Why Wells Fargo often is not the route
Wells Fargo business lines are scored heavily against personal credit with a hard pull at application, so a decline costs you points as well as time.
What is different here
One application against thresholds published in advance. Checking what you qualify for does not affect your credit score.
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
The numbers in full
Tier 1: 650 FICO, 3 years in business, $300,000 a year or $25,000 a month, 8+ monthly deposits.
Tier 2: 600 FICO, 6 months in business, $60,000 revenue, $800 minimum daily balance.
Renewal: 550 FICO, 2 years in business, once 50% of the original balance is repaid.
Line of credit $10,000 to $350,000 from 1% per month on the drawn balance. Term loan $10,000 to $250,000 at 0% origination.
Questions
Why was I declined by Wells Fargo?
Wells Fargo business lines are scored heavily against personal credit with a hard pull at application, so a decline costs you points as well as time.
Will applying here affect my credit?
No.
How fast is a decision?
Same day on a complete file.
What credit score do I need?
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.