CreditStrong for Business

JULY 19, 2024

Does Transferring a Car Loan Affect Credit Score? In general, transferring a car loan will affect your credit score. Typically, the impact is negative because the lender will note that you did not pay the full balance of your loan and send that information to the credit bureaus.

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Credit Scoring Credit and Collections Bad Debt Credit Card Payments 52

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.

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

CreditStrong for Business

JULY 5, 2022

Payment history is the most important factor in calculating your FICO® credit score. Your payment history accounts for over a third of your overall FICO credit score, comprising 35% of the impact of all FICO credit score factors. Read more about the factors that impact your credit score.

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Credit Scoring Credit Card Payments Credit and Collections Deductions 52

CreditStrong for Business

AUGUST 9, 2024

However, using them means taking on credit card debt, and how you pay it off significantly impacts your credit score. Let’s explore the various approaches to repaying your card balances and determine the best way to improve your credit score. Does Paying Slowly Help Your Credit?

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Credit Scoring Credit Card Payments Credit Card Companies 52

CreditStrong for Business

OCTOBER 15, 2024

However, using them means taking on credit card debt, and how you pay it off significantly impacts your credit score. Let’s explore the various approaches to repaying your card balances and determine the best way to improve your credit score. Does Paying Slowly Help Your Credit?

Credit Scoring 52

Credit Scoring Credit Card Payments Credit Card Companies 52

Fundera

SEPTEMBER 13, 2016

Well, you’re searching for the best business credit cards in the bunch and you find yourself in this conundrum: you need a business credit card to build your credit… But you don’t qualify for a business credit card because you don’t have sufficient credit history or your credit score is too low.

Credit Scoring 103

Credit Scoring Credit Card Companies Credit Card Payments Default 103

Fundera

SEPTEMBER 13, 2016

Well, you’re searching for the best business credit cards in the bunch and you find yourself in this conundrum: you need a business credit card to build your credit… But you don’t qualify for a business credit card because you don’t have sufficient credit history or your credit score is too low.

Credit Scoring 103

Credit Scoring Credit Card Companies Credit Card Payments Default 103

Fundera

SEPTEMBER 28, 2016

Plus, they’ll get our free credit score monitoring and tools to help entrepreneurs better manage their finances. . With this partnership, small business owners will gain access to Fundera’s simple and transparent online application that helps small businesses shop and compare loan offers.

Credit Card Payments 88

Credit Card Payments Credit Scoring Small Businesses 88

Fundera

MARCH 28, 2018

You probably know how important your credit score is when you’re applying for a small business loan. But with all of the surprising ways you can damage your credit, that number might come as a surprise when it pops up on your application. What Your Credit Score Is, and Why It Matters: A Quick Rundown.

Small Businesses 88

Small Businesses Credit Scoring Default Credit and Collections 88

Know-It Global

APRIL 13, 2023

Here’s what you should be doing as of now to improve your credit control process: Credit check each of your customers whenever they place a new order Running a business credit check is so important if you want to make more informed credit decisions.

Credit and Collections 97

Credit and Collections Days Sales Outstanding Credit Scoring DSO 97

Lendio

DECEMBER 12, 2022

A business lender may review your personal credit score, business credit score, time in business, annual revenue, collateral, and more to determine whether or not to approve your application for financing and what terms to offer you if you qualify. Lender/Funder* Best Loan/Financing Type Loan/FInancing Amount Min.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Credit Reporting Agencies 98

Fundera

FEBRUARY 28, 2017

You need to be prepared to pay off what you spend on a credit card each month without being reminded to do so—otherwise, you’ll incur interest payments, late fees, and take hits to your credit score. And along those lines, do you fully understand how your credit card and credit score relate?

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Credit Scoring Credit Card Payments Credit Card Companies Deductions 75

Fundera

OCTOBER 29, 2015

Later on, we’ll discuss qualification standards like your time in business, annual revenue, average bank balance, and personal credit score, all of which will determine exactly which lenders and loan products you’ll be eligible for. Personal Credit Score. What’s your personal credit score?

