Applying for Square Credit Card Affect Future Square Loans

[Panda24]

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.

[Twpchair]

I certainly hope that this gets straightened out very soon! I am one of those who don’t fix it if it isn’t broken. If anyone can help it will be the mod I tagged in. Good luck to you and definitely see what the Mods say. 

[Shaphan]

Yeah thank you I've had a loan available for about $80,000 for about 2 months now I haven't taken it but considering for expansion. Well I got a credit card application everyday and it was approved I'm hoping my loan offer doesn't go away LOL thank you

[Twpchair]

They don’t last forever, so if you are planning on expansion, please don’t let it disappear. You go back into the algorithm, and it hits you again. Ugh, good luck, and please keep us posted! 

[Shaphan]

Oh yeah I know they don't last forever for sure but I've had one that's been renewed pretty much for the last year at this point but you're totally right it's here for a week gone comes back it's been there for about a year straight now

[Twpchair]

Wow, that's a record! I've had it for 4 months before, and it disappeared for about 2-3 weeks and came back. I am happy to hear the word expansion! Growth is a beautiful thing to hear, and I have been hearing it more often. That is awesome, congrats! 

[Shaphan]

Thank you. Growth has become so easy at this point it doesn't even feel like work LOL but first 6 or 7 years were rough now it's just a turnkey operation

[Twpchair]

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!

[Shaphan]

Yup it just gets easier and eaisd 

[Twpchair]

That's the best part! What line of work do you do?

[Shaphan]

Appliance Repair 

We are going to grow this to a $100,000,000 business! 

[Twpchair]

retail furniture store here. I deal with your line of work regularly or repair part of it. 

[Shaphan]

Nice. I have seen that before especially in small towns, the Furniture Appliance Combo store 

[Twpchair]

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!  

[Twpchair]

You go and get it!!! You are knocking it out now, so no slowing down!

[Abby_M]

Hi @Shaphan  

Thanks for posting on the Seller Community.

You may be eligible for both the Square Credit Card and Square Loans based on our automated eligibility review of your account. If you have applied for one of these products and have been approved for it, that we will still continue to review your account for eligibility of the other product.

If you are not eligible at this time for the one of the products, we will continue to evaluate your account on a daily basis.What this means:If you have taken out a Square Credit Card, and are not eligible for a Square Loan at this time, we will continue to evaluate your account on a daily basis for Square Loans.

This also means that if you have a current Square Loan and are not eligible for a Square Credit Card, we will continue to evaluate your account on a daily basis for Square Credit Card.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Shaphan]

Yes that is correct from what I'm showing I guess some of the information here was old news. You can be eligible for both as I am I applied for the card and got it thank you for that it's great. The only thing which is up in the air is whether you can actually have both so yes I have two offers so I'm eligible for offers but we shall see what happens when I apply for the loan but thanks for the information. Square is great! 

[kacey_k]

Wow thank you once again you taught me something too!!! 

[Twpchair]

A lot of learning right here! We all need to be brought up to speed on. 

[wbwsqsupp]

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 

[Shaphan]

That is total hell. Sounds like purgatory

[Twpchair]

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.