Many financial institutions offer commercial credit cards. Among them, we find Divvy, a platform that allows you to manage and make your payments automatically, which has caught the attention of the population today.
How can I ensure the approval of a Divvy business credit card application?
As with Divvy, all banks and lenders ask for requirements before approving any credit application.
Remember that once your credit is approved, your credit limit and interest will be based on how well you meet the criteria sought in the application. But, just as importantly, you will be able to increase your credit over time depending on how well your account performs.
Because you are seeking approval with low-interest rates and high limits, it is important to meet most of the following points to ensure your application is approved.
Check your credit score
The first thing lenders check is the applicant’s credit history, so make sure it is within the recommended range.
Have all paperwork in hand
Divvy asks its applicants for all the information related to the company. According to their page, you must carry data such as the company’s legal name, business address, work phone number, employee identification number, and annual business income.
In addition, you should also have a register of the time your business has been active, monthly business expenses, personal income, social security number or tax identification number, date of birth, and dispute statements if there are problems on your credit report.
Analyze your business data for the last three months
Before starting any application, check the expense history for the last quarter, as the company will also request this. Make sure everything is in order.
Divvy Eligibility Requirements
The Divvy credit application uses several criteria to determine eligibility, which are included in the table below. While these are the main evaluation factors, each application is evaluated individually, and other factors may be considered.
Make sure you meet the eligibility requirements
You must meet Divvy’s requirements for annual income, business history, cash balances, and location.
The annual revenue and business history will vary according to your business, so you should request information directly from the company.
Similarly, the cash balance varies but generally requires an amount greater than $20,000 in an active account. Finally, it would be best if you were in the United States.
At what point should I choose to apply for a business credit card?
The decision is up to you. However, it is recommended to apply for it at a time when material or inventory purchases are more frequent. In addition, you could also opt for this option due to the multiple benefits it offers, should you wish to enjoy them.
Among these benefits are that you will be able to protect your credit since the accounts will be separate, and in case something goes wrong, you will not have to answer through it.
Another benefit is that business credit will be built responsibly. In addition, it is a great help for you to increase the capital of your business, and you will get multiple rewards for your business.
I don’t have good personal credit. Should I still apply?
Although most of the approved applications are from companies with good credit, the application may still be approved. This is because each institution has its numbers that they consider good credit or not, so don’t hold back on applying.
Some companies agree with the applicant who has bad credit that the credit limit is small or that the period between payments is short. You may also apply for credit, including a security deposit.
“Business Credit – Corporate Cards for Any Size Business | Divvy.” Divvy, https://www.facebook.com/DivvyPay/, https://getdivvy.com/credit/.
“What Are the Eligibility Requirements for Divvy’s Credit Application? | Divvy Help Center.” Divvy Help Center, https://help.getdivvy.com/en/articles/6282738-what-are-the-eligibility-requirements-for-divvy-s-credit-application.