Credit is More Than a Score: How to Address a Derogatory Account on Credit Report When You’re Fighting a Public Record

Do You Have a Derogatory Account on Credit Report? Did You Know You Can Fix Issues in Your Public Records?

A derogatory account on credit report doesn’t have to sink your chances for getting business funding. But let’s start with fundability.

Fundability and Derogatory Account or More

Fundability is the ability of a business to get funding. This is everything from getting credit to business loans. Because every business needs money, it quite literally pays to enhance your fundability whenever and wherever you can.

Public Records and Any Derogatory Account

In addition to how well your business pays its bills, and your personal credit score, and whether your industry is a risky one, there’s the matter of public records.

Public records include bankruptcy (both personal and business), liens, judgments, and UCC Filings.

Errors in any of these kinds of public records will affect fundability, so correcting such mistakes will enhance your ability to get funding.

What if Your Derogatory Account is a Bankruptcy?

Bankruptcy is a process a business goes through in federal court. The idea to help a business eliminate or repay its debt under the guidance and protection of the bankruptcy court. Business bankruptcies are often described as liquidations or reorganizations. This depends on the type of bankruptcy an entrepreneur takes.

3 Types of Business Bankruptcy

There are three main kinds of business bankruptcy:Chapter 7, Chapter 11, and Chapter 13. The type to use will depend on organizational structure. See thebalancesmb.com/what-is-business-bankruptcy-393017.

Chapter 7 and Chapter 11

Corporations are legal business entities separate from their owners. They are more truly separate than partnerships. But in the event of a bankruptcy, either type of structure commonly will file of Chapter 7 (bankruptcy protection), or Chapter 11 (reorganization). The chapters refer to the US Bankruptcy Code.

Chapter 7: Liquidation

This one may be the best choice when the business has no viable future. It is typically used when the debts of the business are so overwhelming that restructuring them is not feasible. Chapter 7 bankruptcy can be used for sole proprietorships, partnerships, or corporations. It is also appropriate when the business does not have any substantial assets. For Chapter 7, see: law.cornell.edu/uscode/text/11/chapter-7.

If a business is a sole proprietorship, and an extension of an owner’s skills, it often does not pay to reorganize it. Hence Chapter 7 would be appropriate.

Before a Chapter 7 bankruptcy gets approval,the applicant is subject to a “means” test. If their income is over a certain level, their application does not get approval. But if a Chapter 7 bankruptcy gets approval, the business is dissolved.

In a Chapter 7 bankruptcy, the bankruptcy court appoints a trustee. The trustee’s job is to take possession of the assets of the business and distribute them among all of the creditors. The order in which creditors get their payments can depend on the type of debt (secured vs. unsecured).

After the distribution of the assets, and the trustee is paid, a sole proprietor receives a “discharge” at the end of the case. It means that the owner of the business is released from any obligation for the debts. But partnerships and corporations do not receive a discharge.

Keep your business protected with our professional business credit monitoring.

Chapter 11: Business Reorganization

Chapter 11 may be a better choice for businesses with a realistic chance to turn things around. It is usually a choice for partnerships and corporations. It can also be an option for sole proprietorships if their income level is too high to qualify for Chapter 13 bankruptcy. For Chapter 11, see: cornell.edu/uscode/text/11/chapter-11.

Chapter 11 is a plan where a company reorganizes and continues in business under a court-appointed trustee. The company files a detailed plan of reorganization explaining how it will deal with its creditors. The company can terminate contracts and leases, recover assets, and repay some of its debts, while discharging others to return to profitability.

The business presents the plan to its creditors who will vote on the plan. If the court finds the plan is fair and equitable, it will approve it. Reorganization plans provide for payments to creditors over some time. Chapter 11 bankruptcies are rather complex and not all of them succeed. It usually takes over a year to confirm a plan.

Chapter 11 and the Small Business Reorganization Act of 2019

The Small Business Reorganization Act of 2019 enacted a new subchapter V of Chapter 11. This subchapter of Chapter 11 seems to favor the side of the applicant for business bankruptcy. But it only applies if the applicant wants it to apply. See cornell.edu/uscode/text/11/chapter-11/subchapter-V.

