Fundera

MARCH 7, 2019

Business Statistics: Credit Scores. What goes into a credit score, anyway? Credit scores are extremely important for your business—both your personal credit score and your business credit score. A single late payment can drop an excellent credit score by 100 points!).

Credit Scoring 109

Credit Scoring Small Businesses Credit Unions Insurance Companies 109

Abrigo

MARCH 2, 2015

percent of banks reported stronger demand for auto loans in Q4 of 2014, up from 18.8 Demand is also increasing at credit unions. Credit union auto loan portfolios reached $225 billion as of the end of Q3 2014, according to Sageworks Bank Information. FRED reports that 25.4 percent in Q4 of 2013.

Credit Unions 79

Credit Unions Credit Scoring Credit Risk Default 79

Fundera

APRIL 11, 2016

This report in particular takes a look at millennials—how they borrow, how they run their businesses, and how they stack up to non-millennials in everything from loan types they prefer to how well they know their credit scores. Millennials accurately predict their credit scores more often than non-millennials, albeit by a small amount.

Small Businesses 76

Small Businesses Credit Scoring Credit Card Companies Transactions 76

Fundera

NOVEMBER 23, 2015

The Fundera marketplace model enables the collection of data on a wide range of lenders and products, and an even wider range of small business owners, based on 1,300 loans totaling $63 million in customer financing from February 2014 through the end of Q3 2015. There is strong inverse correlation between credit score and APR.

Small Businesses 76

Small Businesses Credit Scoring Credit and Collections 76

Fundera

MAY 25, 2017

This is why it’s important for business owners to stay abreast of how their personal credit score can affect their ability to get credit for the purposes of funding their business’ operating costs. Fortunately, some changes coming down the pipeline could positively affect millions of Americans’ credit scores.

Credit Scoring 74

Credit Scoring Credit and Collections Collector Credit Application 74

Fundera

JANUARY 21, 2016

You’ve got your personal credit score, your balance sheet, your profit and loss statement, your FICO SBSS…. You know, that small business credit score that’s all the rage these days? Credit Scores: A Refresher Course. A credit score reflects how trustworthy you are with money you borrow.

Credit Scoring 59

Credit Scoring Small Businesses Credit and Collections Credit Card Payments 59

Fundera

FEBRUARY 2, 2016

This short-term line of credit product serves a riskier borrower class, increasing the product diversity available to borrowers with lower credit scores. Time to funding and annual revenue also decreased for the overall line of credit product in Q4. Credit Score and Annual Revenue Distributions.

Small Businesses 76

Small Businesses Credit Scoring Transactions 76

Fundera

MAY 6, 2016

In the first three fiscal quarters of 2014, reports the SBA, small businesses added 1.4 Small Business Statistics: Credit Scores. What goes into a credit score, anyway? Credit scores are extremely important for your business—both your personal credit score and your business credit score.

Small Businesses 75

Small Businesses Credit Scoring Credit Unions Insurance Companies 75

CreditStrong for Business

SEPTEMBER 12, 2024

Unfortunately, regardless of the reason, they will affect your credit score. Still, you may be wondering—how long do late payments stay on your credit report? Still, you may be wondering—how long do late payments stay on your credit report? How Does a Late Payment Affect Your Credit?

Credit Scoring 52

Credit Scoring Credit Card Payments Credit and Collections Bankruptcy 52

CreditStrong for Business

MARCH 10, 2023

Late payments remain on your credit bureau report and influence your credit score for seven years. Fortunately, there are ways to improve your overall credit profile to offset the adverse results that late payments have on your credit score. and 35% of your FICO score.

Credit Scoring 52

Credit Scoring Credit Card Payments Bankruptcy Chapter 7 52

Fundera

DECEMBER 9, 2015

Individual credit scores (the lending acronym comes from their originator, the Fair Isaac Corporation ). The SBSS score, generated by FICO, is based on factors like the business’s credit history and the business owner’s individual FICO score. USDA Loan or B&I Loan.

Nonprofit Organizations 71

Nonprofit Organizations Credit Scoring Credit Unions Small Businesses 71

Fundera

FEBRUARY 16, 2016

It’s not an unfair assumption to make that if a borrower can convince 3 to 5 people to invest money into their business venture, then they’ve probably got a good chance of success—even if they lack the financial documents or credit history to prove it. CAN Capital. And CAN Capital has speed down to a science.

Small Businesses 76

Small Businesses Credit Scoring Credit and Collections Investment Firms 76

CreditStrong for Business

OCTOBER 15, 2024

Credit Score and History If you intend to finance a vehicle or similar large purchase, obtaining a recent copy of your credit report is always encouraged. The three major credit bureaus, Equifax, Experian, and Transunion, each provide consumers one free copy of the report annually.

Credit Scoring 52

Credit Scoring Medical Billing Credit and Collections Credit Unions 52

Fundera

FEBRUARY 24, 2016

Lines of credit come in two primary forms: secured and unsecured. Unsecured credit lines are those that are not backed by any asset or collateral. In order to qualify, you’ll instead rely on your credit scores, borrowing histories, debt-to-income ratio, and other factors. The fact that credit card debt in the U.S.

