Hello! I was just offered a Square Credit Card and I was wondering if it would affect future loan offers. Has anyone had experience with this.
@Panda24 Not at all. As I mentioned in my post you replied to:
You can have EITHER a Square credit card. OR a Square Loan. Having one negates the other. otherwise there is a risk we could get over extended.
Keep in mind that not everyone is being offered a Square Credit Card right now. It is still in beta testing, I think.
About year 7 or 8 years later I was hooked and i would be here a wile and 14 years later here we still are. It's a great feeling to watch what you started to just take off! Good for you!
Yup it just gets easier and eaisd
That's the best part! What line of work do you do?
Appliance Repair
We are going to grow this to a $100,000,000 business!
retail furniture store here. I deal with your line of work regularly or repair part of it.
Nice. I have seen that before especially in small towns, the Furniture Appliance Combo store
Yes, I am very rural. We're the only furniture store in town, actually. A 30-minute drive in any direction gets you big-box stores. We have been very fortunate with a good return in customers and new ones. I started our pole barn 14 years ago with a few smaller locations. The last 10 years in the same 12 sq ft storefront and loading areas with workspace for custom woodworking orders. I think I've found home here. Thank you for the chat, and I hope this thread helps you as well!
You go and get it!!! You are knocking it out now, so no slowing down!
Wow thank you once again you taught me something too!!!
A lot of learning right here! We all need to be brought up to speed on.
Hi there. Thank you so much. Yes everything for us was in good standing. We have had loans for the 8 years that we have been in business. Always paid our loans 100% back and given a new loan offer so I’m hoping we get jotted back to the pool of people that are being evaluated again. That’s all we can really hope for. As for paying off the credit card, it took about 2 weeks to finalize all payments and get confirmation that it was completely closed. Unfortunately everytime we ask the reps what the time frame to be evaluated again, they can’t really give an answer. Our eligibility factors do not show anything on our dashboard and everytime we call into the loan department, they do not know why that is happening even though they have confirmation that we no longer possess a square credit card. I dont Know if we will ever get another loan offer at this point. Even after closing the credit card (as the square loan reps suggested we did in order to receive a loan instead). It’s very frustrating
That is total hell. Sounds like purgatory
Thank you for all the information. I don't work for Square, but you are not the first person I have seen in this exact situation. The metrics have come and gone. Others did disappear, although they came back. Nothing works in our time, and you have done everything asked of and suggested. The paperwork is why I was asking about it. It seems just going off the others, ok, and no two businesses are the same, nor can I see your account. You're in that purgatory of paperwork between different departments and types of loans. Card and traditional Square loan. The last 2 or 3 that accepted and then paid off to go back to conventional loans. They were all right around 2-3 business weeks (don't forget good old holidays), and they either got their bars back or saw the timestamp between 1-3 pm. When they updated, or the algorithm checked their account. Hopefully, the Mods can look into it and follow up with you via email with a more detailed outline. Of course, with an algorithm, nobody can give you a direct answer. You do need to know you're at least done and over with the card, that your account is in good standing in all aspects, that you are 100% back into the vicious cycle of the loan process, and that you can see your account was time-stamped. Then you know it's just a matter of the system picking up the account for an offer. @abbeyc is amazing really if anyone can dig into it she can. Just remember its a public forum and she will reach out via email to you. Good luck and hopefully it is very soon. Thank you, for sharing so much information and details. It does help others.
Hi @wbwsqsupp !
Thank you for reaching out!
I will be following up with you shortly!
Look out for my email 🙂
@Twpchair wrote:I apologize, I tried to tag you in the other post. I reached out to a mod for clarification. The credit vs. loans, and yes, you can have both, and no, you can't, appears to be different for everyone. I would like to know, as it helps us to help you. When you canceled your card, I am guessing, based on your comment, that everything was in good standing, like your prior loan history? If that is the case, it shouldn't stop future offers. I don't like to speculate or go beyond my abilities, but I am just wondering: if you pay off the card, is it like paying off a loan? Do you have those 10 business days on hold, then go back into processing? Can you see if your account was updated today if you took a card payment? If you are updating the algorithm, that's why I was wondering if you could see your last update or timestamp? I will leave the mods to try to get you to the correct department. Good luck, and I will be following this to see how it goes. @Minion @ryanwanner @kacey_k
Never been a fan of this product from Square. Assuming it's still a soft pull on personalcredit (awesome) but doesn't report to business credit (boo) and with sub par perks it would always be a hard pass for me.
I'm just in for updates though as the info is good to know for future discussion. 🍿
Unfortunately, I have been seeing more than I care to. There was a thread directly related to this, and I can't seem to find it. It has not been one of my favorites either. I am on the waiting list, and that is where it will stay for all those who are having great success, with both congratulations and good-for-you honesty. I already have an American Express card, so I don't need any more cards, for that matter 😆 It certainly makes me appreciate the traditional Square loan far more each day. These last few seem to be going out in batches, and it would be great to know how to steer them in the right direction. Thank you for chiming in!
Hi @wbwsqsupp
Sorry to hear about your situation.
We know your business is important and we don’t take that lightly. We want you to be successful and we support your future growth. I will share your concerns with the rest of the Square Financial Services team. Please know that we’re constantly working to improve our products and services based on the feedback we receive from customers.
Don’t hesitate to contact us directly if you have further questions or concerns
Let me tag in a mod to see if they can explain anything further. Since it's a public forum, they can only share so much information, and I will let the other user know or suggest that they reach out to the correct department. @marielmt, can you clarify this without going into personal information. Thank you!
Square Community
Square Products