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.

Credit Scoring 52

Credit Scoring Credit Card Payments Credit and Collections Deductions 52

Your Virtual Credit Manager

JANUARY 9, 2024

Using credit scores, how is risk distributed among each segment? Are the assigned credit limits appropriate for each segment? Once you have segmented for revenue, you can then look at secondary factors. For example: Do any of the segments account for a disproportionate amount of AR balances that are over 60 or 90 days past due?

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Lendio

AUGUST 23, 2024

Okay, so you have bad credit or little credit history and you’re trying to open a business credit card account for your small business… Plenty of successful business owners have launched their companies with bad credit. What is a “bad” credit score? It also serves companies with bad credit or no credit.

Small Businesses 98

Small Businesses Credit Scoring Deductions 98

Fundera

OCTOBER 16, 2015

Personal credit scores. Both Kabbage and OnDeck focus on your personal credit score, as opposed to your business credit score, which can be helpful if your business credit score is less than perfect or if you haven’t built up much of a history yet. Minimal time in business.

Small Businesses 102

Small Businesses Credit Scoring Deductions Default 102

Fundera

AUGUST 16, 2017

But here’s a general overview of each: A SEP-IRA is a tax-deductable plan much like a traditional IRA. Keeping your business and personal finances separate is important for a lot of reasons, namely: Saving you from headache during tax season when you’re deducting your business expenses. Build and Track Your Credit Score Regularly.

Small Businesses 101

Small Businesses Credit Scoring Deductions 101

CreditStrong for Business

FEBRUARY 21, 2025

Your net earnings after allowable business deductions are subject to ordinary income tax rates, just like W-2 wages. They would be a deduction that reduces your corporations taxable income, but you would pay ordinary income taxes and self-employment taxes on them at the individual level.

Default 52

Default Deductions Credit Scoring Small Businesses 52

Emagia

FEBRUARY 21, 2025

Key Capabilities of Emagia AI-Driven Accounts Receivable Automation Automates invoicing, payment tracking, and collections Uses AI to predict customer payment behavior Provides intelligent cash forecasting to improve financial planning Digital Credit Management AI-powered risk assessment for customer credit profiling Real-time credit monitoring and (..)

Accounts Receivable (AR) 40

Accounts Receivable (AR) AR Automation Credit and Collections Cash Forecasting 40

Due

DECEMBER 30, 2022

A higher credit score will result in better refinance rates from lenders — and a greater chance of approval from underwriters. Generally, for a conventional refinance, you’ll need a credit score of 620 or higher. But, in some cases, you can refinance with an FHA or VA mortgage with a credit score of 580.

Credit Scoring 121

Credit Scoring Medical Billing Deductions 121

Lendio

DECEMBER 14, 2022

When you apply for a business loan, many commercial lenders will review your credit history to get a sense of how you’ve handled debt in the past. Reviewing previous credit history and checking your credit scores helps lenders predict risk. Most lenders that issue ACH loans require a minimum credit score of 500 to 625.

Credit Scoring 98

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 98

Due

FEBRUARY 4, 2025

Put your debt into these categories: High-interest credit cards (pay these first) Student loans with tax-deductible interest Low-interest car loans Mortgage debt B. A strong credit score unlocks better interest rates and terms on future investments.

Credit Scoring 40

Credit Scoring Insurance Companies Deductions 40

Due

JUNE 19, 2023

How about applying for a personal or business credit card and tactically using it to improve your credit score ? You can also win rewards through your credit cards that can potentially curtail your expenses! What about making the most of your deductions and tax credits? Well, Capricorns have shown the way!

Deductions 21

Deductions Credit Scoring 21

Your Virtual Credit Manager

SEPTEMBER 12, 2023

To make matters worse, invoice errors also tend to generate payment deductions (partial payments). Correcting invoices and reconciling payment deductions are essentially rework: work that is not necessary if you got it right the first time. To make matters worse, most payment posting errors will involve deductions.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Emagia

MARCH 3, 2025

Key Components of the Accounts Receivable Process Cycle Credit Policies and Terms A well-defined credit policy outlines the terms and conditions for extending credit to customers, including payment deadlines, interest rates , and penalties for late payments. Electronic invoicing helps in quick delivery and tracking.

