Hey what’s up youtube houston here for those of you just finding my youtube channel welcome please remember to hit that subscribe button and that bell and for those of you that’s been following me and supporting me salute and for my favorite patrons always double salute now today’s video we’re actually going to be talking about business checking accounts and

Then the first one we’re going to be talking about is navy federal business checking account uh i know a lot of people that are trying to get into navy federal but there are some uh drawbacks with a navy federal with their business checking account okay in terms of like reporting to the business credit bureaus um it has been stated that they may report to don

And bradstreet but again there’s really no evidence of that uh so that’s the reason it’s kind of up in the air in terms of getting money from navy federal hey yes they’re very generous about the money but uh at the same time you want to be able to build up your credit files so you’re able to get funding from other lending institutions as well okay so that being

Said um understanding about navy federal uh pulling from transunion fico nine you but must be a member okay uh their internal scoring which we’re going to talk about which is one of the bigger key points when navy federal especially if you’re trying to get um larger lines of credit now uh for their companies if you have one company they do uh 10 25 which i made

A video actually explaining about their uh business credit and everything but it’s all about the relationship with navy federal so in terms of trying to get like a business credit card after you open up your business checking account one of the things that i continue to tell people and this is so important as we dive further into this uh video one of the bigger

Things that most people miss is that when they open up the business checking account you need to have at least constant deposits so if you’re like uh working for doordash or instacart or whatever your job may be make sure that you’re making uh those direct deposits on a weekly or daily basis if possible because this which helps you build up your business credit

Now again with navy federal uh force building up your business credit um i couldn’t say because some say that they report to done impressions i’ve never seen them do it uh their underwriting uh may have stated that to somebody or whatever but for the most part they’re all about the internal relationship was directly being able to allow you to access funding from

Them all right that being said another thing about it they’re very uh stickler on a naics code okay and what that means is that if you have a high risk business so say you’re trying to uh sell like uh like um cbd oil or marijuana products or transportation is another one of those high risk naics codes for a lot of the financial institutions as well if you have

The term investments in your company uh that’s also a red flag for them and they may not open up the checking account or they may not approve you for funding so those are some of the things you have to take into consideration that being said their internal scoring here’s the thing about it what most people miss out on in terms of when i continue to tell you to

Build their relationship this is more important than a guns number uh a paydex score this is more important especially with navy federal their internal scoring is what they really look at uh even if you have a low credit score you still can get high amounts of funding uh from navy federal but their deposits um if you have any type of pledge loans with them now the

Type the key uh checking accounts you want to have in terms of helping with uh internal scoring uh the flagship checking account money market account savings account cds uh i would tell you to have at least three of those four um the history with the bank now if you come in with good um if you come in with good credit and stuff that’s a different situation but if

You don’t have good credit the longer the history the better it is now utilization no uh insufficient funds uh on-time payments and also you may have various credit cards so they look at those things and talk in terms of helping you determine you if they’re going to give you funding and then how much funding they’re going to give you from their internal score so

That’s something that you need to be aware of american express okay now with american express um of course they bought out cabbage so now they have the cabbage american express business checking account and this is interesting because now this pretty much solidifies american express as a full-fledged bank because i did a video talking about the personal credit

Uh checking account they have with the debit card that actually helps you get rewards points um one of the other things is that internal scoring again i tell people that you don’t have to have a perfect credit score to have a relationship with american express in order to get uh business funding or personal funding okay so with the business checking account no

Hard pull no minimum of deposits no monthly fees uh no minimum balance requirements unlimited free transactions um wherever green dot uh atms are that’s where you would actually go to use your debit card if you need to get money back or at the cashier either one of those now american express on the business side again they don’t do a hardcore but talking about

Who do they report to small business financial exchange now they report to small business financial exchange and then that information is shared with dunn and bradstreet they do not report to them at brad street okay and this is important because you need to know how to build up your business credit the fastest now as i was telling you about with navy federal

And as well as american express make sure when you open up your business checking account you make weekly deposits it’s very important because the more activity you have in your business checking account again this helps build up your business credit the fastest this is more important than a duns number and a paydex score okay so that’s the reason that i’m telling

You guys this now in reference to um business credit cards they pull from experian okay now here’s the funny thing about it american express gives you your advantage 3 transunion score okay but they don’t use that score to qualify you right as a matter of fact i made another video about the 14 different uh cards that you can get from american express that’s your

Credit cards as well as your charge cards okay so that that being said what are some of the easiest business credit cards you may want to look at once you open up your business checking account also i would tell you if you’re trying to build a internal relationship with american express i’ll probably consider opening up that personal checking account as well as the

Savings account and the business account so that way it puts you in a position to be able to get access to more funding even if you may have challenge and credit down the road now one of the easier business credit cards i would say you possibly want to go after um is the american express of business cash card right and so again it’s a fico eight uh they’re going