For example, subchapter V does not require the appointment of a committee of creditors, or that creditors have to approve a court plan. Per the U.S. Department of Justice, the act:act: “imposes shorter deadlines for completing the bankruptcy process, allows for greater flexibility in negotiating restructuring plans with creditors, and provides for a private trustee who will work with the small business debtor and its creditors to facilitate the development of a consensual plan of reorganizations. See justice.gov/opa/pr/us-trustee-program-ready-implement-small-business-reorganization-act-2019.

Chapter 13: Adjustment of Debts for Individuals with Regular Income

Chapter 13 bankruptcy is a form of bankruptcy for individuals. Since a sole proprietorship is an extension of its one owner, the owner is responsible for all assets and liabilities of the firm. It is most common for a sole proprietorship to take bankruptcy by filing for Chapter 13. This is a reorganization bankruptcy. See Chapter 13: law.cornell.edu/uscode/text/11/chapter-13.

Chapter 13 is good for small businesses when a reorganization is the goal instead of liquidation. The entrepreneur files a repayment plan with the bankruptcy court. This details how they are going to repay their debts. Note: Chapter 13 and Chapter 7 bankruptcies are very different for businesses.

Chapter 13 is vital for individuals whose personal assets are tied up with their business assets, because they can avoid problems like losing a house if they file Chapter 13 versus Chapter 7. Chapter 13 lets a business stay in business and pay its debts. But Chapter 7 does not.

Chapters 12 and 15

There are two other forms of individual bankruptcy. These are less common. Chapter 12 is bankruptcy protection for family farmers and family fisherman. See uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-12-bankruptcy-basics. Chapter 15 is bankruptcy protection when a bankruptcy matter involves people from another country. See uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-15-bankruptcy-basics.

Correcting Bankruptcy Errors

In general, to correct bankruptcy issues, all you or your lawyer will need to do is file an amendment to your bankruptcy petition. These can be errors like forgetting to list an item of property, or disclosing an incorrect property value, or forgetting a creditor or income from a side business. See alllaw.com/articles/nolo/bankruptcy/bankruptcy-petition-mistake.html.

Keep your business protected with our professional business credit monitoring.

What if Your Derogatory Account is a Lien?

Per Investopedia, “A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgement. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien. There are many types of liens that are used to secure assets.”

Errors in Liens

Some of the worst errors when it comes to liens can involve real estate if land was used to secure a debt. Minor or typographical errors are called Scrivener’s errors. You can often fix them through either rerecording the deed of trust or by recording an instrument explaining and correcting the error. You cannot cure more substantial errors except by a Reformation lawsuit. This type of lawsuit asks a court to correct the deed of trust to reflect the parties’ intent.

Keep your business protected with our professional business credit monitoring.

Legal Judgments

The main ways you can lose in court are if you: default at the start and never answer a summons and complaint, lose a motion for summary judgment brought by the other side, lose a bench or jury trial, or exhaust all appeals and end up on the losing end.

If you or your business lose in court, then you may have a judgment entered against you. Judgments generally take the form of paying damages (money), or specific performance where you must do (or not do) something. Or the court enters an injunction and to prevent you from doing something. A civil judgment can’t send you to jail (that’s criminal, which is rather different).

Errors in Legal Judgments

Errors can take the form of a judgment entered against the wrong person and/or company. Or they can be a typo in the amount of money damages in the court’s records. Maybe there’s a judgment is entered but it’s already been satisfied (paid). Or there can be fraud or other misrepresentation on the part of one of the parties, or excusable neglect. For example, a city recovering from a major hurricane might not make the proper clerical entry of judgments a priority.

Correcting these errors can take several forms. Different states have differing rules. But every state wants their records to be right. They just have different ways you need to go about correcting the record.

Correcting Errors in Legal Judgments

For example, in Massachusetts, you or your lawyer will need to make a motion before the court under Rule 60(a). See mass.gov/rules-of-civil-procedure/civil-procedure-rule-60-relief-from-judgment-or-order. In Texas, you or your lawyer would need to file a motion for judgment nunc pro tunc (a motion to have the judgment corrected). See texaslawhelp.org/article/correcting-clerical-error-court-order-answers-common-questions#toc-9.

