WF Fast Flex Small Business Line of Credit-Do I qualify?



I received pre-qualified offer for a line of credit up to $35,000. I had two questions (1) What is the likelihood that I will be approved; (2) Does having a line of credit report as having a high balance and therefore one's credit score will go down?



The pre-qualification stated that it did not just consider your credit score, it considered your banking relationship. I run about $300k through my account.



I have a 662 Experian and I have a BK still reporting from 2014.



As Wells Fargo is a prime lender, I was worried if I really stand a chance to get the line of credit.

Comments

  • Hey, MechJony! Definitely, this is a credit line. I think if pre-qualification is not considering credit score, this amount is low, in my opinion, especially that you said that you're running 300$k with your account. Try to open the credit line at other companies and look for the credit line amount they can open for you. If you are trying to open the Line of Credit for small businesses, you can search for more options, but I suggest you consult with your financial expert before doing the first steps.
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