CreditStrong for Business

AUGUST 2, 2024

In many cases, a consumer who has seemingly been managing their finances responsibly will notice an unexpected credit score drop. This negative credit score fluctuation is particularly troubling for those concerned with maintaining good credit for an upcoming home or auto loan. 8 Reasons Why a Credit Score Drops 1.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

CreditStrong for Business

JULY 19, 2024

A new car loan will likely result in a small, temporary drop in your credit score stemming from lender credit inquiries, having a recently opened new credit account, and the resulting greater overall debt load. Among the various factors used to calculate your credit score, payment history has the largest influence.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Credit Application 52

CreditStrong for Business

JULY 19, 2024

Some lenders do give you the option to transfer your car loan to someone else, but it’s important to understand how it will impact your credit. Does Transferring a Car Loan Affect Credit Score? In general, transferring a car loan will affect your credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Bad Debt Credit Card Payments 52

CreditStrong for Business

JULY 24, 2024

It can be nail-biting to wait for your credit score to update after paying off debt. Especially if that bump in your score is helping you get approved for a new car loan, mortgage, or revolving credit account. In some cases, it can take up to two months for your credit score to reflect the payoff.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Card Companies Debt Collections 52

tillful

FEBRUARY 2, 2023

Can a checking account help or hurt your credit score? In most cases, the answer is neither — it doesn’t connect to business credit at all. However, there are some exceptions, and credit scoring models may be moving in that direction in the future. Do checking accounts affect your credit score?

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Credit Reporting Agencies 52

CreditStrong for Business

MARCH 24, 2023

Conventional mortgage loans typically require higher credit scores than government-backed loans, but there are also many advantages to going with conventional mortgages. What is the Required Minimum Credit Score for a Conventional Loan? How Can Credit Scores Affect Mortgage Interest Rates?

Credit Scoring 59

Credit Scoring Credit and Collections Credit Unions Default 59

CreditStrong for Business

MARCH 9, 2023

When making improvements to your credit score, watching for any small movements can be anxiety-inducing. Credit score updates can happen on a daily basis. However, most people won’t notice it change that often because many credit monitoring tools only update credit scores once per month.

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Credit Card Payments 52

CreditStrong for Business

OCTOBER 8, 2024

Most utility payments will not appear on your credit report and will not affect your credit. Some services are available that will report utility bill payments, but some only report to one credit agency, and others charge a fee. Does Paying Utilities Build Credit? Missing utility payments can hurt your credit.

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

CreditStrong for Business

NOVEMBER 1, 2024

How To Prepare To Get A Business Loan From The Government The Small Business Administration (SBA) partners with lenders, banks, and credit unions to provide loans to small business owners who are in the process of expanding their business or just starting one. You can use sites like Nav.com to check your scores for free.

Credit Scoring 98

Credit Scoring Credit and Collections Credit Unions Small Businesses 98

CreditStrong for Business

OCTOBER 8, 2024

Building credit is an important part of your financial life. Your credit score determines the loans and credit cards you can qualify for and the interest rates of the loans you can get. What Bills Help Build Credit? What Bills Help Build Credit?

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

Due

APRIL 2, 2024

Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status. Bad credit carries numerous disadvantages.

Credit Scoring 72

Credit Scoring Bankruptcy Credit and Collections Chapter 7 72

CreditStrong for Business

JULY 1, 2024

Unfortunately, it’s challenging for new startups to qualify for traditional business loans because they lack business credit. Let’s explore some alternative forms of financing you can use to clear that hurdle and get startup business loans with bad credit. You’ll usually need good personal and business credit to qualify for an account.

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections Nonprofit Organizations 52

Fundera

SEPTEMBER 18, 2018

When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. There are five notable components of a personal credit score. There are five notable components of a personal credit score.

Credit Scoring 93

Credit Scoring Small Businesses Credit and Collections Collector 93

CreditStrong for Business

JULY 1, 2024

Building credit is an important part of your financial life. Your credit score determines the loans and credit cards you can qualify for and the interest rates of the loans you can get. What Bills Help Build Credit? What Bills Help Build Credit?

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

CreditStrong for Business

JULY 1, 2024

Unfortunately, most brand new startups don’t have business credit, or they have poor business credit scores due to their lack of credit history, if they can even generate a score at all. However, it is still possible for startups with bad credit to get the capital they need.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Nonprofit Organizations 52

CreditStrong for Business

AUGUST 27, 2024

You’ve taken the time to review your credit report, but some of the information isn’t correct. You may even see an account reporting to your credit that is expired or doesn’t belong to you at all. A credit report mistake could be the cause behind a low credit score. Duplicate credit accounts.

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Credit Unions 52

CreditStrong for Business

OCTOBER 24, 2024

After doing a credit check, most lenders will require that borrowers demonstrate a verifiable source of income. Those who lack any other source of income and have a poor credit history will typically have very limited and less desirable options. The likelihood of approval varies based on the lender and other financial circumstances.

Bankruptcy 52

Bankruptcy Credit Scoring Credit and Collections Credit Unions 52

CreditStrong for Business

AUGUST 23, 2024

Small business owners looking for a way to finance and organize purchases will want to know how to get a business credit card. In addition to having the application information ready in advance, you’ll want to know how both personal credit and business credit scores are considered for approval. Why do they ask this?

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

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). Pro Tip: On the flip side, you may have very strong cash flow , but poor credit.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses Default 98

tillful

FEBRUARY 20, 2023

Is your business credit in rough shape? A well-managed business credit card can help you get your scores moving in the right direction. However, it can be hard to get approved for one with bad credit (or no credit). For example, you may be asked to pay $500 to get a $500 credit line.

