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5 Credit Report Issues that Trigger New Business Credit Line Denials

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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. new business credit line

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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Need Small Business Credit Lines? Here are 3 Unsecured Solutions

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Small Business Credit Lines

Do you need small business credit lines for working capital?

In today’s post we are going to show you how to get a credit line whether you’re a startup or existing business. The three major types of business lines of credit we’re going to talk about are 100% unsecured and have no restrictions on the use of funds. small business credit lines

By the time you finish reading this post you will know what it takes to qualify for each small business credit line and how to get started.

First, let’s cover what a small business credit line is. A small business line of credit is a revolving credit product issued by a bank or lender that allows you to draw funds on the entire credit limit issued and you can borrow money against the line whenever you need it.

With a business credit line, you have a great deal of flexibility because you can repay the balance in full or pay the minimum monthly payment every month.  Depending on the type of small business line of credit you have, the minimum monthly payment can range from 1% – 5% of the outstanding balance.

Now you can borrow against the line of credit over and over again based on how much credit is available. You can access the credit line by phone or online, access checks or business credit cards depending on the type of line you acquire.
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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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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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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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