tillful

MAY 31, 2023

Pro Tip: There’s currently no specific definition of how sharp the decline of lending activity must be to determine a “credit crunch.” If too many borrowers default on loans around the same time, lenders not only lose a sizable amount of their forecasted profits, but can also lose a portion of the money they loaned out.

Small Businesses 52

Small Businesses Credit Scoring Default Credit Unions 52

Fundera

SEPTEMBER 1, 2017

Payment history (including bankruptcies and judgments). If you’re aiming to nab that perfect credit score, understanding how your financial decisions can impact your report will definitely help. Don’t default! That perfect credit score isn’t easy to attain if you’re climbing back from a loan default. .

Credit Scoring 92

Credit Scoring Bankruptcy Credit and Collections Default 92

Fundera

NOVEMBER 23, 2018

We’re here to lay out all you need to know about UCC filings—from a boiled-down answer to what is a UCC filing, to all the nitty-gritty details behind an in-depth UCC filing definition. We’ll also explain how a UCC filing might affect your business—particularly when it comes to securing high-quality small business financing.

Bankruptcy 75

Bankruptcy Default Small Businesses Transactions 75

Fundera

MAY 10, 2016

Payment history (including bankruptcies and judgments). If you’re aiming to nab that perfect credit score, understanding how your financial decisions can impact your report will definitely help. Don’t default! That perfect credit score isn’t easy to attain if you’re climbing back from a loan default. .

Credit Scoring 76

Credit Scoring Bankruptcy Credit and Collections Default 76

Fundera

JANUARY 13, 2018

For example, if you default on your loan for any reason, your lender can hire lawyers to gain a judgment in their favor. . With that in mind, the lender will likely—if not, definitely—want to have the remainder of the SBA loan guaranteed by the business and, failing that, the personal assets of the business owner.

Default 79

Default Business Bankruptcy Small Businesses Bankruptcy 79

Fundera

MARCH 10, 2019

Let’s say your business defaults and cannot pay the SBA loan back. Limited Personal Guarantee – Limited personal guarantees set a dollar limit or agreed collateral value on what can be collected from your personal assets in the event that your business defaults on its loan.

Default 74

Default Credit and Collections Small Businesses Business Bankruptcy 74

Fundera

MARCH 28, 2018

Bankruptcies, liens, foreclosures, and lawsuits. Lenders might forgive a late payment (30+ days overdue) here or there, but consecutive late payments will definitely hurt your score. Defaulting on a loan. The difference between a delinquency and a default is mostly a matter of time. Credit Utilization.

Small Businesses 88

Small Businesses Credit Scoring Default Credit and Collections 88

Fundera

JANUARY 13, 2018

For example, if you default on your loan for any reason, your lender can hire lawyers to gain a judgment in their favor. . With that in mind, the lender will likely—if not, definitely—want to have the remainder of the SBA loan guaranteed by the business and, failing that, the personal assets of the business owner.

Default 52

Default Business Bankruptcy Small Businesses Bankruptcy 52

Fundera

JULY 6, 2016

Payment history—including bankruptcies and judgments. But overall, your credit score is a good measure of how you repay your debts, what kind of credit you look for, how well you understand the amount of debt you can actually take on, whether you’ve successfully avoided bankruptcies and tax liens, and more. Don’t default.

Credit Scoring 74

Credit Scoring Credit and Collections Bankruptcy Small Businesses 74

Fundera

JUNE 5, 2018

Also note that a personal guarantee holds even after declaring bankruptcy , so you’ll stay on the hook until you personally repay your business’s debt, even if your business shutters. Here’s how to make sure you don’t default on your payments: 1. Don’t put extra-large expenses on your business credit card.

Credit Scoring 71

Credit Scoring Default Small Businesses Credit Card Payments 71

Fundera

AUGUST 4, 2018

Expect to answer questions concerning your history with bankruptcy, legal action, government financing, criminal activity, and more. When your landlord signs this document, they’re agreeing to give the lender first dibs on your collateral if you default. SBA Form 1919: Borrower Information Form. Legal Documents.

Bankruptcy 71

Bankruptcy Medical Billing Credit and Collections Small Businesses 71

Fundera

AUGUST 4, 2018

Expect to answer questions concerning your history with bankruptcy, legal action, government financing, criminal activity, and more. When your landlord signs this document, they’re agreeing to give the lender first dibs on your collateral if you default. SBA Form 1919: Borrower Information Form. Legal Documents.

Bankruptcy 71

Bankruptcy Medical Billing Credit and Collections Small Businesses 71

Fundera

DECEMBER 12, 2018

Let’s dive deeper into these definitions below. Logically, lenders only want to work with the borrowers who pose the least amount of risk of defaulting on their debt. Public record information, like judgments , collections, and bankruptcies. Very Good: 740-799. Good: 670-739. Fair: 580-669. Poor: 579 and under.

Credit Scoring 71

Credit Scoring Credit and Collections Default Credit Risk 71

Fundera

APRIL 25, 2018

Maybe they have a recent bankruptcy on their report, which can cause major damage to a credit score. . Because the credit card company is armed with that collateral in case you default on your payments, they’re more willing to extend secured credit cards to high-risk borrowers—aka those with bad credit.

Credit Scoring 72

Credit Scoring Credit Card Companies Small Businesses Bankruptcy 72

Fundera

SEPTEMBER 7, 2016

Definitely not. Bankruptcy. If either you or your business has filed for bankruptcy within the last 10 years, chances are Wells Fargo won’t lend to you—unless you’ve fully repaid all of your creditors. And if an account default occurs, your interest rate will bump up. And Wells Fargo is one of them. interest rate.

Small Businesses 59

Small Businesses Credit Scoring Bankruptcy Credit Reporting Agencies 59

Fundera

JUNE 22, 2016

The Definition of Alternative Lending. 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. Here are all of your alternative lending questions answered. What Is Alternative Lending? Let’s start with the basics: What is alternative lending, anyway?

Credit Scoring 76

Credit Scoring Small Businesses Default Transactions 76