"Top 10 Banks for New Businesses with Poor Credit: A Comprehensive Guide"

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The Best Banks for Entrepreneurs Starting a Business

As a Credit Specialist, I recommend that entrepreneurs have three types of banks when starting a business:

Tier 1 Banks:

• Chase Bank - uses FICO 8 scoring
• Citibank - also uses FICO 8 scoring
• Capital One - pulls all three credit bureaus when opening accounts

Tier 2 Banks:

• Wells Fargo - uses Experian FICO 9 scoring, easier to get funding, and offers lines of credit
• U.S. Bank - uses FICO 9 scoring and provides convenience checks to liquidate cards
• PNC Bank - also uses Experian FICO 9 scoring

Tier 3 Banks:

• Navy Federal Credit Union - uses Experian FICO 9 and their own internal scoring system
• Connector - a Community Development Financial Institution (CDFI) that uses Experian FICO 9
• Baxter Credit Union - uses Vantage Score 3 from TransUnion

Remember, these institutions are more flexible, allowing for authorized users, rental history, and subscriptions to be considered in the credit evaluation process. Starting with business credit cards and lines of credit can help you establish your business financing before applying for loans.

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