Days Sales Outstanding 40

Days Sales Outstanding DSO AR Reporting Credit and Collections 40

CreditStrong for Business

NOVEMBER 7, 2024

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. Credit card accounts also allow borrowers the flexibility of paying back over time. How Do They Impact Your Credit Score?

Automobile Dealerships 40

Automobile Dealerships Credit Scoring Credit and Collections Credit Card Payments 40

CreditStrong for Business

NOVEMBER 1, 2024

The fee can be as high as 3.75%, and it’ll be deducted from your loan disbursement. Second, in addition to the regular eligibility criteria you’d deal with if you were to apply for a 7(a) loan, this program also includes a credit screening by the SBA.

Credit Scoring 52

Credit Scoring Small Businesses Deductions 52

Due

APRIL 10, 2023

There is no need to worry about the credit situation of a partner. It is common for lenders to pull both of your credit scores when you are in a relationship and purchasing a house or car together. Often, they will use the lowest of your scores to determine your interest rate.

Deductions 114

Deductions Credit Scoring Credit and Collections Insurance Companies 114

Due

DECEMBER 14, 2022

Improve your credit score. Credit scores are a snapshot of your finances. Creditors look at your score as a sign of trustworthiness. If you’ve got a high credit score, you’re more likely to be able to handle your finances and repay debt; if you’ve got a low score, you’re more risky.

Credit Scoring 110

Credit Scoring Bankruptcy Deductions Transactions 110

Your Virtual Credit Manager

OCTOBER 17, 2023

However, all the commercial credit bureaus (D&B as well as Experian, Equifax, and CreditSafe) provide commercial credit scores on virtually every US business that predict default or financial distress. The scores typically are assigned on a scale of 1 (low risk) to 5 (high risk) or some variation thereof.

Bad Debt 130

Bad Debt Credit and Collections Credit Risk Accounts Receivable (AR) 130

Fundera

OCTOBER 20, 2019

Get a handle on your personal and business credit scores. We’ll break down need-to-know accounting terms, how to handle your credit scores, how to apply for a business loan, and more—so that you’ll have all the information you need to manage your small business finances. Gross Revenue. Net Profit.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

Fundera

AUGUST 30, 2017

To qualify, you’ll need 6+ months in business, a 500+ credit score, and $100,000+ in annual revenue. Bad credit is accepted. A merchant cash advance (MCA) is a lump sum of capital you repay using a portion of your daily credit card transactions. Bad credit is accepted. Excellent way to build your credit score.

Credit Scoring 81

Credit Scoring Deductions Small Businesses Invoice Amount 81

Fundera

SEPTEMBER 15, 2020

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Anytime you apply for credit by providing your EIN, that account will show up on your business credit report.

Deductions 130

Deductions Small Businesses Bankruptcy Credit Scoring 130

Fundera

NOVEMBER 4, 2015

How will my credit impact my small business lending options? When you go to apply for a business loan, you may be surprised to learn that your personal credit score is one of the most important factors in determining your loan eligibility! If your credit score is 700 or above—congratulations! Yes, right now!

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

Fundera

FEBRUARY 12, 2016

Just like with a traditional bank line of credit, with an OnDeck line of credit you don’t need to start repaying until you actually draw from the credit line. Afterwards, fixed weekly payments automatically get deducted from your business bank account. There’s also a $20 monthly maintenance fee.

Credit Scoring 76

Credit Scoring Deductions 76

Due

JANUARY 27, 2023

Credit score. It is also important to maintain a good credit score in order to maintain financial health. The debt-to-credit ratio can be influenced by many factors including debt payments, credit utilization, repayment history, credit mix, and credit history. Numbers vary by lender.

