CreditStrong for Business

AUGUST 9, 2024

As a result, business lenders will request copies of your credit reports to see how you’ve handled debt in the past. If your score is in decent shape, but you’ve filed bankruptcy in the past few years, missed a payment, or have collection accounts, you may have a difficult time getting approved.

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Lendio

JUNE 4, 2024

If you default on secured loans, the lender can seize the collateral as repayment for the loan amount. Lenders of unsecured loans , like credit cards, have no such recourse, but this usually causes the repayment terms of unsecured loans to be less favorable for the borrower. Trouble arises if you default, however.

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CreditStrong for Business

JULY 11, 2024

Banks and Credit Union Loans Traditional lenders, like banks and credit unions, are more conservative with the credit scores they allow. This conservative method keeps them from losing money on defaulted loans and credit lines. Do Lenders Look At Both Personal and Business Credit Scores?

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tillful

MAY 31, 2023

What you should do if you can’t qualify for credit Does building business credit matter in a credit crunch? What is a credit crunch ? A credit crunch occurs when there’s a sudden, sharp decline in the amount of credit available from financial institutions like banks, credit unions, and alternative lenders.

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Due

OCTOBER 23, 2023

In the event that you fall behind on your loan payments or default, your debt may be collected. Bankruptcy counseling. If you are considering bankruptcy as a solution for your debt, you will need to speak to a certified credit counselor. You can also get free credit counseling through your credit union.

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CreditStrong for Business

OCTOBER 11, 2024

Traditional lenders may impose a waiting period before you can qualify for a new loan after derogatory credit events like bankruptcy, foreclosure, etc. Such obstacles could be a problem even if you’ve worked hard to build business credit separate from your personal credit profile.

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CreditStrong for Business

JULY 19, 2024

For those with truly bad credit or a score under 640, you’ll find it difficult to open a business credit card account, as there aren’t as many secured business credit cards available. (A A few banks or credit unions may provide them.) Can I Get a Business Credit Card With Bad Credit?

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BitX Funding

DECEMBER 13, 2022

Considering your credit score when applying for a loan is one of the most relevant things a lender looks at. Credit scores are used by many different types of lenders, including banks, car dealerships, and credit unions. Should you default on your loan, the lender may legally repossess the collateral.

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CreditStrong for Business

JULY 15, 2022

Without any credit history, you don’t fall into any credit range. You’re credit invisible. It wouldn’t be fair at all to lump people who have made no mistakes in with those who have a low credit score because they declared bankruptcy. Most modern credit scoring methods bottom out at 350.

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Team Financial Group

JULY 11, 2023

Key Benefits of Vendor Partnerships If you are seeking an alternative to traditional financing options (banks, credit unions) for your equipment needs, you have choices. Something that separates Team Financial from the pack, though, are our vendor partnerships. Improving reputation and client relations.

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Fundera

MARCH 15, 2019

As a reminder, CDFIs, which may be either banks or credit unions, are dedicated to providing financial assistance to small businesses in underserved areas in order to encourage and revitalize small business growth in these communities.

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Due

AUGUST 25, 2023

The Department of Education maintains stringent credit requirements for Parent PLUS loan applicants. You must have a relatively clean credit history in the past five years, free of defaults, bankruptcy discharge, repossessions, foreclosures, charge-offs or write-offs of federal student aid, wage garnishments, and tax liens.

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