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The Business Credit Building Junkyard: Why So Many Businesses Fail

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Business Credit Building

Why do businesses fail in building business credit the right way? business credit building

One of the major reasons why so many struggle establishing credit for the business effectively is because they don’t know what lenders define as a creditworthy business. In today’s post we’re going to put an end to all the confusion by covering five main areas that cause so many businesses to fail in the business credit building arena.

Take a look at these five key areas:

  1. Company payment history
  2. Depth of business credit
  3. Business credit utilization
  4. Business credit limits
  5. Types of business credit

Let’s explore each one.
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Reading Roundup: What’s New in Business Credit Lately?

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New in Business Credit

As you know a business credit score is crucial to separating your personal and business financial risk. When lenders can check the creditworthiness of your business rather than rely solely on your personal credit; your ability to maximize your funding potential increases tenfold. new in business credit

It’s pretty incredible to see how fast things are changing in the business credit industry. Technology and the internet have taken credit risk management, business credit reports/ratings, and funding programs to a whole new level.

So we have been updating our modules and credit database in the business credit building system and it’s exciting to see all the new suppliers and vendors we’ve added that are now reporting to the business credit agencies. This is great news for small business owners like you!

All the recent changes in business credit do make the marketplace difficult to navigate if you’re not using our system, particularly for those small business owners who are stuck in old methods and have lost sight of what’s truly possible with business credit. Of course, I’m not talking about you.
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10 Uses of a Small Business Express Loan and How to Qualify

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Small Business Express Loan

Is a business loan right for you?

Like a mortgage or personal loan, a small business express loan comes with a fixed interest rate and monthly payment. Business loans are so common that you’re probably familiar with how it works, but nevertheless, it makes sense to go over the uses and how to qualify. small business express loan

First, it’s important to understand that a business loan is a traditional source of funding and requires extensive documentation. With a Small Business Express Loan the rates start as low as 6% with terms ranging from 1-10 years.

Remember, a key factor in getting the lowest rate with this type of funding program is the amount of time that you need to obtain the loan. If your timeline allows for 45 days or more the better compared to a deadline of just three weeks.
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25 Reasons Why Business Credit Applications Get Declined

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Business Credit Applications

Has your business recently been turned down for credit? business credit applications

I’m sure we can agree that nothing can be more frustrating than not knowing what lenders and vendors are looking for when reviewing business credit applications. In today’s post we’re going to shed some light on that very subject and what you can do to avoid the most common triggers for a denial of business credit.

Keep in mind, the credit review process is different with every application but there are quite a few similar factors that play a role in the decision making process. The good news is we have been researching the primary reasons why lenders and vendors have been declining business credit applications in the 4th quarter of 2015 and the 1st quarter of 2016.
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3 Easy Options to Pre Qualify for Business Credit Lines

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Pre Qualify for Business Credit Lines

Do you know how to leverage the strength of your personal credit to your company’s advantage?

How would acquiring multiple unsecured lines of business credit in as fast as 2 weeks help to grow your business? pre qualify for business credit lines

As you know each time you apply for business credit you’re hit with a hard inquiry on your credit report. Hard inquiries can have a negative impact on your scores, so shopping from lender to lender can cause multiple inquiries in a very short time period which you want to avoid at all costs.

As a credit savvy business owner it’s key to be strategic when applying for business funding. This includes minimizing your credit inquiries, protecting your personal credit, building your business credit and maximizing your funding potential.
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