In Georgia, correcting a judgment comes under the general umbrella of relief from judgments. See law.justia.com/codes/georgia/2010/title-9/chapter-11/article-7/9-11-60. In Louisiana, it falls under an Amendment of Judgment, and you can correct calculation or language errors via motion. See law.justia.com/codes/louisiana/2015/code-codeofcivilprocedure/ccp-1951.

Like with most things, the faster you work to correct a legal judgment, the less it will cost you. In particular if the wrong person (you) is the defendant in a lawsuit, acting as fast as possible will save you in legal fees. Ignoring these problems will not make them go away.

What if Your Derogatory Account is a UCC Filing?

When you secure a loan with property, creditors can tell other creditors about any of your assets in use as collateral for the secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the creditor of the creditor’s interest in the property. It’s in a creditor’s best interests to check for UCC filings, so they can make sure they’re the only creditor with a claim on that collateral.

Errors in UCC Filings

Like anything else, there can be typographical errors in UCC filings. But the law says that, unless the errors “make the financing statement seriously misleading”, the UCC filing is still in effect. So if you’re depending on a typo to get out of a UCC filing, you might want to rethink that strategy. See law.cornell.edu/ucc/9/9-506.

Correcting Errors in UCC Filings

For the most part, unless the errors are seriously misleading, the UCC says you don’t have to correct them. This is because the policy behind the law governing secured transactions under the UCC explains financing statements provide notice of a transaction. They give enough information to later potential creditors that the debtor’s property may be covered by an earlier creditor’s security interest. Essentially, a financing statement is the starting point in a later creditor’s due diligence process, not the conclusion. See jdsupra.com/legalnews/it-may-be-foul-but-there-is-no-harm-not-11403.

A Derogatory Account, and Correcting it – the Upshot

You can fix errors in public documents like judgments and UCC filings, but the mechanism for doing so will differ. This depends on the error, the type of record, and the jurisdiction. The faster you act, the better (and cheaper). Ignoring these mistakes will not make them go away. Correcting mistakes can make your business more fundable.

The post Credit is More Than a Score: How to Address a Derogatory Account on Credit Report When You’re Fighting a Public Record appeared first on Credit Suite.

What’s the Best Way to Improve Credit Score for You and Your Business?

If you are thinking of starting a business, you are likely thinking about funding. Can you afford to start a business? If you have a good credit score you probably aren’t worried. If your credit score isn’t great, you may be wondering “What’s the best way to improve credit score in time to start a business?”

Best Way to Improve Credit Score, Both Personal and Business

The thing is, that’s the wrong question. You need to be asking yourself “What’s the best way to improve credit score for myself and my business?” Whether your business is brand new or fully established, it needs a strong business credit score to thrive.

Many business owners do not even know that their business can have a credit score. They assume everything rests on their personal credit. Others know their business can have credit all it’s own, but do not truly understand how a business gets its own credit score. That knowledge is key to learning the best way to raise your credit score and how to build a strong business credit score.

Keep your business protected with our professional business credit monitoring.

Personal Credit Score vs. Business Credit Score: What You Need to Know

Your business credit profile is the overall picture of the creditworthiness of your business. Lenders look at it to determine whether or not they want to lend to you.

To better understand the best way to raise credit score for your business and how it is different from your personal credit score, you need to understand some of the differences between business credit profiles and personal credit profiles. There are many, but these specifically seem to cause a lot of misunderstanding and confusion among borrowers when they get a funding denial.

How You Establish Each Type of Credit Profile

The biggest and probably most misunderstood difference is in how you establish the two profiles with their accompanying scores. Pretty much everyone knows that with your first debt, usually a credit card, you begin building your personal credit score. If you handle your credit responsibly, you will have a good score. If you do not, your score will be bad.

You do not have to do anything to open a credit profile for yourself. As you pay your debt, the creditor reports your payments, or lack thereof, and your score builds from there. Such is not the case with your business credit profile.

You have to intentionally set up your business in a way to establish your business credit profile. This means fully separating it from yourself as the owner by having separate contact information, an EIN, and D-U-N-S number, incorporating, and opening a separate bank account. In fact, this is the first best way to improve your business credit score. Before these things are done your business will have no credit profile or credit score of its own.

Late Payments

Both business and personal credit reports are affected greatly by late payments. Yet, business credit scores are affected faster and more profoundly. Late payments are not reported to personal credit reports typically until they are 30 days past due. Late payments on business credit accounts are reported if only one day late.

