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How Do I Increase My Credit Card Limit? 7 Factors to Know

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Increase My Credit Card Limit

Do you know increasing credit card limits is more than just expanding purchasing power?

In fact, it lowers your individual and overall credit card utilization ratios which results in your FICO® scores getting a boost. On top of that, with lower credit utilization and larger credit limit availability, you will appear much more favorably to banks when applying for additional credit. increase my credit card limit

For example, when it comes to applying for our stated income business credit lines the size of your personal credit limits have an impact on how much you pre-qualify for. As a general rule, the highest credit limit you have on a personal card means you may qualify for 4 to 5 times that amount in business credit lines.

For example, let’s say you have a personal credit card with Barclay’s and your $10k card limit was recently increased to $20k. As a result, this can potentially pre-qualify you for $80-$100k in unsecured business credit lines for your startup or existing business.

The reason is the higher the credit limits you have, the more creditworthy you appear to banks and lenders. Of course, other factors such as utilization, length of payment history, age of accounts and types of credit play a role as well.
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How to Get Stated Income Business Credit Lines

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Stated Income Business Credit Lines

Are you tired of all the documentation requirements needed for getting business funding?

If you’re looking for a way to get access to business lines of credit without having to worry about all the time and documents required then read on. stated income business credit lines

Whether you are just starting a business, own and existing business or you’re a real estate investor; the stated-income business credit lines program may be the perfect solution for you.

Typically, banks offer stated income for self-employed individuals or borrowers who may have difficulty documenting their income.

These credit lines require no income verification, financials or tax returns, and do not require any collateral because they are completely unsecured. It is the ideal solution to obtain credit for your business without all the headaches associated with traditional financing.
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DUNS Number Listing: Why do 32 Million U.S. Businesses Have One?

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DUNS Number Listing

Do you plan on getting financing for your business?

How would a business, supplier, vendor, bank or lender get a better understanding of your business’ credit history and creditworthiness?

In today’s post, we are going to dive into the D-U-N-S® Number and why your business needs one. The greatest benefit of having a DUNS number listing for your company is that anyone looking to assess whether your company is creditworthy will likely look to Dun & Bradstreet to find out. Duns Number Listing

If a DUNS Number listing for your company doesn’t exist then your personal credit will most likely play the dominant role for all business credit granting decisions.

Banks almost universally rely on your PAYDEX® score and D&B Score when they are checking your business credit file via the D-U-N-S® Number. Did you know in the first 6 months of 2013, according to Creditera, Dun & Bradstreet had 45 million business credit reports pulled?

In fact, almost all Fortune 500 companies require a D-U-N-S® Number when applying to do business as a supplier, contractor or consultant.
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How the New Credit Reporting Changes Impact FICO® Scores

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Credit Reporting Changes

Are you among the 12 million consumers in the U.S. that will see an increase in FICO® scores because of the new credit reporting changes?

For most consumers that will see an increase they can expect as high as a 20-point jump while around 700,000 consumers will see a 40-point jump.

So, what credit reporting changes are taking affect? credit reporting changes

As of July 1, 2017, all three-major consumer credit reporting agencies; Equifax, Transunion and Experian will be removing tax liens and civil judgment data per the Consumer Data Industry Association.

Now the standard for removing these specific items is if the credit reporting agency fails to completely list all the important identifying data that accompany a tax lien or civil judgment. If identifying data like a person’s name, address, Social Security number or date of birth is missing then the tax lien or civil judgment must be removed.

Many liens and judgements do not include all of this identifying data, according to the Journal. The good news is that this new change will apply to new tax lien and civil judgment data reported as well as old ones showing up on credit reports.
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A Brief Guide to Business Line of Credit Requirements

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Business Line of Credit Requirements

In today’s post, I want to revisit a widely-discussed topic; business lines of credit. If you want to know what the requirements are to qualify, and the standards imposed for each type of business line of credit then keep on reading. business line of credit requirements

Given all the business line of credit requirements and options that are out there, it’s important that you take some time to determine what your goals are, what the line of credit will be used for, and which options are available to you based on the requirements listed below.

The bottom line is making sure you pre-qualify for the right type of business line of credit at the right time can greatly impact your funding success, so let’s go over the requirements in detail:
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