All Forum Posts by: Steve Juba

Did I misunderstand you or are you getting these cards under your social sec. for some reason? They use your personal score as a personal guarantee but it doesn't effect your personal score in terms of using the cards....

Originally posted by @Account Closed:

Yes correct, any new LLC finance is dependent on your personal score and will involve personal hard inquiries, but they stay on file 2 years not 3, and only affect the score for 1

Your example below would be a max of 48 K loan which is not enough to pay the 60K you pulled from the cards unless you use 12 K of your own money....

Originally posted by @Konti Leci:

Originally posted by @Steve Juba:

Thanks for your feedback. I am still trying to find a viable way to cash out refinance on the other end in order to pay back the cards within the 12 month no finance period. Delayed financing only loans on the purchase price and usually max 80% of that so cannot get the entire amount back to pay the card. This is even more augmented when adding 10K+  after purchase if rehabs are needed.... Any advice??

Originally posted by @Konti Leci:

I first heard of Fund & Grow from Morris Invest. I was on the fence for a period of time but eventually decided to make that jump and try. So far, I have not regretted it. First round I was approved for $86,000 but because I already had a business card with 25k credit limit, Brandon Kroon told me that that can be rolled into my other new card, so the total amount is $111k. 

Now I am about to use Plastique to use that money to buy real estate. 

This was a great experience to me and I believe that this is a very good way to buy real estate and use the BRRRR method.

Steve, If I am understanding you correctly, the secret here is to find a discounted property. For example, I bought a property with hard money lender for 60k, the ARV is 90k. I only put 5k in cosmetic work. What I will do now, is to refinance the property and get even more than 65k from this property. You need to find a house that is at least 80% of the market value.

Originally posted by @Konti Leci:

I first heard of Fund & Grow from Morris Invest. I was on the fence for a period of time but eventually decided to make that jump and try. So far, I have not regretted it. First round I was approved for $86,000 but because I already had a business card with 25k credit limit, Brandon Kroon told me that that can be rolled into my other new card, so the total amount is $111k. 

Now I am about to use Plastique to use that money to buy real estate. 

This was a great experience to me and I believe that this is a very good way to buy real estate and use the BRRRR method.

I'll have to dig deeper since this is not what you were able to do...

Originally posted by @SL Dillard:

@Steve Juba

Hi Steve - I did not have ANY business credit when I first signed up with F&G so most of this past year was used building my business credit.  Thus, my first round of funding required using my personal credit scores and provided primarily personal credit lines (which caused my personal credit scores to tank).  Only 1 small business credit line was obtained.  

For the 2nd round of funding, since my business credit was still weak, my personal credit scores still had to be used :-( .  However, ALL of my 2nd round funding resulted in business accounts, so this second round has not impacted my personal credit scores as much (my scores have dropped only about 10 points due to the new inquiries.)

IF I decide to sign up with F&G for a 2nd year, I believe my business credit should be well enough established to not have to use my personal credit scores.

I am confused. Fund and Grow claims that once you are approved the credit lines go under the business score and DO NOT affect your personal credit regardless of how much you are borrowing at any given time. As I understand it only effects PERSONAL credit score if you become delinquent. The use of the cards otherwise is supposed to help build and effect the business credit score only. 

Am I misunderstanding something? Thanks for your input!

Originally posted by @SL Dillard:

I signed up with Fund & Grow at the beginning of May 2018 with credit scores of 785-803. (My enrollment fee is good for 1 year of service).

I explained at the time that my intent was to get a card or cards with 0% introductory rates, and then roll over my CC balances to new cards when the introductory rates expired in 12 months.  I figured I could apply for new cards (and roll over my balances) within my one-year service with F&G.  I was told this is entirely doable.

By the beginning of July 2018 (2 months later), I had been approved for 4 new credit cards with a total credit limit of $29,000.00 (one of those was for my established business). They all had 0% interest for purchases and balance transfers for 12-15 months.

My personal credit scores dropped 110 to 120 points due to the inquiries and level of credit I used.

F&G suggests you wait 6 months before applying for the next round of credit applications and in the meantime, work on eliminating your credit inquiries and build your business credit scores - which I did.

Around January, 2019, I was ready for my 2nd round of funding.  However, I discovered that to get my credit scores back up, I had to pay off all the balances of my 1st round of cards BEFORE applying for new cards.  (Thus, my plan to roll over my balances did not work :-(  .)

Once my credit scores were restored (around March 2019), F&G obtained 25k on 3 new cards in the name of a NEW business F&G established for me (not the one I've had for several years and had been working to build my D&B credit.(?) )

F&G provides instructions on how to utilize your new credit lines - including how to obtain cash from your cards.  One easy method that they do not include is to set up 2 PayPal accounts - one business and one personal.  For a small fee, you can pay your business account from your personal account with your new credit card. Then, you simply transfer your PayPal account balance to your bank account for free.  (I actually use the SAME BANK for both PayPal accounts!).

In summary:

F&G's customer service is top-notch. My representative, Bianca Rivera, is very thorough with her instructions and very quick to respond to my questions. She has kept me fully informed on actions F&G has taken on my behalf and their results.

Even though my plan to roll over my old CC balances to new 0% cards has not worked for me, I still feel F&G's service is useful.  I believe their process works best for businesses where cash is needed for a short period of time and the balance can be paid off before the 0% introductory rate expires (real estate deals, for example).