The Top 10 Banks Perfect for New Businesses with Poor Credit Histories

Navigating the Banking Landscape for Entrepreneurs: A Credit Specialist's Perspective

As a credit specialist, I understand the importance of choosing the right bank when you're just starting out as an entrepreneur. That's why I'm here to share my insights on the top banks you should consider for the highest chance of funding.

Tier One Banks

• Chase Bank - Uses FICO 8 scoring model
• Citibank - Also uses FICO 8 scoring model
• Capital One - Pulls all three credit bureaus when opening accounts

Tier Two Banks

• Wells Fargo - Uses Experian FICO 9 scoring model, easier to get funding, offers business credit cards and lines of credit
• U.S. Bank - Uses FICO 9 scoring model, also offers convenience checks to liquidate credit card balances
• PNC Bank - Another Experian FICO 9 user

Tier Three Banks

• Navy Federal Credit Union - Uses Experian FICO 9, but has an internal scoring system as well
• Connector - A community development financial institution that uses Experian FICO 9, with more flexibility for small and minority-owned businesses
• BCU (Baxter Credit Union) - Uses Vantage Score 3.0 from TransUnion
• Vidiian - Also uses TransUnion Vantage Score 3.0

The key advantages of these tier two and three banks are the easier access to business credit cards and lines of credit, as well as the ability to build your credit profile through authorized users, rental history, and utility bill payments. Many of these institutions are also more flexible when it comes to the number of credit inquiries on your report.

Remember, starting with the right banks and building a strong credit foundation is crucial for your entrepreneurial journey. If you have any other questions about business or personal credit funding, feel free to schedule a one-on-one consultation.

YouTube Source: The Top 10 Banks Perfect for New Businesses with Poor Credit Histories
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