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Divvy Business Credit Card Approval Requirements | New Data Points - YouTube
Channel: Get Business Credit
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live from columbus ohio this is the get
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business credit youtube channel with
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your host
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josh van horn subscribe now and hit the
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bell notification
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right now to stay up to date as soon as
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we release new business credit gyms
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take it over josh hey what's up youtube
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this is josh with the
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business credit youtube channel so
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for today's video i'm going to be going
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over
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divi business credit card requirements
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i've already done three or four videos
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about divi
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so if you're already a subscriber and
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you've watched those other videos
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you want to watch this one too because
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i just got more updated data points
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directly from
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my rep at divi for triggering auto
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approvals and
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different options you may have even if
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you're new business
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you may still be able to get approved
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just stay tuned watch the whole video
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and just follow along okay if you guys
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have any questions
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just put them in the comment section
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below
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and i'll be sure to get back to you or
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you can email me and i'll help you along
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with the application as well
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so let's get into this
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um the data points the news that i just
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got
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these data points um last friday
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directly from devi before i do that i
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just want to ask you if you can please
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subscribe
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if you haven't already and make sure you
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turn that bell notification on
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if you like this video hit a thumbs up
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okay let's get into it
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enough me rambling here okay so divi and
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this youtube channel get business credit
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we are strategic partner with devi
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so be sure to use our link when applying
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to get your
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application process faster and to deal
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directly with
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our rap at divi so you won't
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be put at the back of the queue if you
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go through our strategic partner link
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so see the description below if you want
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to apply
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and like i said if you have any
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questions just let me know in the
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comments section
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um so some of this i covered in the last
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divya video but
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make sure like i said watch this whole
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video because
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these are new updated data points so
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for those that don't know what divi is
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or don't know much about divi i'll just
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give you a quick rundown on what divi is
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so and the features that divi offers the
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divi credit line
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how to get approved and the new 2021
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direct divi rep data points to trigger
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auto approvals
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and my personal thoughts and review
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so what is divi divi is the first
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complete spend management platform
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with divi companies can eliminate the
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need for
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expense reports gain real-time
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visibility
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of their company spending add security
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against fraud and wasteful
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spending and so much more so it's
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expense management platform but they
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offer
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a credit line as well it's a hundred
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percent free as well there's no
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fees to use the platform at all so
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i'll just go over a few features expense
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reports
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divvy takes care of the expense
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reporting automatically when you
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spend that way you never have to worry
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about anything
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smarter budgets so you can create a
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budget for say one of your employees
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and give them that monthly budget or a
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freelancer
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somebody that you work with and then
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they also have virtual cards you can
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issue at any point of time
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instantly right in the dashboard so say
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you have a subscription with google
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um or a hosting company and it's
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99 a month you can put that 100
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max spend budget for that month and you
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can have it reoccurring so
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you just update google or the hosting
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company with that new virtual card
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and it will never get spent more than
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the budget that you put so there'll be
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no unexpected
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charges so that's what's really nice
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about that
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um so i'm not going to cover
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everything on this because i you guys
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can check out my other videos where i
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went into more in-depth three uh review
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and all the features and stuff but
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this is kind of what the dashboard looks
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like this is from directly from divi
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site
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this is not mine i'll show you mine in a
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minute
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but um you can see here that
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you know when you log in you'll see like
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come into your company spending
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and then current balance versus credit
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limit available credit
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it will show how much you have there and
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there's a button to click
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um request credit increase so here's
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mine just so
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you guys can see how my spend has been
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so i allocated a budget for myself for
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what i spent
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i think it was like 60 000 or so
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um so
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i've already used a lot of that up for
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this past month so
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this is part of it taken down there's 28
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800
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or so left for the monthly budget
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and this is the credit line you know i
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have a very high credit limit with devi
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they've been great so you can see just
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so you guys know i'm not just
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trying to promote them i actually use
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them
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a lot so you can see when i after i got
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approved the first month
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i started playing with it and just
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gradually getting used to the
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platform so i spent like 1600
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you know on september
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and then it was october
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almost 7 000. november
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8 500 december
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almost fourteen thousand and then just
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this last uh
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thirty days i spent almost twenty four
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thousand why that's got higher is i've
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had the high credit limit with them from
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day one
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but i have several business cards for
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all different expenses
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and i use probably five or six different
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cards per month
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with my banks and business cards to pay
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for all these different business
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expenses
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so i had to gradually update and change
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all the
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payees that i had to pay every month you
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know
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for the business operation expenses
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so it took me you know a couple months
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to get all those updated and everything
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so you can see that's why it's you know
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it gradually
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updates and stuff you know there
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so now on to the data points and make
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sure you
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listen to the rest of this because this
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is the most important part
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okay so this is just data points i just
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got last friday
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directly from divi so minimum credit
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score for
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auto approval is the fico minimum is
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660.
