Home Depot Discontinues Their Business Rewards MasterCard Issued by Citi Bank

Just the other day I suggested to the client, which invests in real estate, to apply for the Home Depot Rewards Business MasterCard Citi Bank-financed. This is one of the few loan products, cash, which do not require a personal guarantee as long as a good business credit. I went to the main site warehouses, to apply for a card for my client, and I see no use. Which prompted me to call customer service for investigation. I received information from a customer service representative that the card was stopped Home Depot. Home Depot has stopped accepting applications for this in early December, and existing cardholders will be passed to obtain a business Citi Bank credit card. This is just one example of a business lenders change their lending programs faster than the business owners can establish corporate credit file.

Wells Fargo has made significant changes to their programs of business credit. Six months ago, Wells Fargo has stopped calling card secured credit. Which is a much needed product to start a business in the current economy. They also changed the guidelines for their corporate credit card accounts. Last year, the business was able to install up to 100K line of credit solely on the name of the company without personal guarantees. They now require a personal guarantee on all their transactions with credit cards. I talked with the manager of business relations, based in California, Wells Fargo on the phone. He told me that the company has strong business credit scores from D & B and Experian to qualify. In addition to excellent personal credit. In other words 50% of the claim is based on an assessment of business loans, and the other 50% of the assessment Fico.

Bank of America has recently established a market in Michigan, and they do not offer leasing or lending business in the state of Michigan. Branch manager told me that earlier this year, Bank of America intends to deploy special loan programs for beginning a business, but changed his mind for several months to complete absorption of La Salle Bank was completed. They continue to offer business credit cards. However, business card credit no 35K limit a few months ago, and she was reduced to 25k. Currently, Bank of America based solely on the assertion of personal credit report. I find it strange how the bank as big as Bank of America did not verify the report of the business loans. Business may have tax liens, judgments, and behind all of their accounts & Bank of America will never know their decisions of high credit risk. They also stopped their 203K program, which was supported by HUD.