Inquiries

Hard credit checks on your personal credit will lower your credit score. However, business credit reports are different. A credit check on your business credit profile does not affect your business credit score.

Data Reported

In addition to late payments being reported much more quickly, accounts on your business credit profile are listed by industry. In contrast, personal credit lists the name of the company that issues the credit.

Also, personal credit reports show the exact amounts of accounts, while business credit reports show rounded amounts. How long data stays on a personal credit report varies, but typically it’s the life of the file. Information stays on business credit reports an average of 3 years.

Keep your business protected with our professional business credit monitoring.

Also, with personal credit accounts, almost every account reports to the credit reporting agencies. In contrast, only about 7% of business credit accounts report to business credit reporting agencies. This is why you have to intentionally seek accounts that will report to business credit reporting agencies (CRAs), and that is only one of many reasons working with a business credit expert is the way to go.

One last thing to note about business credit versus personal credit is this. While your business credit profile is totally separate from your personal credit profile and does not affect in any way, the reverse is not true. Your personal credit information can affect your business credit profile, and in some cases, even your business credit score.

Best Way to Improve Credit Score: Personal

Most people know many ways to do this, but what is the best way to improve credit score on your personal credit profile? Frankly, it’s to pay your bills consistently on-time. That said, sometimes that isn’t the problem. Furthermore, sometimes you need to make other improvements while you work on paying on time.

Personal Credit Score Monitoring

This is easy and free. You can get a free copy of your credit report annually. The first thing you need to do is look over it for mistakes. If you find any, contact the CRA in writing. Send with your letter copies any documents you have to support your case. This may be receipts, bank statements, anything that proves that what you are saying is a mistake is indeed a mistake.

After that, look closely for what else could be causing issues. Is too much available credit being used? Are there too many late payments? The best way to fix this is take a long, hard look at your budget. Cut wherever you can to start making more than the minimum payments.

A good strategy is to put all available extra cash on the highest interest debt. Then, when that is paid off, put that entire amount, extra plus the minimum, on the next highest interest debt, and so on. This is called the snowball method, and it can help you raise your credit score significantly if you stick with it.

After that, there are many free apps to help you track your personal credit score throughout the year. This is the best way to get credit score information on a regular basis. Typically, you can get a snapshot of what your credit looks like once a month with these, and if you pay a fee you can see it in real time. This can let you see if your efforts are working, and show you if something is amiss.

Best Way to Improve Credit Score: Business

Understanding how your business credit score is different from your personal credit score helps a lot. For example, now that you know that a business credit account can report a late payment even one day late, you can plan accordingly.

Furthermore, knowing that not all business accounts report lets you know that you need to intentionally look for those that will report to raise your score.

There are a few ways to do this. First, talk to any vendors you already have a relationship with. Ask them to report your payments to the business CRAs. They don’t have to, but they may. It can only help you.

Next, talk to utility, phone, and internet providers. You pay them monthly already. Ask them to report those payments. Again, they do not have to. Still, if they agree, it can only help you.

After that, actively seek out accounts that report. The problem is, most vendors do not make it publicly known whether or not they report. This is just one of the many ways a business credit expert can be helpful. They have inside information and relationships with vendors to help you get this information and more.

Keep your business protected with our professional business credit monitoring.

Business Credit Score Monitoring

This is a whole other ballgame. First, business credit score monitoring is never free. You may be able to get a peek as a one time free trial promotion, but for the most part you have to pay to see what is on your business credit profile. One exception is, if you get a loan denial because of what a lender sees on your business credit report. They have to disclose that, and you can get a free copy of your business credit report as a result.

While all the major business CRAs offer credit monitoring services, they are pricey. Credit Suite offers business credit monitoring for a fraction of the price.

Follow the same steps as you would with your personal credit profile. If you see a mistake, contest it. Each of the bureaus has directions on how to do so on their website.

There is More Than One Best Way to Improve Credit Score, and More Than One Credit Score to Improve

All the best ways to get your credit score up involve one thing, knowledge. First, you have to know how to see what is one your credit report. Then, you have to know what to look for so you can know what the problems are. After that, you can fix them. One thing remains true however. The hands down best way to improve credit score, whether personal or business, is to pay your debt on time. If you need help on the business side, Credit Suite has you covered. Talk with one of our qualified business credit experts today!

