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What Having a 700 Credit Score Could Mean for Your Small Business

Fundera

If you’ve been diligent about making your debt payments on time and in full over the years, your credit is probably pretty good. If you have a 700 credit score (or better), your responsible credit habits could pay off big time when you’re looking for business financing.

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Which Credit Score Do Lenders Use? 

CreditStrong for Business

Lenders choose scoring versions that work for their needs. VantageScore vs FICO Most people use the terms credit score and FICO Score the same way, but there’s more than one type of credit score. You’re more likely to use your FICO credit score though. People like students and immigrants.

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How Many Points Will My Credit Score Increase When I Pay Off Collections?

CreditStrong for Business

The negative credit report entry will also have an adverse impact on your credit scores. The credit score of an individual with otherwise good credit will typically decline somewhere in the range of 100 points after the unpaid collection debt becomes formally factored in by the credit reporting agency.

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How Often Does A Credit Score Update?

CreditStrong for Business

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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Do Checking Accounts Affect Your Business Credit Score?

tillful

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?

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How Soon Will My Credit Score Improve After Bankruptcy?

CreditStrong for Business

Filing for bankruptcy sets your credit score back significantly, but you can usually begin to recover within a few months and make meaningful progress within a year. Within two years, your credit score could be even better than before you filed. However, the road to recovery is long, and there are no guarantees.

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Why Did My Credit Score Go Down When Nothing Changed?

CreditStrong for Business

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.