Credit Scoring 73

Credit Scoring Default Small Businesses 73

Abrigo

JULY 2, 2019

The following article is based on the whitepaper, The Ag Lender’s Survival Guide by Rob Newberry, SVP of Credit Risk Services at Abrigo. Today, most of farmers’ cash reserves that were built up in 2012-2014 are at, or nearing, depletion. Individual credit score (FICO). To download the whitepaper, click here.

Credit Risk 60

Credit Risk Credit Scoring 60

Fundera

JULY 18, 2018

That’s up from a mere $650 million in 2014—more than a 400% increase over three years. Still, he didn’t take the idea seriously until his wife, Amanda, was unexpectedly transferred from Philadelphia to Phoenix in 2014. Your lender will want to see your credit score, of course, and an equipment quote, too.

Nonprofit Organizations 75

Nonprofit Organizations Credit Scoring Transactions Small Businesses 75

Fundera

JUNE 22, 2016

If you default on your “loan” with a pawnbroker, your credit score won’t report it—but technically, this is a form of alternative lending. If it was tough for small business owners to access credit from banks before, then after 2008 it was nearly impossible. By 2014, that amount had dropped 38% to $44.7

Credit Scoring 76

Credit Scoring Small Businesses Default Transactions 76

Fundera

MAY 4, 2016

Filling a Niche and a Need with Lines of Credit. Finkelstein founded The Credit Junction in 2014 and its online lending platform was launched just last year. Average Borrower’s Credit Score: Not applicable! The Credit Junction doesn’t look at your FICO Score to determine your loan eligibility.

Credit Scoring 70

Credit Scoring Small Businesses 70

Fundera

NOVEMBER 20, 2018

As of January 2014, 73 out of a total 968 CDFIs were certified as “Native CDFIs.” . They work with borrowers who have lower credit scores or that are considered too “high risk” by mainstream lenders. They work with borrowers who have lower credit scores or that are considered too “high risk” by mainstream lenders.

Credit Scoring 61

Credit Scoring Credit and Collections Nonprofit Organizations Small Businesses 61

tillful

MAY 31, 2023

While your revenue and credit scores haven’t changed, your application gets rejected. This can happen as the result of a credit crunch — also called a credit crisis or credit squeeze. Interestingly, some believe that the credit crunch was too extreme and actually slowed down the economic recovery.

Small Businesses 52

Small Businesses Credit Scoring Default Credit Unions 52

Fundera

AUGUST 22, 2019

In our very first report on women and small business lending, which covered data spanning from February 2014 to June 2016, we found that women business owners requested less funding, got approved less often, received smaller loan amounts, and paid more for financing than men. Men had just slightly higher personal credit scores than women.

Small Businesses 50

Small Businesses Credit Scoring 50

Fundera

SEPTEMBER 27, 2018

trillion in 2014 to $4.5 That’s a 246.15% uptick, for those keeping score.) That includes a business credit score, as well as time in business, so they can examine your history of revenues and stability. trillion in 2021. So, finding funding for ecommerce business is, well, serious business.

Credit and Collections 59

Credit and Collections Small Businesses Credit Scoring 59

Fundera

OCTOBER 9, 2019

The 10,000th affiliate gym was officially opened in London in 2014. This can really help boost your business credit score. Whether CrossFit is your favorite workout or you’re a gym owner looking to diversify and start a new business , opening a CrossFit gym might be a great business move for you.

Credit and Collections 71

Credit and Collections Credit Scoring Small Businesses 71

Fundera

SEPTEMBER 7, 2016

But in 2014, that number dropped by 38% to only $44.7 It’s hard to quantify your character, but Wells Fargo does so with your personal credit score. And if you don’t have a personal credit history, Wells Fargo might consider any personal references, business experience, or work history as a substitute.).

Small Businesses 59

Small Businesses Credit Scoring Bankruptcy Credit Reporting Agencies 59

Fundera

JUNE 13, 2017

Banks only give these low rates and long terms to the most qualified business owners—think strong personal and business credit scores, a long time in business, strong annual revenue, profitable, etc. Even though bank loans are hard for small business owners to qualify for, there are still some places you can look to score one yourself.

Small Businesses 61

Small Businesses Credit Unions Credit Scoring Deductions 61

Fundera

APRIL 11, 2017

This sum of small business capital is just a portion of the bank’s progress toward their five-year commitment (pledged in 2014) to lend $100 billion to small businesses—along with broader resources, services, and commitments to aid small business owners. In the first quarter of 2015, Wells Fargo lent $34.8 Read more Lending Club reviews.

Small Businesses 76

Small Businesses Credit Scoring Default 76

Fundera

SEPTEMBER 6, 2016

Are there substantive differences in categories like credit score, annual revenue, and industry? Women entrepreneurs have lower credit scores than men, with a 15-point difference between their averages. Women Entrepreneurs Have Lower Credit Scores. of companies in 1972. for male business owners.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections 75