New Business Credit Line
In today’s post we are going to share the top five credit report issues that we see on an ongoing basis that trigger a denial for a new business credit line. After reviewing hundreds of credit reports each month for pre-qualification there are certain patterns that stand out when it comes to those who don’t qualify for business credit lines.
Now I’m not talking about the typical triggers for a denial of credit such as low credit scores, derogatory items, open collection or a recent bankruptcy. What we’re going to share with you are the not so obvious issues that come up during our pre qualification reviews.
After reading this post you will have an in depth understanding into our underwriter’s world and what it is they look out for during a review. Did you know getting pre-qualified for funding is based on a lot more than just credit scores?
Time and time again you’ve heard me talk about having a 680+ credit score to pre-qualify for our business credit cards that report only to the business credit reporting agencies. What prompted me to write this post was to go more in depth since credit scores are simply a benchmark number but not the only factor that underwriters look at.
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