Credit Score Solutions, LLC

01/21/2023

06/04/2020

Most business owners try to first apply for financing at their bank but according to the Department of Revenue, only about 1.1% of all business funding comes from conventional banks such as SBA loans. Your bank can help you with credit lines and loans, but you MUST have financials and good credit for approval.
Google “SBA loan approval checklist” to find this page https://www.sba.gov/content/business-loan-checklist. This list is all that you will need for conventional loan approval.

Start or expand your business with loans guaranteed by the Small Business Administration. Use Lender Match to find lenders that offer loans for your business.

06/04/2020

Your bank rating is mostly based on the amount of money you keep in your bank account over the last 90 days. High 5, account balance of $70,000-99,999, Mid 5, account balance of $40,000-69,999, Low 5, balance of $10,000-39,000, High 4, 7,000-9,999, Mid 4, 4,000-6,999 and Low 4, 1,000-3,999.

06/04/2020

SBA loans, conventional loans, most other long term loans, and credit lines do require good personal credit for approval in most cases. Collateral and asset type based financing doesn’t care about personal credit as much. This is if financing only looks at collateral for approval, not financing where collateral is required for approval.

06/04/2020

Some lenders, such as advance lenders, don’t need collateral. It still helps them feel more secure in lending you money if you do have assets to show. Many things can work as collateral such as 401k and stocks, real estate, inventory and equipment, purchase orders and receivables, and other items that are easy for a lender to sell and get their money back in case of default.

06/04/2020

In addition to providing information for screening in the areas of employment, health care, insurance, and other key areas, LexisNexis is also the primary source through which the credit bureaus obtain and verify public records. LexisNexis obtains public record information electronically through PACER, and also has field workers who input data directly from courthouse records.

06/04/2020

A corporation may be either a Subchapter S Corporation or a C corporation. An S corporation is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.

06/04/2020

The Equifax Business Failure Score predicts the likelihood of a business failure through either formal or informal bankruptcy within a 12-month period. The Equifax Business Failure Risk Score is built using financial services and trade payment data, providing a higher degree of predictability. The score range is from 1,000 - 1,880 and it returns up to four reason codes, 0 indicates a bankruptcy.

06/04/2020

A corporation is a separate legal entity that has been incorporated either directly through legislation or through a registration process established by law. Incorporated entities have legal rights and liabilities that are distinct from their employees, shareholders, and members, and may conduct business as either a profit-seeking business or not-for-profit. Despite not being human beings, corporations, as far as the law is concerned, are legal persons, and have many of the same rights and responsibilities as natural people do.

06/04/2020

Many lenders now look at the bank account start date as the corporation start date. Most shelf corporations don’t come with established bank accounts. Some shelf corporations have actual credit problems making it harder to get funding, not easier. Most lenders know what to look for to see if the corporation is a shelf corporation. Things like your business Bank Rating could tip them off. Public records also show the change in ownership which raises red flags.

04/04/2017

FIX YOUR CREDIT IN 30 DAYS!!!
Repair Your Credit. Raise Your Score. Improve Your Life!
Credit Score Solutions offers Fast & Affordable Credit Repair.
Only $495 For Individual or $695 per Couple.
Call (228) 860-5818
http://www.iFixedMyCredit.com/

04/04/2017

FIX YOUR CREDIT IN 30 DAYS!!!

Repair Your Credit. Raise Your Score. Improve Your Life!
Credit Score Solutions offers Fast & Affordable Credit Repair.
Only $495 For Individual or $695 per Couple.
Call (228) 860-5818
http://www.iFixedMyCredit.com/

Credit Score Solutions will improve your score, give you a real person to talk to and the tools to reach your goals that will change your life.