CreditStrong for Business

JULY 24, 2024

There may come a time when you need to choose between business loans and your credit scores are low. By preparing in advance, you can quickly apply for the loan that best suits your working capital needs and your bad credit profile. A merchant cash advance may be available to even those with a very low credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Small Businesses Deductions 52

CreditStrong for Business

AUGUST 2, 2024

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.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

CreditStrong for Business

JULY 24, 2024

Auto loans, mortgages, student loans, and most personal loans are types of installment loans that initially appear as a new credit account and represent an opportunity to improve your credit score. As you make monthly payments over the loan term, you should see your credit scores improve.

Credit Scoring 52

Credit Scoring Credit Unions Credit Application 52

tillful

JANUARY 11, 2023

A business credit score is similar to your personal credit score in that it serves as a key indicator of your business’s financial health and reliability as a borrower to repay. Why is your business credit score a deciding factor for so many different financial transactions?

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Small Businesses 52

CreditStrong for Business

JULY 29, 2024

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.

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

CreditStrong for Business

JULY 18, 2024

How Does A Credit Score Affect Car Insurance Rates? Auto insurance companies access credit information from the consumer credit bureaus to guide them when determining auto insurance rates. The following table illustrates how a consumer’s credit history can impact car insurance rates.

Credit Scoring 52

Credit Scoring Insurance Companies 52

CreditStrong for Business

DECEMBER 12, 2024

You still have options even with poor credit or no credit history. While financing a car can be more expensive with a bad credit auto loan, there are several ways that you can reduce the impact of a poor credit score. Can I Finance A Car With No Credit? How can I finance my first car with no credit?

Credit Unions 52

Credit Unions Credit Scoring Default Credit Application 52

Fundera

SEPTEMBER 20, 2017

We’re thinking of a number between 300 and 850… and it’s your credit score. Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. Building credit fast is no easy task. Why You Need to be Monitoring Your Credit.

Credit Scoring 98

Credit Scoring Credit Reporting Agencies Credit and Collections Bankruptcy 98

CreditStrong for Business

SEPTEMBER 6, 2024

Requirement #1: Credit Score One of the first details a lender will consider when you apply for financing is your creditworthiness. And with small business loans, a lender may want to examine your business credit score and your personal credit score.

Credit Scoring 96

Credit Scoring Credit Unions Small Businesses Default 96

Due

SEPTEMBER 23, 2023

million people claimed a “non-employer” small business — considered to be those without employees nationwide, had filed Schedule C tax documents during the most recent tax year. Build Good Credit Unfortunately, applying for a mortgage will require you to have an existing credit score.

Credit Scoring 105

Credit Scoring Credit and Collections Small Businesses 105

Due

DECEMBER 30, 2022

Refinance documents may need to be reviewed by an attorney before closing in some states. 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.

Credit Scoring 121

Credit Scoring Medical Billing Deductions 121

CreditStrong for Business

DECEMBER 6, 2024

Though the specifics vary between lenders, the underwriting usually involves an assessment of your personal and business credit scores as well as the age and financial strength of your business. The primary reason for this is that most business lines of credit require a personal guarantee from each business owner.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Unions Small Businesses 40

Emagia

DECEMBER 19, 2024

Key Components of the Credit Application Process The credit application process typically involves: Information Gathering: Collecting personal or business details, financial statements, and credit histories. Credit Assessment: Evaluating creditworthiness based on collected data and credit scores.

Credit Application 40

Credit Application Credit and Collections Credit Scoring 40

The Red Spectrum

MAY 11, 2023

Late fees and credit score damage for your company can arise from late payments. Late payments can damage your business’s reputation, impact your credit score , and result in hefty fees and penalties. Building and maintaining strong business credit is one of your top priorities as a business owner.

Small Businesses 97

Small Businesses Credit Scoring 97

Lendio

DECEMBER 13, 2023

credit score Time to funds (after approval) Funding Circle 2 years 660 As fast as 3 days Bankers Healthcare Group (BHG) 2 years 700 As fast as 3 days Compare business term loan lenders. credit score Time to funds (after approval) BlueVine 2 years 650 Same day OnDeck 1 year 600 Same day Compare line of credit lenders.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses 98

aptic

DECEMBER 5, 2024

the customer chooses to accept the loan offer, all documents are created and signed digitally. The entire process takes place directly in the software without the customer having to visit any office or obtain any documents. The data analysis is also used to assess loan amounts, interest rates, terms and conditions, etc.

