Hello everyone!
This is my first post (so please bear with me). I just wanted to share my experience as well in the hopes that it might help someone else.
I started my process with Fund & Grow on 7/11. I had already had a couple of calls with Christy Banks to answer some of my specific questions and this was just the phone call to get the process going and make my payment. I even got a $500 discount for mentioning that I'd heard about them from Bigger Pockets.
The next day (7/12), I was sent a Registration Confirmed email that advised me to log into the Client Portal and complete my information at my earliest convenience (however, this info was needed before any other steps could be completed). Of course, I missed this email and didn't see in until late that Friday night.Once I did log in, I eSigned both the Credit Authorization and POA forms and filled out some other basic personal info. The email stated that once I'd completed everything I would be contacted by a consultant within 24-48 hours.
On 7/15, I got another email stating that my information was being reviewed by their Processing Team and that someone would be in touch within the next 2-3 business days. They did ask that I upload a copy of my driver's license and a current utility bill (both had to have my current address).
On 7/16, I got a congratulatory email saying my credit reports had been reviewed and that my info was being assigned an Account Manager. It also said that I'd receive an email from said Account Manager with a time and date for a phone call.
On 7/17, I received an email telling me to expect to be contacted by an Account Manager on 7/18 between the hours of 11am-2pm EST and that no additional information would be able to be submitted until that call took place. In telling me what to expect, it said that the Account Manager would be able to answer any questions I had about this phase of the process and share with me the lenders that had been chosen for my applications.
On 7/18, and 10:23am I got a call from a 800 number I didn't recognize. They did leave a voicemail. I was at the dentist and couldn't get to the phone. On my way home, at 11:46am, the same number called again. It was a nice chat and Giovanni answered the last few remaining questions I had. I incorporated a subsection of my business as a Non-Profit Non-Stock Corp just over 2 years ago and wanted to know if I could use that. I was instructed to upload copies of my Articles of Incorporation via the portal and someone would look into it for me. If not, they would create an entity for me. The 5 lender's chosen for the first round were:
Flag Star
Capital One
American Express
Bank Of America
Chase
I was also told that any applications that came back as Pending or Declined to not stress over as F&G would go back and attempt to clarify/correct any problems. Giovanni also told me to start expecting the first set of cards in the next 1-2 weeks and that he would be providing weekly updates for me as well. Lastly, I was instructed to forward any correspondence from any lender directly to him. Our call lasted 18 minutes. At 12:21pm Giovanni called me back, as they didn't want to use my Non-Profit and were attempting to obtain an EIN for me to proceed, but couldn't because the IRS said I already had one.
- Back in early 2016 I had attempt this process myself but decided to go in another direction, but only after I had already received an EIN.
Luckily, I'm a digital hoarder and had a scan of it. I text Giovanni back at 12:25 and let him know that I found the document and had already uploaded it into the Client.
I also have several credit apps on my phone (I like to try them out and make suggestions for my clients) and starting about 2:15pm I started getting notifications that new inquires had appeared on the various credit reports... and since I have several apps that make noise, and the emails, it was amusingly music there for a while.
At 3:16 I got an email from Giovanni that my first batch of applications had been completed (but I already knew) and to remind me to not correspond with any bank or lender, but to forward that to him to handle. There was also a reminder that the majority of the cards can come in declined (pending verification) or with low limits and that their processors were trained in communicating with underwriters and would work to get the most out of each approval and overturn and denials with an appeals process that could sometimes take up to 5 weeks.
The results of my Round #1 were as follows:
Bank Of America - BOA ADV TRAVEL/CASH – 0% APR on purchases for 9 months Approved $16,000
Capital One - SPARKS SELECT 0% APR on purchases for 9 months.
Approved $15,000
American Express - BLUE BUSINESS PLUS – 0% APR on purchases and transfers for 12 months Approved $2,000
Flag Star - CASH/Real Rewards: 0% APR for 6 months on purchases and balance transfers - Pending
CHASE - INK CASH: 0% APR for 12 months on purchases
Pending
The Capital One card arrived in the mail on 7/22 and the BOA card arrived on 7/23 (I was shocked by just how fast they got to me). Giovanni has also requested the card information so that he can work on increasing the credit limits I was initially approved for.
I hope my post was helpful to someone (if not a bit long) and I plan to continue to update throughout the process as it happens. I'm happy to answer any questions anyone my have or clarify any details.
