A week ago I decided it would be a novel idea if I opened a line of credit form my growing real estate business. Up until now I've operated on a cash only basis. That said, we are in a rather robust growth spurt. I fully expect my business to double this year and I though it might be a good idea to grow with someone else's money.
So, with this business growth in mind, I toddled off to my local BB and T. I've been "fully" banked with them for years. I have two business acoounts with them, a money market, a credit card, a personal checking account, retirement account and an annuity. I sat down with the branch manager, he filled in my paperwork and said he'd have an answer in a few days.
Two days later the manager called to tell me that I had to unfreeze my social security number at the credit bureau so that the bank could run my personal credit history. I refused and asked if an approval could be rendered based on the assets that I had housed in his bank. He said, "I can't do that."
When I hear can't, I substiture won't. In my mind I heard the bank say we won't do that. Ok fine with me, I won't be acquiring a line of credit with BB and T. When the time is right I might also move all of my accounts. As I say often, no is a very expensive word.
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