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business intel score with experian
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uh minimum of 36
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which that's pretty low i thought they
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needed to be higher than that but that's
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directly from debbie
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so they pull directly from experian for
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both the personal credit
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and they used to do a soft pull so it's
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not a hard pull
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and it is a no personal guarantee they
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just need to check you know your
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your credit and your identity so it's
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not a personal guarantee
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they will tell you if they need a
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personal guarantee after you've submit
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your application
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so and then they pull also your experian
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business
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report so if say one of the scores
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say your personal score is say 640
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but then you have a 91 experience score
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then sometimes they can you know auto
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approve that way
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if one scores higher than the other
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so that's a data point to keep in mind
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there
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and also make sure when you fill the
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application
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it's going to have you connect your bank
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account and everything to the
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plaid platform so they can analyze your
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last couple months of banking statements
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and they really just want to see what
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you have in your bank business bank
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account right now
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it's okay if you only have say a
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thousand dollars or a couple thousand
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dollars
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you know you can still get pretty decent
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limit with them with even
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you know that small amount of money so
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just some data points to make sure you
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when you do the application it's going
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to ask you how much credit line do you
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want
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so if your business only does say a
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hundred thousand in the last 12 months
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don't ask for 150 because you're
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probably going to get denied right away
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so be conservative on what you really
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need so
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if you need just if you you know can
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show you're doing about 100 000 a year
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or averaging say you know 5 000
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a month you know i'm on business income
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you know just ask for say 10 000 or 15
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000.
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once you build up that relationship with
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divi you can request a
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credit increase and you know they'll
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work with you like they have with me
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so i think we've got over a million
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dollars
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worth of people approved through our
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strategic partner link
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my rep is awesome divvy
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so let me get back to the data points
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here
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um so auto approval through the
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application
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this is based on personal and business
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credit scores years in business industry
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type etc
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so you like i said existing businesses
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and new businesses
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can still apply and get approved
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you know there's several things that
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they're going to look at you know
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the good thing about it is there's no
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hard pull on your personal credit
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there's no personal guarantee you needed
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unless they tell you after you've
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submitted your application
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so they're going to ask you for
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financials
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if they can't auto approve you they're
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going to ask you for financials 2019 and
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2020
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profit and loss sheets and or balance
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sheets will trump divvy's auto approval
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two years of business taxes will work
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too but like i said even if you only
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been in business for three months or six
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months as long as
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you know your fico score with experian
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and your business and telescore is
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decent
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then you know you should be able to get
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auto approved as long as you ask for
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a reasonable amount of credit line don't
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ask for some
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100 000 or 200 000
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you know if you can't back up that you
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can you know do that so
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like i said be conservative when you
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first start off
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with divi so also cash rich
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businesses so if you even if you're a
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new business if the business has
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high cash balances uh divi can connect
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their bank account through the applied
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platform
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to the application divi can often get
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them approved for
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a percentage percentage of their cash
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balance
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for a cross-corporate guarantee if they
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have a parent company or
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someone who is willing to be a guarantor
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uh for their line so
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if you don't get auto approve and they
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can't get you approved through
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you know the balance sheets and
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everything else if another company
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that you own or a part of will do a
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cross-corporate guarantee
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then they should be able to get you
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approved or
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if you're willing to do a personal
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guarantee they should be able to get you
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approved
