business funding funding

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business funding funding

Stacy Banks
Investor · Miami, FL · Member since 2024 · 8 posts · 4 votes

Hello, I'm planning on applying to Chase and Wells Fargo for their business credit card products. Can I apply for both banks in the same month? Any suggestions will be helpful.

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Lateefah Mathews
Realtor · Atlanta, GA · Member since 2021 · 239 posts · 120 votes
1y

@Stacy Banks Hey there! I’d recommend starting with business credit cards that only require a soft inquiry, so you don’t risk a denial from one bank that could influence the others. There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit. Several banks offer soft inquiry options, I'd try those out prior to risking the HP. Also, I recommend you have a banking relationship with Wells and Chase prior to shopping if that's the route you're definitely going to take. 

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  • Paul Novak
    Rental Property Investor · WI · Member since 2023 · 192 posts · 144 votes
    1y

    You can I would just watching to not to apply too many places.  Every time your credit gets pulled it a hard inquiry which hurts your credit.

    0Reply
  • Lateefah Mathews
    Realtor · Atlanta, GA · Member since 2021 · 239 posts · 120 votes
    1y

    @Stacy Banks Hey there! I’d recommend starting with business credit cards that only require a soft inquiry, so you don’t risk a denial from one bank that could influence the others. There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit. Several banks offer soft inquiry options, I'd try those out prior to risking the HP. Also, I recommend you have a banking relationship with Wells and Chase prior to shopping if that's the route you're definitely going to take. 

    1Reply
  • Stacy Banks
    OP
    Investor · Miami, FL · Member since 2024 · 8 posts · 4 votes
    1y
    Quote from @Lateefah Mathews:

    @Stacy Banks Hey there! I’d recommend starting with business credit cards that only require a soft inquiry, so you don’t risk a denial from one bank that could influence the others. There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit. Several banks offer soft inquiry options, I'd try those out prior to risking the HP. Also, I recommend you have a banking relationship with Wells and Chase prior to shopping if that's the route you're definitely going to take. 

    Hi Stacy, thanks for the info, and yes I  have a relationship with WF & Chase. Also can you list some banks that allow the soft pulls when applying for business products. Thank you ..
    0Reply
  • Stacy Banks
    OP
    Investor · Miami, FL · Member since 2024 · 8 posts · 4 votes
    1y
    Quote from @Paul Novak:

    You can I would just watching to not to apply too many places.  Every time your credit gets pulled it a hard inquiry which hurts your credit.


     Yes, that's why  want to be prepared and knowledgable before applying. Thank you for your feed back..

    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    1y

    Just curious why you're looking at those two banks for credit cards? I think there are better options out there - particularly cards that offer cash back and other perks. Do a little research on using CC's for your business and paying 0% interest - there are quite a few people who teach about this. One that I know of is Meg Stafford at Dreamy Capital.

    [email protected]
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  • Paul Novak
    Rental Property Investor · WI · Member since 2023 · 192 posts · 144 votes
    1y
    Quote from @Lateefah Mathews:

    @Stacy Banks Hey there! I’d recommend starting with business credit cards that only require a soft inquiry, so you don’t risk a denial from one bank that could influence the others. There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit. Several banks offer soft inquiry options, I'd try those out prior to risking the HP. Also, I recommend you have a banking relationship with Wells and Chase prior to shopping if that's the route you're definitely going to take. 


     Lateefah, thanks for sharing the information about soft inquiry.  I didn't know there was such a thing.  This is something I will have to keep in mind for myself in the future.

    0Reply
  • Lionel Thomas
    Investor · Albuquerque, NM · Member since 2022 · 30 posts · 10 votes
    11mo

    Hi Stacey,

    Lateefah said it best: always do a soft pull first so your credit report won’t get any hard inquiries. 

    Cheers!

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    11mo

    my question is what are you going to use the credit cards for?

    7e investments53 Reviews
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