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Due Diligence Doesn't End with the Credit Application

Your Virtual Credit Manager

Approving a customer for credit terms is merely the first step in an open credit relationship. Economic circumstances may cause you to tighten your credit policies and customer credit limits. The remainder of the review will mirror an initial credit evaluation (here’s more information on Evaluating Credit ).

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Mastering the Credit Application Process: A Comprehensive Checklist Template

Emagia

Applying for credit can be a complex endeavor, whether you’re an individual seeking personal credit or a business aiming to establish credit lines. Understanding the Credit Application Process Before delving into the checklist, it’s crucial to comprehend the credit application process’s fundamental components.

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The 10 Surefire Ways to Strengthen Your Credit Score

Fundera

No matter what kinds of credit you need personally or for your business, good credit starts with good handling of your personal credit accounts. Lenders check your credit score to decide whether or not you’ve typically repaid the debts you owe… And whether they should lend money to you, too.

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Do Your Customers Deserve Credit?

Your Virtual Credit Manager

For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. 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.

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17 Ways to Help Your Business Credit Application

Fundera

As a small business owner, chances are you’ve needed to borrow money at one point or another—whether that’s through a term loan , a line of credit , or a specialized product like equipment financing. The better you can describe your business and your need for a loan, the stronger your business credit application will be.

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What Triggers Your Collection Efforts?

Your Virtual Credit Manager

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

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The Credit Score Guide: How Raising Your Score Can Save You Thousands on a Loan

Fundera

That’s right: your personal ( not business) credit score matters more than anything else. In this credit score guide, we’ll take a look at why your credit score matters, how it affects your business financing, and what improving your credit can do. What’s a Credit Score? Quick Reminder.