CreditStrong for Business

NOVEMBER 8, 2024

Credit cards are powerful tools, and almost 70% of small businesses use them each month. 1 Understandably so, as they can help facilitate sales and purchases, separate personal and business funds, and build your business credit scores. Are Credit Card Fees Tax Deductible for Businesses?

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Deductions Credit Card Companies Transactions Credit Scoring 40

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!

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Small Businesses Credit Scoring Credit and Collections Default 97

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. Rather than the mountains of documents needed for traditional term loans, merchant cash advances have a fairly streamlined application process.

Credit Scoring 97

Credit Scoring Transactions Deductions Small Businesses 97

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. Along with your EIN, you’ll need to provide a few other documents to open a business checking or savings account.

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Deductions Small Businesses Bankruptcy Credit Scoring 130

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

JANUARY 18, 2019

Plus, you might be asked to sign documents and make decisions based on information you don’t totally understand. The daily deductions from your business sales can significantly eat into your cash flow. Answering that question to the satisfaction of your lender can require a lot of documentation. How to Apply for Debt Financing.

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Small Businesses AR Aging Credit Scoring Deductions 72

Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

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. Before you apply for an SBA loan, you’ll need to gather all the necessary documentation. Minimum credit score requirements start at 500.

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Small Businesses Credit Scoring Credit and Collections Default 98

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. Along with your EIN, you’ll need to provide a few other documents to open a business checking or savings account.

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Deductions Bankruptcy Credit Scoring Small Businesses 100

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.

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Credit Scoring Deductions Default Transactions 80

Your Virtual Credit Manager

MARCH 19, 2024

Collection activity: Document the instances of broken promises or payment agreements before speaking to the customer's management. This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external.

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Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Fundera

JUNE 1, 2016

“We do not make a judgement on your application based solely on your credit score,” says Walpert. Approval Time: Typically you’ll have your loan decision within 48 hours of receiving all documentation. Payment Frequency: Loan payments get deducted from your business checking account on the 1st and 16th of each month.

Credit Scoring 74

Credit Scoring Bankruptcy Deductions Small Businesses 74

Fundera

AUGUST 15, 2018

You know where your personal credit score stands month-to-month and how personal credit impacts your ability to qualify for financial products. That definitely will help, but you also need to establish a positive business credit history. Fortunately, building business credit is more of a science than an art.

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Credit Reporting Agencies Credit Scoring Credit and Collections Small Businesses 76

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

BitX Funding

FEBRUARY 24, 2023

These may include: Credit score: Your credit score is one of the primary factors that lenders consider when assessing your eligibility for a short-term loan. A higher credit score means you’re less of a risk to the lender, so you’re more likely to be approved.

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Credit Scoring Credit Unions Deductions Small Businesses 52

Due

MAY 5, 2023

In addition to increasing account balances, late fees can negatively affect consumers’ credit scores as well. It’s easier to review your policies with one insurer and see at a glance if your limits and deductibles are appropriate for your needs,” Penny Gusner, consumer analyst at Insurance.com, told Kiplinger.

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Insurance Companies Credit Scoring Medical Billing Deductions 119

CreditStrong for Business

SEPTEMBER 4, 2024

Once you realize how simple it is to fix your credit, you’ll wonder why you ever considered a credit repair service in the first place. Check Your Credit Report & Dispute Any Errors The first step to fixing your credit is knowing what it looks like. So it’s the ideal time to start tracking your credit.

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Credit Scoring Credit and Collections Credit Reporting Agencies Credit Application 52

CreditStrong for Business

OCTOBER 4, 2024

Step 1: Credit Review A lender will likely review your credit history and credit score when you apply for financing. Whether you want a business credit card, small business administration (SBA) loan, business line of credit, commercial auto loan, or something else, a credit check is likely to happen.

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Credit Scoring Credit Unions Credit Card Companies Small Businesses 52

Fundera

OCTOBER 26, 2016

They deduct your small business loan payments from your US Bank business banking account, after all. The amount of financial documents you have to provide to qualify for one the US Bank small business loans depends on how much you actually ask for in funding. But as with most bank loan eligibility, the higher the score, the better.

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Small Businesses Credit Scoring Credit and Collections Deductions 86

Fundera

AUGUST 3, 2016

And the repayment itself is actually out of the seller’s hands—Amazon will automatically deduct the payment from the seller’s Amazon Seller Account. To retrieve that information, Amazon simply looks at the data associated with your Amazon Seller Account—so there’s no need to scramble to get the required documentation together.

Credit and Collections 75

Credit and Collections Small Businesses Deductions Credit Scoring 75

Fundera

MAY 25, 2016

Net Profit: Also known as your net income or net earnings—net profit is essentially what’s left over after you deduct your expenses from your total revenue. Check Prospective Customers’ Credit. The worst offenders typically have a well documented history of paying late. Your Personal Credit Score.

Credit and Collections 71

Credit and Collections Credit Scoring Small Businesses Accounting Firms 71

Fundera

FEBRUARY 10, 2018

Best fit for: Businesses with strong borrowing histories and high credit scores. The requirements: Two or more years in business, $100,000 or more in annual revenue, and a credit score of 620 or higher. The requirements: One year or more in business, a credit score over 600, and more than $90,000 in annual revenue.

