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Finding the Right Bank for Your Entrepreneurial Journey
As a Credit Specialist, I often get questions from entrepreneurs about the best banks to start with. Here are my recommendations:Tier One Banks
- Chase Bank, Citibank, and Capital One are top choices that use the FICO 8 scoring model. - These banks typically have a more stringent application process, but offer the benefits of a major financial institution.Tier Two Banks
- Wells Fargo is a community-focused bank that uses the Experian FICO 9 scoring model, making it easier to obtain funding. - U.S. Bank and its sister company, Elan Financial, also use the FICO 9 model and offer convenient features like access to credit card checks.Tier Three Banks
- Credit unions, such as Navy Federal and Baxter Credit Union, often have more flexible criteria and use Experian FICO 9 or Vantage Score 3. - These institutions may be easier to work with, especially for minority-owned businesses or those with limited credit history. Ultimately, a diversified approach with banks from each tier can maximize your chances of securing the funding you need to grow your entrepreneurial venture.YouTube Source: https://www.youtube.com/watch?v=PAm5IXW1Uqg
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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