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Business line of credit approved!!

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I can't believe I am actually typing this. I applied for a 50k line of credit with my bank (Chase) and they approved me for 37k + a 7k visa. The rate is prime + 3%.


Pulled EX: score 703 with 1 CO paid and 4 late histories.

Used my inventory for collateral.

Business cash flows well.

They were interested in at least a 630 score with low (45%) usage ratio. Is that low?

I can't believe it actually happened. I have been fixing and building for 2 years for this moment. The best part is it does not even show up on my personal credit report so I can still apply for personal things and not have the high balance with Chase affect my scores.

Thanks again to all who answered my questions that helped me get to this point. I never would have imagined it possible. A year ago my credit was high 500's to low 600's and now this.

I will smell the roses today and dive right back into the *hitstorm tommorow recharged and invigorated! :)

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Oh, make no mistake I am personally on the hook for this one so no whoops required. I knew that going in but my business has been around for 7 years and growing so I am ok with that. The way I look at it is if it was all personal I am on the hook anyway...

was that what you were referring to, personal guarantee?

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Absolutely. If you gave them your personal SS# or signed an "officer of the company personally gurantees" kind of note...then, if you business can't pay it, it will wind up on your personal CRs. (We had to do a personal BK 7 to protect our assets from personally guranteed business credit...and our company was in business for almost 13 years when it went belly up).

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