Building Business Credit with Navy Federal Credit Union

In the world of business, establishing a solid financial foundation is crucial. This article will guide you through the process of building business credit with Navy Federal Credit Union (NFCU), one of the largest credit unions in the United States.

Understanding the Basics

When it comes to opening a business account, certain industries are considered high-risk by banks, such as the cannabis industry or adult entertainment. These industries often face challenges in opening bank accounts. However, if your business falls under low-risk NAICS codes, you are more likely to not only get the account open but also qualify for funding.

A Success Story

One of our clients, who had a new business with no income, managed to qualify for a $25,000 business line of credit and a $15,000 business credit card. How did she achieve this? She followed a process and built a relationship with NFCU.

To open a business account with NFCU, you need to deposit $100 into your business account. However, you can call their customer service to see if they would waive this requirement. But it’s advisable to leave the money in the account as it depends on the activity.

Building a Relationship

The key to success is building a relationship with the bank. Open a personal account, then a business account, and then apply for a secured credit card. NFCU also offers pledge loans, which our client utilized. Despite having a new business with no revenue, she got approved because she had built a relationship with the bank.

NFCU’s business credit division will pull your Experian credit report. You can dispute this inquiry once your account is open, but it’s not recommended to do so immediately as it can flag fraud and potentially freeze your account.

The Role of Dun & Bradstreet

NFCU may sometimes check your Dun & Bradstreet (D&B) file. You can get a D&B number without paying by registering with D&B and stating that you’re planning on bidding for government contracts. Register your business with, and they will ask for your D&B number. This way, you can get a D&B number for free within 24 hours.

Building Your D&B File

If you want to build your D&B file, you can apply for business credit cards that report to D&B. Capital One’s Spark Business card, Chase’s Ink Business card, and US Bank’s business credit cards are some options that report to D&B. These cards can help you satisfy your requirements with NFCU’s business credit division.

The Importance of Regular Deposits

Regular deposits into your business account, even if it’s your own money, can make a difference. NFCU’s business credit cards don’t report on the business side or the personal side unless you fail to pay the account. To open an account, you need to have an active account and cannot be insufficient on your checking account.

Increasing Your Credit Line

Once you get your business credit cards through NFCU, you can request a credit line increase by calling customer service and asking for a soft pull. This way, it won’t be a hard inquiry on your credit file.

In conclusion, building a relationship with NFCU can help you qualify for business credit cards. If you have questions about building your business credit, reach out to a financial advisor or a credit union representative. Remember, the key to success is understanding the process and building a solid relationship with your bank.

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