Remove Credit Application Remove Credit Scoring Remove Events
article thumbnail

Due Diligence Doesn't End with the Credit Application

Your Virtual Credit Manager

Update credit applications: every 5 years, unless triggered sooner by a change in the business (e.g., Update credit bureau reports: every 2 years, unless triggered sooner by a change in their relationship with your company (e.g., request for substantially more credit, change in leadership, merger or acquisitions, etc.).

article thumbnail

How Much Does Your Credit Score Increase After Paying Off a Car?

CreditStrong for Business

Auto loans, mortgages, student loans, and most personal loans are types of installment loans that initially appear as a new credit account and represent an opportunity to improve your credit score. As you make monthly payments over the loan term, you should see your credit scores improve.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Keys to On-boarding New Customers Smartly and Efficiently

Your Virtual Credit Manager

Share Adapt to the Situation Here’s some guidelines that will help you have an efficient credit review process for all new accounts: Small Credit Limit Required: In most cases, a satisfactory commercial credit score will suffice. Request audited Financial Statements be submitted with the credit application.

article thumbnail

Declined for a Credit Card: What to Do Next

CreditStrong for Business

If you only missed one credit card payment a few years ago, it’s likely that something else contributed to your application denial. Too Much Outstanding Debt How much debt you owe is worth 30% of your FICO score. That makes it the second most significant credit scoring factor after your payment history and almost as impactful.

article thumbnail

What Triggers Your Collection Efforts?

Your Virtual Credit Manager

.” Triggers, events or situations that require an immediate response, help take care of the aforementioned contingencies that crop up during the collection process. Recognizing trigger events allows you to change course during your collection process to address emerging situations. it just might help them pay you sooner.

article thumbnail

Revolving Credit vs Installment Credit

CreditStrong for Business

Those with a positive credit history and good credit score are most likely to qualify for the most desirable credit card accounts with lower interest rates. Cons The loan funds in most installment credit options provide financing for a single, one-time purchase in the form of a lump sum.

article thumbnail

15 Ways to Improve Your Credit

Due

There are a lot of good reasons to improve your credit score. It may even let you access more valuable rewards and perks that often come with credit cards that are targeted to people with excellent credit. actually saw credit scores rise. This may have been due to several things. In the U.S.,