AR Aging 99

AR Aging Credit Scoring Small Businesses Credit Card Payments 99

CreditStrong for Business

SEPTEMBER 12, 2024

Late payments can happen to the best of us, whether it’s due to a job loss, financial crisis, or a financial emergency. Unfortunately, regardless of the reason, they will affect your credit score. Still, you may be wondering—how long do late payments stay on your credit report? on the due date are deemed as late.

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Fundera

AUGUST 3, 2016

Over time, your credit report records the ups and downs of your life story—and every money-related decision you make. The Role of Credit Bureaus. Unfortunately for borrowers, your credit score isn’t a memoir. How Does Credit Work? Figuring Out Your Score. Payment History (35%).

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Credit Scoring Credit and Collections Default Credit Reporting Agencies 73

CreditStrong for Business

MARCH 10, 2023

Late payments remain on your credit bureau report and influence your credit score for seven years. Entries showing late payments remain for the duration, regardless of whether you pay the past due amount or not. Bankruptcy is an exception that may remain on your credit bureau report for up to 10 years.

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Due

APRIL 17, 2023

Have you considered this idea of making a lump sum transaction through your credit card and boosting your reward points? Also, you can savor a grace period of 20 odd days if you time your payment intelligibly. Well, credit card payments come with some associated fees. Of course, it does.

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Credit Scoring Credit Card Payments Transactions 72

Fundera

SEPTEMBER 13, 2016

We’re talking about that 3-digit, all-important number when it comes to borrowing money: your credit score. Just like any traditional bank, Chase will consider your personal and business credit score closely. You’ll also have to pay an annual fee to have a line of credit with Chase. Chase cares about the numbers.

Small Businesses 104

Small Businesses Credit Scoring Credit and Collections Credit Card Payments 104

Fundera

MARCH 11, 2019

The owner should have also a personal credit score of at least 550. Since they have more stringent credit standards, they can afford to entrust businesses with more money. To qualify for a medium-term loan, you generally need a 600 personal credit score, one to two years in business, and more than $50,000 in annual revenue.

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Credit Scoring Credit and Collections Small Businesses Credit Card Payments 75

Due

FEBRUARY 18, 2023

You can also keep an itemized list of payments, apply for loans and even earn rewards like airline points. Having a less-than-perfect credit score is no obstacle to obtaining a credit card. What Is Fair Credit? Many people start off with a fair score when they first get a credit card.

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Credit Scoring Credit Card Payments Credit Unions Bankruptcy 64

CreditStrong for Business

OCTOBER 8, 2024

Your utility provider won’t report missed payments, but they may sell your account to a debt collector. The collector will report a collection account, which can then do serious damage to your credit. What Bills Affect My Credit Score? There are ways to place some payments on your credit report.

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

Fundera

AUGUST 14, 2020

Cash Advance APR : The cash advance APR is the rate you will be charged for withdrawing cash from your line of credit. Penalty APR : This may be incurred if you miss a credit card payment. Along with having a higher rate, you may also do damage to your credit score.

Credit Card Payments 98

Credit Card Payments Credit Card Companies Credit Scoring Small Businesses 98

Fundera

SEPTEMBER 13, 2016

We’re talking about that 3-digit, all-important number when it comes to borrowing money: your credit score. Just like any traditional bank, Chase will consider your personal and business credit score closely. You’ll also have to pay an annual fee to have a line of credit with Chase. Chase cares about the numbers.

Small Businesses 92

Small Businesses Credit Scoring Credit and Collections Credit Card Payments 92

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? In general, lenders will report your payment activity to the credit bureaus.

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Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

CreditStrong for Business

JULY 1, 2024

As long as you and the added user manage the account responsibly, it can provide a quick, easy, and significant boost to their credit score. How Much Will My Credit Score Go Up if I Become an Authorized User? Unfortunately, it’s impossible to predict how much your credit score will go up if you become an authorized user.

