CreditStrong for Business

MARCH 23, 2023

Many aspects of the credit scoring system in the United States have remained virtually unchanged since the start of the 1990s, but it’s still a source of confusion for many Americans. In fact, roughly 40% of consumers report having no idea how credit scores work. What Is a Credit Score?

Credit Scoring 59

Credit Scoring Credit Reporting Agencies Credit Card Companies Credit Risk 59

Fundera

FEBRUARY 2, 2016

This short-term line of credit product serves a riskier borrower class, increasing the product diversity available to borrowers with lower credit scores. Time to funding and annual revenue also decreased for the overall line of credit product in Q4. Credit Score and Annual Revenue Distributions.

Small Businesses 76

Small Businesses Credit Scoring Transactions 76

Fundera

DECEMBER 9, 2015

Individual credit scores (the lending acronym comes from their originator, the Fair Isaac Corporation ). The SBSS score, generated by FICO, is based on factors like the business’s credit history and the business owner’s individual FICO score. USDA Loan or B&I Loan.

Nonprofit Organizations 71

Nonprofit Organizations Credit Scoring Credit Unions Small Businesses 71

Fundera

JULY 18, 2018

That’s up from a mere $650 million in 2014—more than a 400% increase over three years. Still, he didn’t take the idea seriously until his wife, Amanda, was unexpectedly transferred from Philadelphia to Phoenix in 2014. Your lender will want to see your credit score, of course, and an equipment quote, too.

Nonprofit Organizations 75

Nonprofit Organizations Credit Scoring Transactions Small Businesses 75

Fundera

NOVEMBER 20, 2018

As of January 2014, 73 out of a total 968 CDFIs were certified as “Native CDFIs.” . They work with borrowers who have lower credit scores or that are considered too “high risk” by mainstream lenders. They work with borrowers who have lower credit scores or that are considered too “high risk” by mainstream lenders.

Credit Scoring 61

Credit Scoring Credit and Collections Nonprofit Organizations Small Businesses 61

Fundera

FEBRUARY 16, 2016

It’s not an unfair assumption to make that if a borrower can convince 3 to 5 people to invest money into their business venture, then they’ve probably got a good chance of success—even if they lack the financial documents or credit history to prove it. CAN Capital. And CAN Capital has speed down to a science.

Small Businesses 76

Small Businesses Credit Scoring Credit and Collections Investment Firms 76

Fundera

FEBRUARY 24, 2016

Lines of credit come in two primary forms: secured and unsecured. Unsecured credit lines are those that are not backed by any asset or collateral. In order to qualify, you’ll instead rely on your credit scores, borrowing histories, debt-to-income ratio, and other factors. The fact that credit card debt in the U.S.

Credit Scoring 73

Credit Scoring Default Small Businesses 73

Fundera

MAY 4, 2016

Filling a Niche and a Need with Lines of Credit. Finkelstein founded The Credit Junction in 2014 and its online lending platform was launched just last year. Average Borrower’s Credit Score: Not applicable! The Credit Junction doesn’t look at your FICO Score to determine your loan eligibility.

Credit Scoring 70

Credit Scoring Small Businesses 70

Fundera

SEPTEMBER 27, 2018

trillion in 2014 to $4.5 That’s a 246.15% uptick, for those keeping score.) That includes a business credit score, as well as time in business, so they can examine your history of revenues and stability. trillion in 2021. So, finding funding for ecommerce business is, well, serious business.

Credit and Collections 59

Credit and Collections Small Businesses Credit Scoring 59

Fundera

OCTOBER 9, 2019

The 10,000th affiliate gym was officially opened in London in 2014. This can really help boost your business credit score. Whether CrossFit is your favorite workout or you’re a gym owner looking to diversify and start a new business , opening a CrossFit gym might be a great business move for you.

Credit and Collections 71

Credit and Collections Credit Scoring Small Businesses 71

Fundera

SEPTEMBER 7, 2016

But in 2014, that number dropped by 38% to only $44.7 It’s hard to quantify your character, but Wells Fargo does so with your personal credit score. And if you don’t have a personal credit history, Wells Fargo might consider any personal references, business experience, or work history as a substitute.).

Small Businesses 59

Small Businesses Credit Scoring Bankruptcy Credit Reporting Agencies 59

Fundera

JULY 22, 2020

These results indicate that discrimination, not differences in credit score or location, is the source of this racial disparity. . The authors of the paper describe an audit study conducted in 2014 in which “minority” and white testers, seeking bank loans, were matched on all characteristics except for race.