To pull ein only no impact on the credit score now here’s the interesting thing about it because some people say well they didn’t pull my credit for the for the business credit card here’s the thing about i always tell people to go put a personal credit card first and then once you get that credit card usually american express won’t uh do a hard pull on your credit

For your other credit cards okay so for whatever the situation i don’t know the whole situation in reference to the person that made that statement about they have multiple inquiries from american express but as long as i’ve been doing business with them and i needed other credit cards i’ve never seen them do a hard pull it’s always been a softball internal pull so

That’s the reason i like american express okay and again when you open up your business checking account with american express make sure you’re doing a weekly deposit to help build up your business credit the fastest now you have chase business complete checking okay they do a soft pool they also check check system uh the minimum uh deposit is none but they have a

Monthly a 15 monthly fee um now chase reports to experience small business financial exchange dun and brad street equifax um also the business credit cards now here’s the interesting thing about chase they’ve recently started pulling doing two inquiries i don’t know what’s going on uh but the reports i’ve been seeing lately they’ve been pulling their transunion

As well as their experience so i don’t know what’s up with that i don’t if any of you all have any idea what’s going on why they’re doing two uh hard enquiries please let me know but they have lately been doing uh two heart inquiries okay now the ma one of the uh easier uh credit cards that you may want to look at with chase uh like i said they pull an experian

A transunion fico eight card um now i always tell people to go for the visa signature cards because they start at 5000 the visa signature uh business preferred goes from five thousand twenty five thousand and it has an annual fee of ninety five dollars but the average credit score is of 680 uh 700 now again looking at internal scoring because they have personal

Checking accounts as well as business checking accounts i’ll also tell you this about uh chase if you’re going to open up if you’re going to get a credit card with chase and open up your business checking account make sure that you go inside the reason is that way they can identify and verify who you are so if they are applying for a credit card and it’s coming

From their computer if something goes wrong then that person that actually works for chase that’s putting in the data they can call their underwriter uh on the phone to try to be able to get you approved for a car so you may not have a 680 credit score you may have a 660 credit score but because you’re actually sitting there in front of them it makes you have a

Higher chance of being approved for that credit card okay so that’s the reason i tell people to go inside now capital one again soft pool check systems equifax uh minimum open minimum open deposit none unlimited electronic deposits uh that’s what they say uh no monthly fee capital one reports to dun and bradstreet experience small bits financial exchange business

Credit cards they may pull all three equifax transunion and uh experian okay now that one of the easier business credit cards to get with um capital one is probably your uh capital one spark classic for business and uh it’s a 580 credit score uh no annual fee it pulls your fico eight again capital one another one of those uh banks they will look give you your

Vantage three trans union but again you see where they actually pulling your uh fico eight score not your vantage score so you have to keep that in mind but the good thing about it uh even if you get a low limit credit card let me tell you guys something um so you can understand why this is so important even if they give you a low limit say they give you 500 use

It use it use it the reason is is because the more data they’re reporting to the business credit bureaus okay this more solidifies your financial institution excuse me this one solidifies you as a small business owner that you’re needing funding and so if you’re able to max the car at all pay it out max it out pay it out next pay it off every month you know doing

That for about six months that’s definitely going to trigger a higher limit increase and also it’s going to trigger for them to start looking at giving you other business credit cards as well okay so that’s the reason even if you get a low limit a business credit card make sure that uh you actually use the card okay to show them that you actually need the money

Now us bank now u.s bank again soft pool check systems uh minimum requirement is a hundred dollars they give you 125 uh free transactions per statement cycle 50 cents for each additional transaction now they have three types of business second account they have the silver gold and the platinum i think it is uh but there they go from the basic one is zeros it’s

Not silver it’s called a basic but it it you don’t charge them no monthly fee then they have a twin they have the uh gold one which is uh excuse me i think it’s the silver which is uh like twenty dollars of money then the gold is like thirty dollars a month okay but the thing about it they report to dunn and bradstreet small business financial exchange okay so the

Business credit cards they are pulling your transunion now the easiest of credit cards you may want to take a look at is seeing if they offer a secured business credit card i don’t think they offer a secured business credit card but one of the things about uh u.s bank uh i shouldn’t say but adding to this this u.s bank reporting and stuff one of the good things

About it is that again because they are brick and mortar i would go inside and apply even if i have a lower credit score if i’m below a 680 i would still go in and sit down with somebody and apply and so that way they can call the underwriter to see what type of credit card they can get you make sure that you can at least get a visa signature card okay because

That’s the one that usually starts at about five thousand dollars okay

Transcribed from video
BEST BUSINESS BANK ACCOUNTS 2022 | BEST BANK ACCOUNT for SIDE HUSTLES + ENTREPRENEURS | NAVY FEDERAL By 3WayFundingliveBroadcastDetails{isLiveNowfalsestartTimestamp2022-03-31T021320+0000endTimestamp2022-03-31T023121+0000}