Products and Services: Secured Business Credit
What Tier: 2
Reports To: DnB and SBFE Monthly ( Ex and Eq )
Time to Report: 30 Days first transaction.
Terms: Net 7
Personal Guarantee or No Personal Guarantee: Both
- 20 Points Compliance: MUST be completed.
- Time in Business: Three Months
- Business Credit Required: Yes, 80 Paydex
- Vendors on Business Credit Reporting: 5 to 7
- FICO Score: 550+ ( 2+ years of History ): Divvy will do a soft pull on Experian to check your personal credit and they will pull your Experian Business Credit Profile.
Annual Fee or Set Up Fee: None
Mimimum Order to Report: After you start using card
Credit Line: Depends on how much you deposit to secure a secured Business Credit.
Business Bank Login Required: Yes ( Good to have some money in your business bank account when applying , eg: $500.00 )
How to Apply: Online
Special Instructions: Getting approved for a secured business credit with Divvy depends on two things. One, your personal credit must be over 550 and your experian business score must be like an 80.
Tips and Tricks: This is absolutely a great program to get a account reporting to your business credit. To make it simple, its like a secured credit card. What you deposit as security is your limit. Start using this card to make any purchases for your business and this will help you build business credit and build your business relationship with DIvvy. In the future as your business crediy get stronger, you can request for unsecured credit.
Once you apply to Divvy, here is what happens:
1. They will call you
2. They will email you
So if you see and 800 umber or and regular number, please answer. Also check your email, they will email you. This may because they need more infor or just wants to talk to you.
IMPORTANT: Also Divvy requires all applicants to submit a clear selfie with them holding their drivers licence close to their faces. This is a normal practice to verify you are who you say you are.
OUR TAKE: There is not an easier way for you to get an account to report on your business credit bureau. You are simply using their system to pay your business bills and they report to the business credit bureau.
Divvy is lots more than this. They are actually a Expense Management Platform. So they simply your business expese tracking. There are lots more features with using Divvy.
We highly recommend that you join them and deposit at least a $500.00, so your spending limit is $500 and start paying your business bills or recurring bills using Devvy.
Again, Here you are using a service that you would use with your regular bank. But your regular bank does not report to the business credit bureaus, DIVVY DOES!
For those that have access to cash, this is agreat way to create a large account to report to your business credit. If you can deposit $10,000+ to
Divvyy, and use it for all your business expenses as to say, you will have a $10,000 account reporting to your business credit. In return, you will qualify for more and higher limits credit in the future, Business Credit Cards and Lines of Credit.