Credit Scoring 131

Credit Scoring Credit and Collections Small Businesses Credit Application 131

CreditStrong for Business

MARCH 10, 2023

Late payments remain on your credit bureau report and influence your credit score for seven years. Fortunately, there are ways to improve your overall credit profile to offset the adverse results that late payments have on your credit score. and 35% of your FICO score.

Credit Scoring 52

Credit Scoring Credit Card Payments Bankruptcy Chapter 7 52

Fundera

SEPTEMBER 5, 2019

Small Business Credit Scores. What goes into a credit score, anyway? Credit scores are extremely important for your business—both your personal credit score and your business credit score. A single late payment can drop an excellent credit score by 100 points!).

Small Businesses 109

Small Businesses Credit Scoring Credit Unions Insurance Companies 109

Fundera

MARCH 7, 2019

Business Statistics: Credit Scores. What goes into a credit score, anyway? Credit scores are extremely important for your business—both your personal credit score and your business credit score. A single late payment can drop an excellent credit score by 100 points!).

Credit Scoring 109

Credit Scoring Small Businesses Credit Unions Insurance Companies 109

Fundera

APRIL 11, 2017

This sum of small business capital is just a portion of the bank’s progress toward their five-year commitment (pledged in 2014) to lend $100 billion to small businesses—along with broader resources, services, and commitments to aid small business owners. In the first quarter of 2015, Wells Fargo lent $34.8 Read more Lending Club reviews.

Small Businesses 76

Small Businesses Credit Scoring Default 76

Fundera

NOVEMBER 23, 2015

The Fundera marketplace model enables the collection of data on a wide range of lenders and products, and an even wider range of small business owners, based on 1,300 loans totaling $63 million in customer financing from February 2014 through the end of Q3 2015. There is strong inverse correlation between credit score and APR.

Small Businesses 76

Small Businesses Credit Scoring Credit and Collections 76

Fundera

MAY 25, 2017

This is why it’s important for business owners to stay abreast of how their personal credit score can affect their ability to get credit for the purposes of funding their business’ operating costs. Fortunately, some changes coming down the pipeline could positively affect millions of Americans’ credit scores.

Credit Scoring 74

Credit Scoring Credit and Collections Collector Credit Application 74

Fundera

MAY 6, 2016

In the first three fiscal quarters of 2014, reports the SBA, small businesses added 1.4 Small Business Statistics: Credit Scores. What goes into a credit score, anyway? Credit scores are extremely important for your business—both your personal credit score and your business credit score.

Small Businesses 75

Small Businesses Credit Scoring Credit Unions Insurance Companies 75

Fundera

AUGUST 22, 2019

In our very first report on women and small business lending, which covered data spanning from February 2014 to June 2016, we found that women business owners requested less funding, got approved less often, received smaller loan amounts, and paid more for financing than men. Men had just slightly higher personal credit scores than women.

Small Businesses 50

Small Businesses Credit Scoring 50

Fundera

JUNE 13, 2017

Banks only give these low rates and long terms to the most qualified business owners—think strong personal and business credit scores, a long time in business, strong annual revenue, profitable, etc. Even though bank loans are hard for small business owners to qualify for, there are still some places you can look to score one yourself.

Small Businesses 61

Small Businesses Credit Unions Credit Scoring Deductions 61

Fundera

JANUARY 21, 2016

You’ve got your personal credit score, your balance sheet, your profit and loss statement, your FICO SBSS…. You know, that small business credit score that’s all the rage these days? Credit Scores: A Refresher Course. A credit score reflects how trustworthy you are with money you borrow.

Credit Scoring 59

Credit Scoring Small Businesses Credit and Collections Credit Card Payments 59

Fundera

SEPTEMBER 6, 2016

Are there substantive differences in categories like credit score, annual revenue, and industry? Women entrepreneurs have lower credit scores than men, with a 15-point difference between their averages. Women Entrepreneurs Have Lower Credit Scores. of companies in 1972. for male business owners.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections 75

Fundera

JUNE 22, 2016

If you default on your “loan” with a pawnbroker, your credit score won’t report it—but technically, this is a form of alternative lending. If it was tough for small business owners to access credit from banks before, then after 2008 it was nearly impossible. By 2014, that amount had dropped 38% to $44.7

Credit Scoring 76

Credit Scoring Small Businesses Default Transactions 76