Your top questions about Nav Prime answered

If you have questions about Nav Prime and how it works, you're in the right place. Keep reading to find answers to the most common questions.

What is Nav Prime?

Nav Prime provides the only streamlined path to better financing and takes the guesswork out of how to get there with a suite of tools that can help you improve your business financial health.

With Nav Prime, your small business gets:

• Your membership submitted monthly as a tradeline to the major business credit bureaus, which can help build business credit.
• Access to the Nav Prime Card¹, which reports a second tradeline — another easy way to help build your credit history.
• Detailed business and personal credit data from up to five reports, allowing you to track and improve what matters to lenders.
• Access to Nav Business Checking¹, where you can spend, save, or send money domestically with no fees — all while checking off a common lender requirement.

It’s designed to help you improve your business financial health so you can access the best financing options for your business when you need it.

Additionally, you’re eligible to apply for the Nav Prime Card, a charge card that requires no credit check or security deposit. Link your business checking for daily autopay to avoid carrying a high credit card balance. The Nav Prime Card offers a second monthly tradeline to help maximize opportunities to build your credit. 

Why was Nav Prime created?

Nav Prime was created to help business owners solve one of their toughest challenges: access to capital when they need it. Nav Prime is an all-in-one solution that lets you  keep a pulse on your business financial health profile, manage the business metrics that matter to lenders, and ensure your business always has access to the best financing options. 

As a small business owner, you probably have no idea how lenders see your business. Nav Prime and the unique Nav Prime charge card give you tools to help improve your business’ financial qualifications. Everyday transactions can help build your business credit history and ultimately lead to better working capital options.

Where are the benefits of Nav Prime?

Nav Prime is the only financial solution that evolves with your business, ensuring your business is always ready for financing. Get these benefits: 

Detailed credit reports

• Personal and business credit scores & detailed reports.⁵ See what lenders see and act on the details they’re using to make funding decisions.
• Real-time alerts & credit insights. Gain real-time alerts and insights from Nav to act on what’s holding you back from funding or opening new options.
• Credit factors influencing scores. Know the factors impacting your scores so you can improve or sustain habits.
• Public record data. Get details on public records on your business to make corrections or resolve debts.
• Watch up to 4 other businesses. Manage business credit for multiple businesses to avoid costly missteps.

Nav Prime is the only financial solution that evolves with your business, ensuring your business is always ready for financing. Get these benefits: 

Tradeline reporting

• Establish and continue to build business credit with tradeline submitted monthly to major commercial credit bureaus. 
• Add a second tradeline with the Nav Prime Card.

Access to financing

• Strengthen your business’s financial health profile to access better funding options.
• Leverage insights by seeing business data that lenders see about your business, and monitoring the impact of your credit building.
• Manage the business metrics that matter to lenders.

Nav Prime Card

Add the Nav Prime Card for these additional benefits:

• Charge card with no credit check or security deposit required.
• Second monthly tradeline to maximize business credit-building.
• Daily autopay to avoid carrying a high credit balance.
• Automatic virtual card you can use to make purchases before your physical card arrives.

Does Nav Prime help me build business credit and how?

Nav Prime offers two helpful ways to help build business credit history.

First, get credit for on-time Nav Prime payments. Nav submits your monthly payments for Nav Prime as a tradeline to major business credit bureaus, which can help build business credit.

Secondly, if you also get the Nav Prime Card, it will also submit timely, successful repayments automatically as a monthly tradeline to major business credit bureaus. In combination with Nav Prime, this card allows business owners to double their tradelines. 

Strong business credit ratings can help businesses when it comes to qualifying for a wider range of financing options, sometimes at lower interest rates as well. 

How does tradeline reporting work with Nav Prime?

Nav Prime and the Nav Prime Card each submit monthly tradelines to major credit reporting agencies. Tradelines and business credit cards are both popular ways to build business credit — for both new businesses and established ones — as they don’t typically have the time in business and revenue requirements of other types of small business loans. They also don’t require the business to take on debt. 

More importantly, they can be effective ways to build business credit when paid on time. Here are two examples of how this type of credit reference can help: 

• Customers who used Nav’s Detailed Credit Reports with tradeline reporting saw an increase in business credit scores up to 50% in the first 3 months.²
• The majority of customers that use Nav tradeline reporting at least a year continue to see positive business credit score changes.³

Nav Prime is not reported to your personal credit reports. 

Is Nav Business Checking required to use a Nav Prime Card?

You may have a Nav Prime membership without opening a Nav Business Checking account, but there are some features you won’t be able to access.

As part of opening a Nav Prime Card, a Nav Business Checking account will be opened. There are no minimum balances or fees with this product, and you are not required to use the Nav Business Checking account with the Nav Prime Card. However, using them together unlocks new benefits, including instant repayments on the Nav Prime Card, where your limit is replenished daily instead of waiting 3-5 business days for the limit to top us as you would with another account.

How are my business credit scores calculated?

Business credit scores use a combination of factors to calculate credit scores, including payment history, debt and negative information such as liens or judgments. Debt utilization (credit limits compared to balances) can also be a factor. Payment history is the most important factor in all business credit scores, and to build good credit you need accounts that report to business credit bureaus. 

Nav Prime and the Nav Prime Card each provide tradeline reporting. Earlier we shared research into how Nav Prime can help businesses build and maintain strong business credit. 

Here’s another point that illustrates that benefit: Nav customers with positive business credit score changes  averaged a 40 point increase across business credit bureaus within the first 3 months of using Nav tradeline reporting.⁴

What do I do if I have trouble connecting my accounts?

You can reach out to Nav’s customer support team through the app or your account with technical questions. 

How to get started

It’s easy to get started at Nav.com.