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Hey Guys,
I'm gonna HDMC for the next day or so apply. Would it be a good idea to apply “in store” for a higher line, or should I just do it over the net?
Thanks,
Gurl ~
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Reply:Hey Guys,
OMG this is insane ! I get a letter from HDMC and it states I was declined due to:
MY BUSINESS PHONE BEING DISCONNECTED ! WTH
I will call them on Monday-
Gurl~
Hey Guys,
I'm gonna apply for HDMC in the next day or so. Would it be a good idea to apply "in store" for a higher line, or should I just do it over the net ?
Thanks,
Gurl~
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Reply: I also have been incorporated for over 2 years and they still asked for a PG (Jan. 2006 Inc. date).
That is interesting. Well not surprisingly underwriting is probably becoming more stringent. I definately think that they are going to stick to their 2 year minimum too.
If cards that are pg are becoming more stringent, then certainly lines that don't require pg are going to be even tougher.
It is really unforunate that lenders/underwriters become more strict with businesses when most businesses are not responsible for the situation they are in.
This is going to have a ripple effect if small businesses can't get lenders to provide credit to manage cash flow.
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Reply:I also have been incorporated for over 2 years and they still asked for a PG (Jan. 2006 Inc. date).
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Reply: I was declined today in store. The lady put the underwriter on the phone with me, and she said my Dunns shows 1 year in business and therefore they cant approve. She told me my scores were fine for the approval, just the length of inc is the problem
You think I should try again online?
I think that one thing regarding people that "got it in less than 2 years without pg" is that their policy was 2 years, and maybe before they were lax, but probably are not in the current enivronment, everyone is cracking down. So that is why people are getting denied.
I would hold off, as if you reached an underwriter, it is unlikely that anything is going to change if the sole reason was age. If it was something more subjective or something that is changing like percentage of credit used, etc maybe it would make a difference. If they stated age, but said you had a good file, then it seems unlikely that re-applying will make a difference.
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Reply:I had a PG request and I have many business TLs, a paydex of 80, and many good standing (never late) Citi UW accounts. This was just a month or so ago. Maybe the UW standards of this card are tightening.
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Reply:I got HDMC with less than two years Inc'd. If I remember correctly, I applied on line. They started me with about $4500 +/- and I have now had the card for two years this May and they've auto bumped me to $19k – NO FINANCIALS!!!!!!!!!
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Reply: Why apply again. Just wait it out.
If you do wait it out its 90 days. If you apply online chances are you will come up as a duplicate and it won't be processed anyway.
If you want to take any action at all at this point, perhaps use the UW number and call them and try to smooth through it that way.
Sorry doc
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Reply:Why apply again. Just wait it out.
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Reply:I was declined today in store. The lady put the underwriter on the phone with me, and she said my Dunns shows 1 year in business and therefore they cant approve. She told me my scores were fine for the approval, just the length of inc is the problem
You think I should try again online?
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Reply:Go for it Gurl. Both of my corps are still less than 2 years old and got approved. As with every other account it depends on the UW you talk to. Biz 1 was approved at 7 months, biz 2 at 9 months. Biz 1 was a PG request in-store, I came back to the office called UW and made my case, BAM, approved for $7500. Biz 2 was an auto approval in-store for $5300. Most likely you will get a PG request, but call UW and be a little pushy, mention your existing HD account and payment history with the account. The worst that happens is you have to wait 90 days but I feel pretty sure you will get it.
Reply:I applied in-store. I did not pg it, but my corp is over 2 years old. I say go for it.
Reply:I say complete the app online. Every time I did it in-store I was asked for a PG and it is hard to get past the idiots at the store to ever talk to an underwriter. In theory it helps if the people at the store know you, in my case they did since I live in the store and they know how much money I spend there since I'm a contractor, but they simply don't see that many applications where people do not supply a PG so oftentimes they really don't even know how to enter it properly.
At least you can always call the underwriters on an on-line app. Someone else recently just put that they were in business over 3 years on the app (even though they weren't) so that the app would actually be processed instead of automatically kicked out.
Reply: Hey Guys,
I'm gonna apply for HDMC in the next day or so. Would it be a good idea to apply "in store" for a higher line, or should I just do it over the net ?
Thanks,
Gurl~
You'll get a PG request. There strict with 2 years corp. I have a similar to you business from April 2007 and recently got the PG request. One business I have from 2007 did get approved that was a 2006 corp but it had done over 100k with Citi in a 6 month period. So unless you charged and paid down a huge amount giving you a big citi exposure limit then they will submit a pg letter. Do believe in store does help with approval on the store card, but not mc.
I bet a lunch that she gets it. Her file is pretty thick, and I have seen people get it with less then 2 years.
Reply: Hey Guys,
I'm gonna apply for HDMC in the next day or so. Would it be a good idea to apply "in store" for a higher line, or should I just do it over the net ?
Thanks,
Gurl~
You'll get a PG request. There strict with 2 years corp. I have a similar to you business from April 2007 and recently got the PG request. One business I have from 2007 did get approved that was a 2006 corp but it had done over 100k with Citi in a 6 month period. So unless you charged and paid down a huge amount giving you a big citi exposure limit then they will submit a pg letter. Do believe in store does help with approval on the store card, but not mc.
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Posted by admin on December 18th, 2010
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