The post What’s the Best Way to Improve Credit Score for You and Your Business? appeared first on Credit Suite.

Yes! You Can Get a First Time Business Credit Card

Check Out How to Get a First Time Business Credit Card

Do YOU need a first time business credit card?

We researched lots of company credit cards for you. So, here are our choices.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more money with company credit cards.

And you will not need collateral, cash flow, or financials to get small business credit.

First Time Business Credit Card Benefits

Benefits can vary. So, make sure to pick the benefit you would prefer from this selection of alternatives.

And always check rates on the appropriate website.

Get a First Time Business Credit Card for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

Nevertheless, they do not accept every industry.

Likewise, there are some industries they will not work with, as well as others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Get a First Time Business Credit Card for Fair Credit

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 26.99%. You can earn unlimited 1% cash back on every purchase for your company, without any minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. However if you can pay on schedule, and completely, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Get a First Time Business Credit Card with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. There is no yearly fee for the first year. Then pay $250 per year. There is no introductory APR deal. If you pay your bill early, you get a 1.5% discount, with no cap on what you can earn back.

Earn 5% cash back at office supply stores and on cellular and landline phone service, internet, and cable TV; 2% cash back at gas stations and restaurants; and 1% cash back on everything else.. 5% and 2% cash-back bonus rewards apply only to the first $25,000 spent on the corresponding bonus categories each account anniversary year. You will need exceptional credit scores to get this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Score the best business credit cards for your business. Check out our professional research.

Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial year. Afterwards, the APR is a variable 13.24 – 19.24%.

Get double Membership Rewards® points on day to day business purchases like office supplies or client suppers for the initial $50,000 spent per year. Get 1 point per dollar afterwards.

You will need good to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also have a look at the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. Yet its rewards are in cash as opposed to points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. After that get 1%.

It has no yearly fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 13.24 – 19.24%.

You will need great to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. Afterwards, this card costs $95 per year. There is no introductory APR offer. The regular APR is a variable 20.99%.

You can get a $500 one-time cash bonus after spending $4,500 in the initial three months from account opening. Get unlimited 1.5% cash back with Cash Select.

You will need great to outstanding credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Annual Cost

Discover it® Business Card

Check out the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match at the end of the first year. There is no minimal spend requirement.

You can download transactions quickly to Quicken, QuickBooks, and Excel. Note: you will need good to outstanding credit to qualify for this card.
https://www.discover.com/credit-cards/business/

Score the best business credit cards for your business. Check out our professional research.

Bonus Categories

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. After that, the APR is a variable 13.24 – 19.24%. You can get a $750 one-time cash bonus after spending $7,500 in the initial 3 months from account opening.

You can get 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on web, cable, and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gasoline stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no limitation to the amount you can earn.

You will need exceptional credit to qualify for this card.
Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Have a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 12.24% – 22.24% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need superb credit to qualify.

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/

Get a First Time Business Credit Card with Flexible Financing

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need excellent to exceptional credit scores to qualify.
Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the first 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 13.99% – 23.99% variable APR after that.

You will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Score the best business credit cards for your business. Check out our professional research.

The Very Best First Time Business Credit Card for You

Your straight-out ideal company credit cards depend upon your credit history and scores.

Just you can choose which features you want and need. So, to do your research. What is outstanding for you could be disastrous for another person.

And, as always, make sure to develop credit in the recommended order for the best, speediest benefits.

The post Yes! You Can Get a First Time Business Credit Card appeared first on Credit Suite.

Get to Know Your Experian Business Credit Report

Do You Want to Learn About Your Experian Business Credit Report?

This is a good time to learn about your Experian business credit report.

But first we should start with some definitions and background on business credit.

Business Credit

This is credit in the name of a business. It is not tied to the creditworthiness of its owner or owners. Rather, business credit scores will depend on how well a company can pay its bills. Hence consumer and business credit scores can vary dramatically.

Business Credit Benefits

There are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. And there is no personal credit reporting of business accounts. Business credit use won’t affect your consumer FICO score. Plus the business owner won’t be personally liable for the debt the business incurs.

Business Credit Details

Being accepted for business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive, and some of them are not.

Fundability

Fundability is the current ability of our business to get funding. Some factors are within your control. Others (like your time in business) are not. Your online presence and data are one area which is at or close to 100% with your control.

