CreditStrong for Business

DECEMBER 12, 2024

You might choose to get a cosigner, find special financing options, save up a larger downpayment, or try your luck with a credit union. If you miss a payment or make late payments, it can negatively affect your cosigners credit. Defaulting on the loan makes your cosigner responsible for the remainder of the car payments.

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CreditStrong for Business

OCTOBER 8, 2024

It can feel like you’re stuck between a rock and a hard place, but believe it or not, you still have options: Get added as an authorized user on a credit card Get a credit builder loan Establish your credit through alternative sources Cosigning is a big responsibility. Credit unions also have lower interest rates most times.

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CreditStrong for Business

OCTOBER 4, 2024

The company may also review your business credit score, if you have one, to see what types of accounts you might be eligible to open. Step Two: The broker submits multiple credit applications on your behalf for credit cards and sometimes business lines of credit based on your credit profile.

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CreditStrong for Business

SEPTEMBER 6, 2024

Some steps that would benefit you will eventually cost you points upfront, weakening your credit applications for a few months. Here are some tactics to consider: Provide collateral: Creditors are reluctant to lend to businesses with bad credit because they’re worried you’ll default on the account and cost them money.

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CreditStrong for Business

JULY 19, 2024

Hard Inquiries Will Temporarily Bring the Score Down When borrowers formally apply for auto loans or any other new credit accounts, the bank, credit union, or another lender will review your credit history to assess your eligibility. Failing to make timely payments has significant negative ramifications.

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CreditStrong for Business

SEPTEMBER 17, 2024

However, you must provide the credit card issuer with a refundable cash deposit to qualify. Typically, the amount is equal to your eventual credit limit. That way, the credit card company can use the funds as collateral and cover their losses if you ever default.

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Biz2X

APRIL 13, 2023

If risk analysis methods identify a certain loan as higher risk, repricing is a way the financial institution can increase its current revenue on the loan to minimize the potential future loss in the event of the borrower’s default. Other lenders have adopted the industry standard of delivering instant decisions on credit applications.

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