CreditStrong for Business

OCTOBER 30, 2024

Lenders and credit card issuers use your credit score to determine your financing terms, such as your annual percentage rate and credit limit. Instead, creditors generally create offers for multiple credit score ranges known as credit tiers, and tier 1 credit is the one you want to reach.

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Due

JANUARY 13, 2023

Your credit score impacts everything from getting a favorable interest rate on a credit card to buying a home, paying for insurance, and more. If your current credit score is less than ideal, here are ten hacks to increase your credit score fast. Dispute Errors on Your Credit Report.

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CreditStrong for Business

JULY 29, 2024

A perfect credit score is more than just a badge of honor. While only a small percentage of Americans have the 850 credit score, it is not a target out of reach for the average person. Is it Possible to Get an 850 Credit Score? of credit-holding Americans had the perfect FICO® score of 850.

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CreditStrong for Business

FEBRUARY 25, 2025

If youve been struggling to raise your credit score or are just starting to build your credit history, you may need a helping hand. Credit building platforms are designed to help you improve your credit score by providing educational resources, tracking your progress, and helping you make on-time payments.

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CreditStrong for Business

FEBRUARY 25, 2025

Does your credit score go up after inquiries fall off ? While it may be concerning to see your credit score take a small dip after applying for a new credit line, understanding why this change happens can help you take steps to repair your score. Does Removing Hard Inquiries Increase Credit Score?

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CreditStrong for Business

SEPTEMBER 17, 2024

Conventional mortgage loans typically require higher credit scores than government-backed loans, but there are also many advantages to going with conventional mortgages. What is the Required Minimum Credit Score for a Conventional Loan? How Can Credit Scores Affect Mortgage Interest Rates?

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CreditStrong for Business

JULY 25, 2024

Despite being a below-average credit score, prospective home buyers with 600 credit scores may qualify for home mortgage loans. Borrowers with a lower credit score may not qualify for conventional loans, but loan options exist for people with a steady income and a reasonable credit history.

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CreditStrong for Business

FEBRUARY 25, 2025

Your FICO score isnt a random number lenders like to ask aboutits a gateway to a more secure financial future. Your credit score is a reflection of your financial activities and behaviors, a useful tool for opening doors to financial opportunities or a roadblock to achieving your financial goals.

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CreditStrong for Business

FEBRUARY 25, 2025

Does increasing the credit limit affect the credit score ? The answer typically depends on many factors, including how high or low your credit utilization is and what happens after you request a raise. Knowing when to do so and if you should raise your credit limit is also important to avoid damaging your credit score.

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CreditStrong for Business

FEBRUARY 25, 2025

If a collection account is deleted, does your credit score increase ? The short answer is that it depends on the credit-scoring model used to evaluate your credit. If a collection account appears on your credit, it highlights a crucial issue with your financial health, which you should immediately work to improve.

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CreditStrong for Business

AUGUST 23, 2024

While there is no universally accepted “minimum credit score” for buying a home, home buyers with a score below 620 will find it very hard to qualify for a mortgage. What is the Minimum Credit Score for the First Time Home Buyer? What constitutes a good or bad credit score to a loan officer?

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CreditStrong for Business

AUGUST 2, 2024

Besides your credit score, the primary factors that influence the size of a home loan you can get are your income and other debts. Without knowing your income, down payment amount, and debt-to-income ratio, it’s impossible to know how much of a home loan you can get with a 650 credit score. Is 650 a Good Credit Score?

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Lockstep

JULY 27, 2022

In today’s economy, it is essential to be able to allocate credit where it is needed most. This means that businesses need to have accurate and up-to-date information about their customers’ creditworthiness. Stay ahead of the curve by leveraging automation for customer credit scoring. .

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CreditStrong for Business

JULY 26, 2024

Car Loan Interest Rate by Credit Score Credit scores represent a numerical assessment of your credit history, which ranges from 300 to 850. Auto lenders use credit scores for determining how much of a risk a prospective borrower poses. Checking your credit history is an important first step.

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The Red Spectrum

MAY 9, 2023

A high credit score is necessary in today’s society to obtain credit, loans, and other financial services. It is a sign of a person’s credit history and how likely they are to repay loans they have taken out. The greater the creditworthiness, the higher the score.

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CreditStrong for Business

AUGUST 9, 2024

FICO, the model used by the majority of lenders, generates credit scores using the FICO® Score 8 version with a range beginning at 300 up to an 850 maximum score. However, certain industry-specific FICO credit score versions use a 250 to 900 range. Given that, 300 is often the lowest credit score.

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CreditStrong for Business

AUGUST 15, 2024

When you’re borrowing money, your credit score is one of the most important factors in determining your eligibility for loans and the loans’ interest rates. Unfortunately, if you have a credit score of 600, that score is not considered good. A 600 credit score is below average by a fair margin.

