Category: Corporate Credit
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Business Credit Myth #19 – Getting Funding Even If You’ve Been DENIED
Have you been following all our posts regarding the most common business credit myth(s)? What was the last business credit offer you got denied for? We know how defeating that denial letter can feel… There’s nothing worse than hearing “no” when you need access to funding. Especially considering it costs $30,000-40,000 per year to run…
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Can You Build Business Credit Without a Business?
Have you heard that you can build business credit without a business? But is that REALLY true? That’s what we’ll be unpacking today. Do you have a spouse, partner, family member or friend that’s not a business owner? Of course you do! Did you know that they can do this process too? It’s true! Well…
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Mixing Personal & Business Finances When Building Corporate Credit
Are you on the journey of building corporate credit? Have you ever mixed personal and business finances? Ever paid a personal bill with your business account or credit card? If so, you’re technically guilty of commingling funds which could be considered fraud. (Although no one is probably coming after you.) We don’t say this to sound…
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The Truth About Trade References
Have you been told you need to provide trade references? You probably don’t know this but when you apply for unsecured business credit like a line of credit or loan… There’s a chance the lender will ask for a few trade references. So what are trade references? Trade References are reports detailing the payment history between…
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Business Credit Myth #16 – Business Collateral
Have you been told you need to put up business collateral to get credit or funding for your company? Many business owners are under the impression that lenders won’t issue a loan unless you put up collateral that’s worth at least 50% of the loan itself. What that means is that if you’re looking to…
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“Scrub” Your Business Credit Report Clean Using This Method
Have you recently checked your business credit report? Have you found items that shouldn’t be on there like negative, incorrect or duplicate information? Luckily you have the ability to remove items from a credit report – or can you? True or False… Items on your business’ credit report are permanent. If you thought that your…
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Business Credit Myth #14 – Business Credit Score
Have you ever tried building business credit before? Did you find that the higher your business credit scores, the better the offers and rates? If so, how long until lenders began approving you for $30K, $40K, $50K+? 2 years? 3 years? 5 or longer? We’ve had students that had previously tried to build business credit…
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How Important Are Your Company Credit Score(s) to Lenders?
Have you ever been denied funding because your company credit score wasn’t high enough? As you probably know, when it comes to applying for a personal or consumer credit offer – your credit score is a heavily weighed factor when it comes to a lender deciding how much credit to extend to you. But things are a…
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How Carrying a Balance Affects Your Company Credit Scores
Wonder whether carrying a balance on your corporate credit accounts will help or hurt your company credit scores? That’s an important distinction to make… Just like a personal credit score, two of the biggest factors in determining your company credit score are your payment history and credit utilization. Credit bureaus & lenders like to see that your credit…
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How Much Do Small Transactions Affect a Business’ Credit Scores?
Have you ever wondered what transactions affect your business’ credit scores? Many people believe that only large transactions like loans show up and affect a business’ credit scores. Others believe that small transactions don’t get reported or affect your business credit scores at all. Tips About Business Credit Scores A business’ credit scores are just…