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Credit Scoring Credit Card Companies Credit Card Payments Default 52

Fundera

JUNE 5, 2018

Personal liability means that you’re personally responsible for paying off your business credit card debt in case the primary payer—aka your business—can’t. That personal liability is why you’ll be prompted to fill in personal information, including your Social Security Number, on your business credit card application.

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Credit Scoring Default Small Businesses Credit Card Payments 71

CreditStrong for Business

AUGUST 16, 2024

Plus, if you ever experience problems with one of your business credit reports (i.e. identity theft, credit errors, etc.), knowing which business credit bureau to contact might help you resolve the issue faster. Below is an overview of the five primary business credit bureaus.

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Credit Reporting Agencies Credit Scoring Credit and Collections Bankruptcy 52

Due

AUGUST 8, 2023

As a general rule of thumb, keeping a low credit utilization ratio is better for your credit score. Your credit utilization ratio will impact your credit score, a significant number because it can influence the interest rates you earn later in life and your ability to take out loans. #2:

Credit Card Payments 52

Credit Card Payments Credit Scoring Transactions 52

Due

JULY 25, 2023

That makes it clear to the credit bureaus that your card is active and being used. If your card has no balance for a few months, it is seen as inactive by the scoring models. At that point, the will no longer help your credit scores. But you still must make a payment before it is due.

Credit Scoring 52

Credit Scoring Credit Card Payments Default Transactions 52

Fundera

AUGUST 13, 2018

Personal Credit Score. Yes, you’re applying for a business loan, but your personal credit score plays a large part in a lender’s decision to supply you funds. Business Credit Score. Similarly, your business might also have a business credit score, which you should know.

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Credit Scoring Credit Card Payments Small Businesses 59

Fundera

NOVEMBER 14, 2018

Whenever you open a credit card or apply for a loan, credit bureaus collect information about your usage. That information appears on your credit report and is used to calculate a numeric credit score. Read on to learn all about how credit works, so you can be a smarter consumer and business owner.

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Credit Scoring Credit and Collections Default Credit Card Companies 57

Due

MARCH 10, 2023

Quote: “We are minimizing our financial potential by making minimum credit-card payments.” Using your credit score to your advantage. Those mantras provide the basis for this straightforward and practical book about financial advice. Format: Paperback, Audiobook, Kindle 7. Broke Millennial” by Erin Lowry Rating: 4.6

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Credit Card Payments Credit Scoring 122

Fundera

JULY 30, 2018

But borrowing on a credit card also poses some risks, the biggest of which is exposure to your personal credit. Applying for too many cards or carrying high balances on your cards can hurt your personal credit score, which in turn can impact your ability to qualify for business financing in the future.

Credit Scoring 72

Credit Scoring Credit Card Companies Credit Card Payments Small Businesses 72

CreditStrong for Business

MARCH 8, 2023

Although the credit reporting agency is obligated to document hard credit account inquiries for 24 months on your credit bureau report, both the Fair Isaac Corporation (FICO) and VantageScore credit score models only factor in hard inquiries from the previous 12 months.

Credit Scoring 52

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

Fundera

JULY 5, 2018

You might be looking into a secured vs. prepaid business credit card if you’re struggling with your credit score, or trying to figure out which is best to build credit history. Both cards are excellent options for business owners—but each has ideal uses for different scenarios. Secured Credit Card.

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Credit Scoring Credit Card Companies Credit Card Payments Default 55

Fundera

AUGUST 26, 2018

The biggest consideration for card issuers is your personal credit score—if you’re responsible with your personal debt, as indicated by your credit history, you’re lower risk for a business credit card. You’ll need a good credit score to qualify for one of these debt consolidation loans.

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CreditStrong for Business

AUGUST 15, 2024

If you signed up for an EIN and tried to apply for a business credit card with it, any existing personal debts would unquestionably impact your ability to make your future business credit card payments. Lenders can check your business credit with just an EIN.

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Credit Scoring Small Businesses Credit Card Payments Credit Card Companies 52