Your Virtual Credit Manager

DECEMBER 27, 2022

Cash flow is the biggest cause of customers defaults, but often cash flow is a result of other financial problems or miscues. A customer can be paying you with no problems, but then their bank line of credit comes up for review and is drastically cut back by the bank. Email YVCM About Consulting And Credit Scores.

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Pactola

JULY 20, 2020

A Wall Street Journal article from July 14, indicates that the largest U.S. banks of JPMorgan Chase & Co, Citigroup, and Wells Fargo took huge hits to their second quarter profits to stockpile $28 billion to cover losses as consumers and businesses begin to default on their loans. Black Knight reports that 4.75

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Fundera

JANUARY 22, 2018

But is there an SBA loan credit score minimum? . Even though the program is meant to help more small businesses get financing, it does have strict requirements for qualifying—including a good credit score. Small Business Administration draw the line on SBA loan credit score minimum? But where does the U.S.

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CreditStrong for Business

OCTOBER 30, 2024

Because a debt settlement results in not paying the balance in full, it will negatively impact your credit. Additionally, late payments often accumulate during the negotiation process, which may worsen your credit score. The duration needed for rebuilding credit after the settled debt payment process may vary.

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Due

JANUARY 8, 2024

In this article, I will discuss the most effective tips to boost a typical personal loan applicant’s shot at approval. These tips include working on your debt-to-income (DTI) ratio, increasing income, finding ways to prequalify before formally applying, and improving your credit score. surge from the same period a year ago.

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Due

FEBRUARY 6, 2023

Having an emergency savings account is one of the most crucial ways to prevent credit card debt from building up. As a result, this prevents harming your credit score or even bankruptcy. This Due article explains the different types of budgets and ho to choose the right type. Understand credit scores.

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tillful

MAY 12, 2023

A poor business credit score or thin credit history can get in the way when applying for small business loans. This is especially true in higher interest rate environments, when lenders pull back on credit (like now). In this article, we’ll talk about how you can qualify for business loans, and which options to look into.

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The Red Spectrum

JUNE 12, 2023

Secured Credit Cards : A secured credit card requires you to deposit a certain amount of money as collateral to the issuing bank. The deposit serves as your security in case you default on your payments. The credit limit on a secured credit card is usually equal to 80% to 100% of your deposit.

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tillful

JANUARY 9, 2023

You’re probably aware that good business credit comes with perks, but it might be less clear as to why. Well, it all comes down to credit risk. Your business credit score is an indicator that banks and other financial institutions use to gauge the risk associated with lending to your small business. What is Credit Risk?

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CreditStrong for Business

AUGUST 30, 2024

In this article, we’ll go over what constitutes a low-risk and high-risk industry and why it matters to your lender. Solid revenues, profitability, good credit scores, and length of time in business are all driving forces behind what minimizes the credit risk for a lender. What Are Some Low-Risk NAICS Codes?

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CreditStrong for Business

SEPTEMBER 27, 2024

Sole proprietorships are the default legal structure for companies with a single small business owner. Banks don’t review your personal or business credit reports, so you can open them with a limited credit history or even a bad credit score. However, that doesn’t mean banks don’t ask anything of you.

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Lendio

NOVEMBER 9, 2023

Lenders consider the following requirements when evaluating a potential small business owner for a business loan: Credit score Revenue Time in business Collateral/Personal guarantee Business plan Industry, geography, and company size Financial documentation 1. Start by paying bills promptly, as late payments harm your score.

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CreditStrong for Business

SEPTEMBER 27, 2024

To keep your personal assets out of business affairs, it’s best to go for business loans and lines of credit that don’t have a personal guarantee. In this article, we’ll cover what a personal guarantee is and how to find business financing without it. This means your personal credit and business credit are used to qualify.

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Due

OCTOBER 16, 2024

In this article, we will take an in-depth look at the issue of student loan repayment. Standard Repayment Plan The Standard Repayment Plan is the default option for federal loans. The consequences of default can include wage garnishment, tax refund seizures, and significant damage to your credit score.

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CreditStrong for Business

SEPTEMBER 13, 2024

Step 1: Establish Good Personal and Business Credit Scores Your creditworthiness is a fundamental element of the underwriting process, and lenders may look at both your business and personal credit scores. Credit scores provide lenders with a summary of how well you and your business have handled debt in the past.

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Credibly

JULY 11, 2023

In this article, we will discuss what loan stacking is, why it’s risky, and what you can do instead. The general loan stacking definition is when you take on multiple business loans (or other financing like lines of credit, merchant cash advances etc.) This can be exacerbated if the lenders you are working with make hard credit pulls.

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Eagle Business Credit

MAY 5, 2023

In this article, we will discuss the typical qualification criteria for a small business bank loan. A credit score is a numerical representation of an individual’s or business’s creditworthiness. A lower credit score may result in higher interest rates, smaller loan amounts, or even loan rejection.

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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. In this article: What is a credit crunch? What causes credit crunches? As homeowners defaulted across the U.S.

