10/18/2023
Applications for business loans, credit lines, working capital funding and even real estate backed loans are being denied at a higher rate than even these days.
While your personal credit score has a lot to do with your approval chances, another problem is the lack of understanding on the request for funding sequence to follow when applying for credit.
Applying to some banks and getting denied will not only show up as a hard inquiry in your credit and lower your credit score, whether you are approved or not. Others you can apply and get a decision on the loan with a SOFT inquiry, which will not show up on your report.
However, keep in mind that even those soft inquiries WILL turn into hard inquiries once you formally apply for the loan or, depending on the bank when is approved.
Important to know if you need to STACK UP on loans and credit cards to get to the loan amount you need, if you can't get the full amount you need from a single source.
Know you application sequence!