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections Small Businesses 52

CreditStrong for Business

SEPTEMBER 6, 2024

However, qualifying for a business loan can be challenging, especially for new startups without significant revenues or business credit history. You won’t have time to significantly improve your credit or finances and probably have to take whatever loan you can get.

Credit Scoring 94

Credit Scoring Credit and Collections Small Businesses Credit Unions 94

Fundera

MARCH 26, 2018

And among those fluctuating factors might be a minimum credit score for loan eligibility. But for the vast majority of small business loans , the lender will at least look at your credit score. With that in mind, it’s worth looking at the minimum credit scores required for each loan type—or at least the ranges they’re in.

Credit Scoring 71

Credit Scoring Credit and Collections Accounts Receivable (AR) Small Businesses 71

Abrigo

NOVEMBER 17, 2023

How to close more loans by speeding up lending and credit analysis Seeking a quicker loan origination workflow is worth it. WATCH Takeaway 1 A critical look at the existing steps for loan requests and credit underwriting helps uncover ways to offer faster loan decisions. Learn where to find opportunities for improvement.

Credit Unions 88

Credit Unions CECL Credit Risk Credit and Collections 88

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 Credit and Collections Medical Billing Credit Unions 52

CreditStrong for Business

AUGUST 9, 2024

In contrast, a business line of credit offers you a credit limit that you can borrow against and pay back multiple times. Personal and Business Credit Scores Many commercial lenders will look at both your personal and business credit scores, especially if your business is relatively new and you have yet to open business credit file.

Credit Unions 52

Credit Unions Credit Scoring Credit and Collections Small Businesses 52

Due

JANUARY 8, 2024

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. By the Numbers As of the third quarter of 2023 , Americans collectively held $241 billion in personal loan debt, reflecting a 3.9% million in the preceding year.

Credit Scoring 100

Credit Scoring Credit and Collections Credit Unions Medical Billing 100

Due

AUGUST 27, 2024

Following years of uncertain economic conditions, soaring inflation , and rising interest rates, many Americans report having more credit card debt than in emergency savings, according to a recent Bankrate survey. The process involves the ability of a person to repay the loan and the value of their vehicle.

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections Collector 52

CreditStrong for Business

AUGUST 2, 2024

Some may consider your application anyway if you have good credit and provide a strong business plan, but it’s not guaranteed. Business Credit Cards Fortunately, low sales usually won’t prevent startups from obtaining business credit cards. However, that usually requires good to excellent personal credit.

Credit and Collections 52

Credit and Collections Credit Unions Credit Scoring Small Businesses 52

Lendio

JANUARY 13, 2023

In Accounts Receivable (AR) factoring, you sell your AR to a factoring company, which then collects from your customers. You get a percentage of your receivables up front and the balance (minus the factoring fee) when the invoice is collected. When the invoice is due, the funder collects payment from the customer. AR Financing.

Accounts Receivable (AR) 98

Accounts Receivable (AR) Credit and Collections Credit Scoring Credit Unions 98

CreditStrong for Business

JULY 1, 2024

Some may consider your application anyway if you have good credit and provide a strong business plan, but it’s not guaranteed. Business Credit Cards Fortunately, low sales usually won’t prevent startups from obtaining business credit cards. However, that usually requires good to excellent personal credit.

Credit and Collections 52

Credit and Collections Credit Unions Credit Scoring Small Businesses 52

CreditStrong for Business

SEPTEMBER 13, 2024

In other words, you can’t get an SBA loan from just any bank or credit union. SBA Express Loans : You can get a term loan or a line of credit of up to $350,000. If it’s a line of credit, you’ll get up to seven years. Options may include personal loans, business credit cards, and online business loans.

Credit Scoring 52

Credit Scoring Credit Unions Nonprofit Organizations Credit and Collections 52

CreditStrong for Business

SEPTEMBER 27, 2024

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. Helps in Establishing Business Credit Qualifying for financing can be a significant challenge for many small businesses.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Transactions 52

CreditStrong for Business

OCTOBER 18, 2024

Census Bureau uses NAICS codes to facilitate the collection, analysis, and distribution of statistical data regarding businesses and the economy in the United States. Creditors use NAICS codes to do something similar, which is why they can affect your ability to get a business credit card or loan. Nowadays, the U.S.

Electronic Funds Transfer 52

Electronic Funds Transfer Credit Scoring Credit and Collections Credit Unions 52

CreditStrong for Business

SEPTEMBER 13, 2024

Credit Scores Commercial lenders will typically look at both your personal and business credit scores unless your company is well established and your business credit history is in great shape. They also often require collateral, even in cases when your business credit history is in solid shape.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Small Businesses 52

CreditStrong for Business

NOVEMBER 8, 2024

Microloans are typically available from banks, credit unions, and nonprofit organizations. Microloans are term loans, which means that they function similarly to a personal loan or an auto loan, at least in terms of being a form of installment credit. How Do Microloans Work?

Small Businesses 40

Small Businesses Nonprofit Organizations Credit Unions Credit and Collections 40

CreditStrong for Business

SEPTEMBER 13, 2024

For example , while the SBA sets a minimum FICO Small Business Scoring Service (SBSS) score at 155, some lenders may require a 160 or 165 — this score is essentially the business version of your personal FICO score. You may start the process by checking with your bank or credit union to see if it offers SBA loans.

Credit Scoring 52

Credit Scoring Nonprofit Organizations Credit and Collections Credit Unions 52

Abrigo

AUGUST 28, 2019

Ask the staff of banks and credit unions about the loan application, underwriting, and onboarding processes at their respective institutions, and you’ll likely hear some complaints from them, too. A look at the steps of an institution relying on manual processes and an institution utilizing technology sheds light.

Credit Unions 60

Credit Unions Credit and Collections Credit Risk Credit Scoring 60