Credit and Collections 52

Credit and Collections Credit Scoring Credit Risk 52

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.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

Due

AUGUST 25, 2023

A lender will require documentation of your income and assets, as well as a credit check. You may be able to qualify for a loan with more favorable conditions if your credit score or income improves. Your credit score. Before refinancing, you should improve your credit score to get a better interest rate.

Credit Scoring 96

Credit Scoring Credit and Collections Credit Unions Credit Application 96

Sky Business Credit

OCTOBER 12, 2023

Other Things to Know About Factoring Factoring is fast The funding process can take as little as 24-48 hours, from application review to finalizing legal documents. Your customer’s credit is the focus, not yours Have no credit or poor credit? Sky Business Credit can move as quickly as you need.

Credit and Collections 105

Credit and Collections Invoice Amount Credit Scoring 105

Lendio

OCTOBER 17, 2023

Credit score – As part of the process, the lender will pull your credit report to see your overall financial health. If you’ve been in business for some time, a lender may also look at your business’ credit report. If you haven’t checked your business credit score before, check out this guide to learn more.

Credit Scoring 98

Credit Scoring Credit Unions Small Businesses Transactions 98

Lendio

OCTOBER 25, 2023

While you might have to do some research and take some extra steps to get approved, you can lock in an equipment loan with a less-than-perfect credit score. Here’s everything you need to know about securing equipment financing with bad credit. Can you get equipment financing with no credit check?

Credit Scoring 96

Credit Scoring Default 96

Fundera

JULY 4, 2018

Regardless of your status, you should expect the SBA to thoroughly inspect your documentation—both your immigration paperwork, as well as lots of other necessary required documents. So, the application process is a long and arduous one—and your credit score and business history will play a large part in the approval process.

Small Businesses 102

Small Businesses Credit Scoring Nonprofit Organizations 102

Due

JANUARY 3, 2023

Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. Credit Scores. Your credit scores are also influenced by your credit reports. The reason for this is that credit scores are calculated using information from your credit report.

Credit Scoring 119

Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 119

CreditStrong for Business

NOVEMBER 7, 2024

Prospective homebuyers seeking a mortgage loan may use several strategies for improving low credit scores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Reporting Agencies Credit Card Companies 40

Lendio

JULY 19, 2024

Secured vs unsecured business loan Choosing between a secured or unsecured business loan depends on various factors such as the amount of funding needed, credit score, available collateral, and repayment terms.

Small Businesses 104

Small Businesses Default Credit Scoring 104

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

Fundera

FEBRUARY 6, 2018

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

CreditStrong for Business

OCTOBER 25, 2024

In addition, the underwriting for these loans focuses on the borrower’s cash flows instead of their personal or business credit scores , and the lender often agrees to take a portion of your expected cash flow to repay the debt. You don’t have to be in business for very long or have a good credit score to qualify.

Credit Scoring 97

Credit Scoring Credit and Collections Small Businesses Default 97

Fundera

SEPTEMBER 5, 2018

Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. After all, your personal credit score is the number one factor that affects your ability to qualify for business financing and get favorable rates.

Credit Scoring 75

Credit Scoring Credit Reporting Agencies Credit Unions Credit Card Companies 75

Lendio

NOVEMBER 10, 2023

While each individual lender may have their own specific requirements, here are some general factors that can impact your eligibility: Good personal and business credit score – Your credit score is an important factor that lenders consider when evaluating your loan application.

Credit Scoring 96

Credit Scoring Credit Unions Small Businesses 96

Fundera

MARCH 6, 2019

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score.

Credit Scoring 105

Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

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 Small Businesses Deductions 97

Fundera

JUNE 13, 2018

Similarly, in cases of business bankruptcy in which you don’t have a separately established business entity, your personal credit score will tank along with your business credit score (if you have one—more on that below). Why Establish a Business Credit History. Try the Credit Card Guide.

Credit Scoring 94

Credit Scoring Credit and Collections Business Bankruptcy Bankruptcy 94

Abrigo

NOVEMBER 17, 2023

Loan automation and workflow efficiency take borrowers from loan requests to credit decisions without the delays, repeated data entry, and miscommunication familiar to many loan officers and credit analysts. The time savings for credit analysts speeds up the decision for borrowers, creating a better chance to win deals.

Credit Unions 88

Credit Unions CECL Credit Risk Credit and Collections 88

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

DECEMBER 12, 2022

By comparison, some business loan applications can take hours or more to complete, given their sometimes heavy documentation requirements. If you have an alternative business loan that appears on one or more of your business credit reports, it’s essential to pay on time every month. Time in Business Min. Less Stringent Requirements.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Credit Reporting Agencies 98