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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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8 Major Uses for an Unsecured Small Business Credit Card

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Unsecured Small Business Credit Card

We all know a credit card is a powerful tool and the advantages it provides go far beyond convenience alone. But with the power of credit comes great responsibility and whether its effects are helpful or harmful depends on the individual user. unsecured small business credit card

I’m sure if you ask around you’ll find that people use credit cards for all kinds of reasons. Whether it’s for building credit, a matter of convenience, automatic billing or to track spending; credit cards are a useful tool. For business owners, however, the stakes are much higher since business credit cards can help a small business stay afloat.

“There are plenty of benefits to using a business credit card versus a personal credit card for your small business,” says Alison Cahill-Rouse, a spokeswoman for Capital One. “You’ll also have access to business-specific benefits, such as employee cards and spending controls, and specialty services tailored to meet small businesses’ needs.”

So when considering a small business credit card for your business, make sure you understand the benefits, its applicable use and potential risks that come along with an unsecured revolving line of credit.
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Business Loan vs Line of Credit: What You Need to Know

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Business Loan vs Line of Credit

Why type of credit is right for your business?

Determining whether to choose a business loan or line of credit should be based on how much funding you need, when you need it, how long you need it and when you can pay it back. business loan vs line of credit

The main difference between a loan and a line of credit is a loan is a lump sum of money issued at one time allowing you to make a specific purchase; a line of credit is like having cash on tap up to the credit limit issued whenever you need it.

Before you decide which funding vehicle to pursue, let’s review both options so you can gain greater insight between the two as well as the pros and cons of each.
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Best Way to Utilize Cash Back for Business Credit Cards in Real Estate

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Cash Back for Business Credit Cards

Are you looking for ways to raise cash for real estate investing?

When it comes to investing in real estate some of the common funding sources being used are home-equity lines of credit and private lenders, also known as hard money loans. cash back for business credit cards

But did you know another way to get cash is through high limit business credit cards? As far as how to use your credit card, the best way is to take a cash advance against the card. Now using business credit cards will only get you so far in real estate investing because you have credit limits.

With business credit cards you most likely won’t be paying all cash for a $100,000 property. But let’s say you can cash advance $15,000 on one of your business credit cards. There is a quite a bit in real estate you can do with $15,000. You can buy a $50,000 rental property using a mortgage with 20% down. $10,000 for the down payment and $5,000 should cover closing costs. In this example you just bought a rental property using a business credit card.

But what about the fees involved when you take a cash advance against a business credit card?
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