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Credit Scoring Small Businesses Invoice Amount Deductions 58

Fundera

DECEMBER 18, 2017

500+ personal credit score. Credit score. Credit card processing statements. Seriously reduces cash flow with daily deductions of credit card receipts. Most business line of credit applications will require the following documents: Driver’s license. Credit score.

Credit Scoring 63

Credit Scoring Small Businesses Invoice Amount Deductions 63

Fundera

OCTOBER 24, 2019

Unlike typical small business loans, however, the repayment is out of your hands—Amazon will automatically deduct the payment from your Amazon Seller Account. If your credit score and bank statements aren’t where they need to be, you might have trouble finding financing. . Fixed Deductions From Your Amazon Seller Account.

Credit and Collections 73

Credit and Collections Deductions Small Businesses Credit Scoring 73

Fundera

AUGUST 8, 2018

A higher credit limit on a business credit card comes with a two-fold benefit: it allows you to spend more money as needed, while also giving your credit score a boost. That’s because the FICO credit score formula takes into account the amount of credit you’ve been granted and how much you use.

Credit Card Companies 52

Credit Card Companies Credit Scoring Deductions Small Businesses 52

Fundera

FEBRUARY 28, 2019

Scan documents and receipts. Review bank and credit card statements and reconciliation reports. Doing so might help you earn early payment discounts and boost your business credit score. Scan your documents and receipts. Reconcile payments and receipts. Update inventory records. Back up your data.

Transactions 75

Transactions Small Businesses Credit Scoring Deductions 75

Fundera

AUGUST 21, 2018

There are literally hundreds of business credit cards out there—no-fee cards, travel cards, 0% intro APR period cards, and lots, lots more—so you’re spoiled for choice. Ultimately, you’ll want to choose the card that your credit score qualifies you for, with a rewards program that your business can truly benefit from.

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Small Businesses Credit Scoring Deductions 107

NorthOne

JUNE 9, 2023

Compare Premiums, Deductibles, and Coverage Limits When comparing insurance policies, it’s important to consider the cost of the policy. Compare the premiums, deductibles, and coverage limits of each policy to determine which one offers the best value for your business. You should also consider the deductible amount.

Deductions 52

Deductions Credit Scoring Insurance Companies Small Businesses 52

Lendio

DECEMBER 7, 2023

Lenders will look at a combination of your credit score, annual revenue, time in business, and the value of the equipment you are leasing. In general, you will need a minimum credit score of 520 and an annual revenue of $50,000. Lease payments are considered a tax-deductible expense. What is depreciation?

Small Businesses 52

Small Businesses Credit Scoring Deductions 52

Fundera

MAY 4, 2017

Automatically deducted through your merchant account until you’ve repaid in full. Any fees (documentation fees, loan processing fees, underwriting fees, origination fees, etc.) That’s not to say that medium-term loans are easy to qualify for—they’re some of the harder online loans to score. Calculate Payment. 1 to 5 years.

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Small Businesses Credit and Collections Credit Scoring Invoice Amount 85

Due

FEBRUARY 4, 2025

Document your achievements and research market rates and practice making your case for better compensation. 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.

Credit Scoring 40

Credit Scoring Insurance Companies Deductions 40

CreditStrong for Business

OCTOBER 18, 2024

For example, if your tax deductions are too different from other businesses with your NAICS code, the IRS may audit you. While it’s not guaranteed, you may be able to determine whether someone has assigned you a NAICS code by checking your business credit reports. Can You Have More Than One Primary NAICS Code?

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Electronic Funds Transfer Credit Scoring Credit and Collections Credit Unions 52

Due

MARCH 29, 2024

Streamline refinance A streamlined refinance enables you to refinance your current mortgage with minimal documentation and paperwork. This option waives some refinance requirements, such as appraisals and credit checks. But be careful about multiple credit inquiries, affecting your credit score.

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Credit Scoring Brokerages Default Deductions 52

Fundera

MARCH 13, 2018

Other advantages include deducting the loan interest on your income taxes and establishing or boosting your credit score by making payments on time. Depending on how much credit history your business has to show, you might be asked to provide collateral or sign a personal guarantee. Business Line of Credit.

Credit Scoring 49

Credit Scoring Credit Reporting Agencies Small Businesses Credit Risk 49

Fundera

OCTOBER 20, 2019

Also know that daycare centers can claim certain tax deductions , which can ease your annual financial burden. Set yourself up for success now by signing up for a business credit card and opening a business bank account , and be diligent about using both solely for your daycare’s finances. How much tuition you’ll charge.

Credit Scoring 65

Credit Scoring Deductions Small Businesses 65

Fundera

JANUARY 29, 2019

As a major plus, you may be able to deduct your lease payments from your taxes as a business expense. Tax lease: Payments are tax deductible, and at the end of your term you have the option of purchasing the equipment at its fair market value. 660 personal credit score. Kabbage Line of Credit .

Small Businesses 40

Small Businesses Credit Scoring Credit and Collections Deductions 40