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or someone you know that you is part of
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the business
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they also offer a secured line of credit
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uh let's see here so the secure line of
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credit
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option one is made five thousand dollar
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deposit into divi and divvy will match
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that
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um equal to the deposit
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so say you deposit twenty thousand your
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credit limit will be twenty thousand
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they also have an option where it's a
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prepaid kind of like a prepaid load
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prepaid your account with a minimum
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initial deposit of a thousand dollars
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spend that money on divi cards they'll
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issue the cards and everything
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and then deposit more money as needed or
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just use that
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you know a thousand dollars a month
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similar to like a bank account or debit
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card
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you use their platform use their cards
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it's 100 free they don't charge you any
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fees at all
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and you get to use the whole system for
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free and you get to earn reward
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rewards as well so
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both options allow you to benefit from
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the divi expense management software and
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rewards program will also make it more
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likely for you to get approved for
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unsecured limit line
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in the future uh
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the business credit reporting divi
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reports to the small business financial
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exchange which shares data with experian
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equifax and done in brad street
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additional info if the business starts
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on a
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secured line of credit they can
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request a switch to an unsecured line
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after a few months
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on the platform so you they just need
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you guys
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if you can only get the secured or the
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prepaid option
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you just need to establish some uh
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history with debbie first just for a
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month or two
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um you know debbie's free they don't
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charge any entrance
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they don't charge you fees charges
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annual rates you know the only thing you
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have to do is pay off the balance every
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month
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whatever you spend so that's the data
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points for
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the secured option but even if you
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uh you get say approved
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for the unsecured i can't tell you how
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much a lifesaver divvy has been even for
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you know my business you know it's
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having to micromanage your books for
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your business
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divi does everything for you so all the
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expenses and everything are tracked
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and i just give at the end of the year
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i give each month's statement to my
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accountant
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and it's done and taken care of you know
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you don't have to get receipts all that
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because it's all
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already integrated into the divi expense
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management system
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so um i know i've kind of rambled on and
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went over this already before
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but i just wanted to point that out
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again
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the minimum fico score is 660 but
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if you have a high business credit score
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with uh
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experian then
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and you have a lower fico score with
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experian then
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you may be able to get auto approved on
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that so there's so many factors it's not
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like some of these other fintech
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companies where they just look at your
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income only that's in the bank account
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and then you know it's not like brex
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even though they're the competitor of
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brexit
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you don't have to have all that capital
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divvy will still approve small
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businesses and new businesses
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you know and like i said it's no
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personal guarantee
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um you know so there's really no loss
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with it
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just be fair with divi and you know give
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them a chance to earn your business and
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you know go through the process it's
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really a great platform i can't stress
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that enough
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so i think that's it for today make sure
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please smash that thumbs up button i'd
[953]
really really appreciate it
[957]
and do not forget to check the
[959]
application link in the description if
[960]
you're going to apply
[963]
you know where's the strategic partner
[965]
with devi like i said
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use our link helps us a little bit and
[969]
the application
[970]
will get processed faster and you can
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reach out to me directly at
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info vanhornmarketing.com that's info
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at vanhornmarketing.com if you
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are planning on applying or you know
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want some advice
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before you're going to apply i'll kind
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of
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i want to say pre-screen but i can tell
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you if you're going to get approved or
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not
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you know based on some information that
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you tell me so
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i'm here to help you guys so just know
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that
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and until next time please hit that
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like i said that like button and
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subscribe to the channel turn the bell
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notification on
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stay tuned i got many videos coming out
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alright until next time guys bye
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