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CreditStrong for Business

AUGUST 27, 2024

Many aspects of the credit scoring system in the United States have remained virtually unchanged since the start of the 1990s, but it’s still a source of confusion for many Americans. In fact, roughly 40% of consumers report having no idea how credit scores work. What Is a Credit Score?

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CreditStrong for Business

AUGUST 16, 2024

FICO® and VantageScore, the two primary credit scoring models, most commonly use a credit score range from 300-850. 850 is normally the highest credit score possible. However, some credit score ranges go up to 900. According to 2019 FICO credit score statistics , merely 1.6%

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CreditStrong for Business

SEPTEMBER 18, 2024

Your business credit score is critical to the success of your small business. Earning a good business credit score makes affordable lending available and tells vendors they can trust you to keep up with payments. A good score for Dun & Bradstreet is between 80 and 100. There’s nowhere to go but up!

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CreditStrong for Business

JULY 19, 2024

The short answer is that no, checking your own credit score does not lower it. Checking your credit score is treated as a soft credit inquiry that will not harm your credit rating. These free credit reports do not typically include credit scores. What is a Soft Credit Check?

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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.

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Abrigo

FEBRUARY 25, 2025

Analysts and underwriters using manual systems get bogged down by redundant tasks, such as copying and pasting applicant details into credit memos. They often must consult paper files as well as information housed in separate digital systems.

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CreditStrong for Business

JULY 11, 2024

Equifax’s three primary business credit scores are their Credit Risk Score, Payment Index Score, and Business Failure Score. You can typically call your scores in each of these models good if they’re above 556 , 90 , and 1,315 , respectively. The lower the score, the higher the risk.

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CreditStrong for Business

DECEMBER 12, 2024

Each time you apply for a new revolving account like a credit card, your lender will initiate a hard credit check. That adds an inquiry to your credit report, which can take points off your credit score. If you apply to multiple credit cards at once, youll undergo a hard pull each time. give you 14 days.

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RevCycle

DECEMBER 7, 2023

Be transparent about late fees and consequences: Clearly outline any late fees or penalties associated with overdue payments, but do so in a non-threatening, informative manner. Utilize credit scoring tools: Leverage credit scoring tools to assess customer creditworthiness and prioritize your collection efforts.

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CreditStrong for Business

JULY 26, 2024

When you apply for a business loan, commercial lenders consider many different factors, including your business credit scores, credit history, financials, collateral, and more. But in many cases, your credit scores are the most important factor because they indicate how well you’ve managed your debts in the past.

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CreditStrong for Business

JULY 29, 2024

Car Loan Interest Rate by Credit Score Credit scores represent a numerical assessment of your credit history, which ranges from 300 to 850. Auto lenders use credit scores for determining how much of a risk a prospective borrower poses. Checking your credit history is an important first step.

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CreditStrong for Business

JULY 19, 2024

Business credit cards have perks that consumer credit cards don’t have. This list features top business credit cards for low credit scores that let you apply online and get almost instant approval results. Have your business information handy to finish the application, even if it requires a personal guarantee.

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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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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.

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CreditStrong for Business

OCTOBER 18, 2024

The Intelliscore Plus credit score is a business credit score created by Experian, which is one of the major business and consumer credit bureaus. The newest version of the Intelliscore Plus has a range of 300 to 850, which aligns with most personal credit score ranges. One-time reports cost $39.95

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CreditStrong for Business

JULY 19, 2024

For some loan options, the Small Business Administration uses the FICO Small Business Scoring Service (SBSS). The FICO SBSS is a business credit scoring system that combines information from your business and personal credit history as well as your business finances. The lenders providing the loan might.

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CreditStrong for Business

AUGUST 9, 2024

A good credit score is the key to unlocking many doors in personal finance. You’ll need a good credit score to access the best credit card accounts, get an affordable car loan, and become a homeowner. of Americans have a subprime credit score. of Americans have a subprime credit score.

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CreditStrong for Business

AUGUST 20, 2024

You’ve worked hard at building your credit and you now have a good credit score that can be used for applying and getting approved for the credit card you’ve always wanted. But a few weeks after you activate and begin using the new card, you may notice that your credit score takes a dip.

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CreditStrong for Business

AUGUST 16, 2024

The 800 credit score club. If that’s your next goal, you’re probably wondering, “What can I do with a credit score of 850?” So let’s check out the perks for 850 scores. 850 Credit Score Benefits Making it to an 800 credit score, let alone an 850, is quite the undertaking.

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CreditStrong for Business

AUGUST 23, 2024

You can get an auto loan with a credit score of 600. You will pay a higher interest rate than a borrower with excellent credit, but you will still be approved. Many car lenders classify a borrower with a 600 credit score and below as “subprime” and a borrower with a score of 601 or above as “non-prime”.

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