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tillful

MARCH 8, 2023

Over the past two decades, the financial services industry has been gravitating towards a more comprehensive approach to credit risk assessment. Credit scoring models alone don’t tell the whole story, so companies are looking to alternative credit data to fill in the gaps. Here are a few examples.

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Due

JANUARY 27, 2023

Credit score. It is also important to maintain a good credit score in order to maintain financial health. The debt-to-credit ratio can be influenced by many factors including debt payments, credit utilization, repayment history, credit mix, and credit history. Numbers vary by lender.

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Your Virtual Credit Manager

SEPTEMBER 12, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you get full access to our growing archive of over 100 articles! When unobserved risks build up in your AR, the impact will be slower payments and defaults leading to bad debts. Offer ends 9/30/23. Subscribe now 2.

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CreditStrong for Business

SEPTEMBER 27, 2024

However, while LLCs are closer to corporations from a legal perspective, their default tax treatment is that of a sole proprietorship or partnership. A sole proprietorship is the default business structure in the United States. If the risk of a lawsuit or debt default is high, doing business as a sole proprietorship isn’t a good idea.

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Eagle Business Credit

MAY 9, 2024

If a borrower defaults, the ability of lenders to recover their funds is limited. Companies like OnDeck, Kabbage, and Funding Circle provide short-term loans and lines of credit based on the applicant’s business performance rather than just credit scores.

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tillful

MAY 21, 2023

The main difference between secured and unsecured cards is that a secured card requires a cash deposit at credit card account opening to set the credit limit, while an unsecured one has no such deposit requirement. Read on to learn more about how prepaid cards, as well as secured and unsecured credit cards work.

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Know-It Global

JULY 26, 2023

In this article, we’ll outline 15 actionable steps that can help you significantly reduce debtor days and optimise your cashflow! Evaluate and improve your credit terms Begin by assessing your current credit terms and ensure they are reasonable and aligned with industry standards.

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Your Virtual Credit Manager

MARCH 19, 2024

For more on systematic collections, check out this article from YVCM’s “Basics Department.” This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external.

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BitX Funding

FEBRUARY 9, 2023

In this article, we will guide you through the steps to get a short-term loan quickly, and efficiently and the types of short-term loans. Most lenders have a repayment deadline that must be met to avoid late fees and potential damage to your credit score.

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Know-It Global

JUNE 14, 2023

This is an arrangement where businesses extend credit to their customers, allowing them to purchase goods or services and pay at a later date. While offering credit presents certain risks, when managed effectively, it can offer numerous benefits for businesses.

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Credibly

JUNE 14, 2023

By automating payments, you reduce the risk of error (even just something as simple as the month getting away from you) and consistently maintain a healthy credit score. Proactive cash flow management also helps prevent defaulting on loans, preserving creditworthiness and fostering trust with lenders.

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Lendio

DECEMBER 7, 2023

Traditional banks, credit unions, and online lenders all have different merits and demerits. These may encompass your credit score, annual revenue, and years in business. Credit score – Most lenders require a personal credit score of at least 650. Higher scores can lead to better interest rates.

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Regal Credit Management

SEPTEMBER 6, 2021

What qualifies as bad credit? According to FICO , a score between 580 and 669 is fair, while a score between 300 and 579 is very poor. In this article, we’ll assume bad credit falls somewhere between 580 and 620, which is the lowest score you can have—while still getting approved for a mortgage.

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Due

MARCH 29, 2024

In this article, let’s explore how mortgage refinancing works and if it’s right for you. However, lenders may only offer this to homeowners who have defaulted on mortgage payments and are facing foreclosure. Eligible borrowers must prove they’re facing financial hardship and are at risk of defaulting on a mortgage.

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Know-It Global

JULY 5, 2023

One effective strategy for achieving this goal is to implement a robust credit control system. By effectively managing your business’s credit and collection processes, you can optimise cashflow, minimise bad debt, and enhance overall financial health. A good business credit report will give you: Credit rating.

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Fundera

MARCH 9, 2019

Chances are you’ve heard of your FICO score and consider it pretty much interchangeable with your “credit score.” This article will explore how one corporation came to be synonymous with the “credit scoring” industry and give a little insight into how a FICO score is calculated based on your credit history.

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Fundera

NOVEMBER 29, 2019

A confession of judgment is a clause within a loan agreement that allows a lender, if the borrower has defaulted, to obtain a judgment against the borrower without following regular court procedures. The purpose behind confessions of judgment is to facilitate a quick resolution when borrowers default on a loan.

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Fundera

MARCH 6, 2019

Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score. A business credit score is calculated based on the information found in the business credit report. Credit Limit. FICO Score. Bootstrapping.

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The Red Spectrum

MAY 23, 2023

You can obtain lower interest rates, qualify for loans for business expansion, and boost your organization’s financial status by building business credit. We’ll look at the value of establishing business credit in this blog article and talk about why starting early is crucial. When should I start?

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