Credit Scoring 105

Credit Scoring Credit and Collections Credit Card Companies Default 105

Due

JUNE 16, 2023

Take All Your Tax Advantages Have you taken advantage of your tax credits and deductions ? So, make sure to know all the viable tax deductions and credits that you can qualify for. Often, individuals overlook possible tax deductions on their side hustles and businesses. The Smart Way of Getting Rich!

Deductions 119

Deductions Credit Scoring 119

Lendio

JANUARY 11, 2023

Historically, merchant cash advances have been used by newer and smaller small businesses that may have a more difficult time qualifying due to a short time in business or low credit score. Daily credit card revenue, which is also used to pay back the advance, is a key qualifier for a cash advance.

Credit Scoring 97

Credit Scoring Transactions Small Businesses Deductions 97

Due

MARCH 3, 2023

Your credit score is 579 or lower. In this case, additional credit is difficult to get at a reasonable interest rate as this is below the average. If you are experiencing [credit card] debt, you need to handle it urgently, possibly even delaying retirement contributions while you get your balances under control.

Credit Scoring 105

Credit Scoring Bankruptcy Medical Billing Brokerages 105

Fundera

OCTOBER 29, 2015

When a borrower receives cash from a merchant capital provider, he agrees to pay back the cash advance, plus a fee, by allowing the provider to automatically deduct an agreed-upon percentage of his company’s daily credit and debit card sales. Personal Credit Score. What’s your personal credit score?

AR Aging 99

AR Aging Credit Scoring Small Businesses Credit Card Payments 99

Lendio

NOVEMBER 1, 2023

If you’ve been in business for more than half a year, are bringing in $50,000 or more in annual revenue, and have a credit score of 600 or higher, consider yourself a prime candidate. Building credit – Regular and timely repayments can enhance a business’ credit score over time.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Default 98

Due

JULY 17, 2023

Also, you’ll always be in good standing with your bills, protecting your credit score and preventing late fees. Next, set up a recurring $100 monthly deposit to your savings account once that fee is no longer deducted from your checking account. For example, credit cards, loans, and utilities.

Credit Scoring 98

Credit Scoring Brokerages Deductions Transactions 98

Due

JANUARY 5, 2023

Did your credit score drop since you first financed your house? That means you’ll have to pay closing costs and your lender will look at your credit score. Often, mortgage interest is tax-deductible on income-producing properties. Don’t ignore your credit score. Not shopping around.

Credit Scoring 80

Credit Scoring Deductions Default Transactions 80

Fundera

SEPTEMBER 11, 2018

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Anytime you apply for credit by providing your EIN, that account will show up on your business credit report.

Deductions 100

Deductions Bankruptcy Credit Scoring Small Businesses 100

Lendio

OCTOBER 26, 2023

With a business cash advance, a lender provides you money up front and takes repayment via an automatic deduction of a percentage of your business’s future sales. It offers perks such as building business credit, separating personal and business finances, and providing short-term cash flow solutions.

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

CreditStrong for Business

SEPTEMBER 6, 2024

Tax Deduction If you use a term loan for business purposes, the Internal Revenue Service (IRS) lets you deduct the interest portion of your monthly payments from your company’s taxable income. Because you can’t use business loans for anything else, their interest is almost always deductible.

Deductions 52

Deductions Credit Scoring Medical Billing Credit and Collections 52

Fundera

MARCH 28, 2016

These clients will need to find themselves business loans that let them lean on their credit scores instead of their assets. And if your credit score isn’t rock-solid either, there are still options for you—they’ll just be a little pricier.). The biggest factor that lenders take into consideration is your credit score.

Credit Scoring 76

Credit Scoring Credit and Collections Small Businesses Deductions 76

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

JANUARY 18, 2019

When a borrower receives cash from a merchant capital provider, he agrees to pay back the cash advance, plus a fee, by allowing the provider to automatically deduct an agreed-upon percentage of his company’s daily credit and debit card sales. . The daily deductions from your business sales can significantly eat into your cash flow.

Small Businesses 72

Small Businesses AR Aging Credit Scoring Deductions 72