Chances of getting line of credit.....
              Getdies Newbie

              Yes, I said I bank with BOA.

              I didn’t think all that extra stuff about my business was import but it is a
              sports supplement company. The products are contract manufactured in NY
              and down here in FL. getdiesel.com is the website.

              "Banks will also want to see a Business and Marketing Plan."
              For someone who has been in business 6 years?

              I know why banks are in business. I was asking more specifically if they
              do they normally submit loans that don’t meat their criteria for funding to the
              SBA and how do they know if your a veteran if they don’t ask when you apply for
              a loan/line of credit?

               

               


              I asked that because I recently read an article on the
              Patriot Express SBA program.

            • Re: Chances of getting line of credit.....
              MaxAdvance Wayfarer
              banks are hard to get loans from sometimes. you should defeinately try for a loan and it should always be your first resort but there is an alternate way to aquire money for the business. its called a cash advance, give me a call if you want to talk about it i will get you the best rates i do not overcharge with ridiculous fees that everyone else will garaunteed. you do need to be processing credit cards in your business for at least 6 months.

              Best of luck,

              Solly Mizrahi
              212-405-1980
              MaxAdvance