Title: Top 10 Banks Ideal for New Businesses With Poor Credit Histories

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Top Banks for Entrepreneurs: A Credit Specialist's Perspective

As a Credit Specialist, I'm often asked about the best banks for entrepreneurs starting out. Here's my advice:

Three Tiers of Banks to Consider

• Tier 1 Banks: Chase Bank, Citibank, and Capital One are top choices as they use the FICO 8 scoring model.
• Tier 2 Banks: Wells Fargo, U.S. Bank, and PNC use the more favorable FICO 9 or Vantage 4 scoring models, making it easier to get funding.
• Tier 3 Banks: Credit unions like Navy Federal and Connector offer more flexibility, especially for minority-owned businesses.

Key Considerations for Funding

• Business Credit Cards: Tier 2 and 3 banks often offer 0% interest cards with longer promotional periods.
• Lines of Credit: Wells Fargo, for example, can provide lines of credit up to $50,000 after just 6 months of credit card usage.
• Scoring Models: Focus on banks that use FICO 9 or Vantage 4, as they consider factors like authorized users and rental history.

Remember, building a strong credit profile and establishing relationships with the right banks can significantly impact your funding opportunities as an entrepreneur. Let me know if you have any other questions!

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