The better your business credit and fundability are, the more likely you will get approval for business financing.

Build Fundability on Business Credit Applications to Avoid Denials

Keep your business looking fundable (legit) with:

A professional website and email address
A toll-free phone number
List your phone number with 411
A business address (not a PO box or a UPS box)
Get all necessary licenses for running your business

Online Fundability

There are some aspects of fundability where you should pay particular attention to what is online. Such as:

Business owners listed and listed ownership uniform
Business name and address uniform
Industry aligned
Company domain
Data uniform on all records

Business Ownership Listings

Records consistency matters here. Your website should show who owns your business. And that info must be consistent. So if the owner is named Susan Johnson on your website’s About page, then she should not be listed as Sue Johnson on your Contact page. If your business ownership changes, you need to show that here.

Business Name and Address Uniformity

Abbreviations can be your downfall here, as can punctuation like hyphens, commas, and colons. Maybe your Contact page says your main office is on Main Street. Then your About page should not say it is on Main St.

If your business moves, or you add subsidiaries and other locations, then you need to update that info everywhere. This even means whether you use your 5-digit ZIP code, or a ZIP plus 4 code (9 digits).

Fundability: Industry Alignment

If your business is over the road trucking, then it needs to be listed that way. Pro tip: when your industry can be called several different names, mention those other phrases on your site.

Your Business Email and Website: Company Domain

When your company domain matches your business name, it helps with fundability. Pro tip: try to match what people are searching for online. So if the word ‘brothers’ is in your company name, then determine if ‘brothers’ or ‘bros’ is used by people searching for your company online.

Keep your business protected with our professional business credit monitoring.

There are Three Different Credit Bureaus – But What Makes Your Experian Business Credit Report Special?

What distinguishes an Experian business credit report from reports through the two other big credit bureaus? And can you use that data to your advantage?

There are three major credit bureaus for business: Dun & Bradstreet, Experian, and Equifax. FICO SBSS and CreditSafe are also players.

In the business world Equifax and Experian are up there. But it is Dun & Bradstreet which is the major player.

Dun and Bradstreet has more than 10 times the records of the next closest reporting agency. See dnb.com/about-us/company.html. It makes sense to start with Dun and Bradstreet even when going over your Experian business credit report. This is because you must start the business credit building process with them anyway.

Dun & Bradstreet

Go to the Dun and Bradstreet website and look for your business, at dnb.com/duns-number. But just what happens if you are unable to find it? Then get a free D-U-N-S number. You will always need a D-U-N-S number to start building business credit. Go here to get a D-U-N-S number: dnb.com/duns-number/get-a-duns.html.

A D-U-N-S number is how Dun and Bradstreet gets your company into their system. And a D-U-N-S number plus 3 payment experiences leads to a PAYDEX score. A payment experience is a record of a purchase from a business which reports to a credit reporting agency. In this case, Dun and Bradstreet. Once your business is in Dun and Bradstreet’s system, search Equifax and Experian’s sites for your business. You can do so at creditsuite.com/reports.

Your Experian Business Credit Report

Business credit is in a business’s name. And it depends on how well a company can pay its bills. But Experian uses both consumer and business credit data to gauge risk.

They have found that blended data and reports work a lot better for them. For troubled businesses, blended scores dropped an average of 30% over the four quarters leading up to a bad event. The owner’s consumer scores showed no statistically significant decline during the same period.

53% of the time, the first signs of credit problems were on the business credit reports. 46% of the time, the first signs of credit problems were on the owner’s personal report. Blended scores outperformed consumer or business alone by 10 – 20%.

Per Experian:

“By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses”

You Must Get Set Up with Experian

Get a BIN (Business Identification Number) from Experian. Experian’s BizSource assigns a BIN.

How Long Data Stays on Your Reports at the Different Credit Bureaus

Per Experian Business, bankruptcies stay for 7 to 10 years. Chapter 13 bankruptcy rolls off your credit report 7 years from the filing date. While Chapter 7 bankruptcy stays for 10 years from the filing date. Trade data stays on for 36 months. Judgments, collections, and tax liens stay on for 6 years and 9 months. UCC filings stay on for 5 years. See experian.com/small-business/how-long-credit-report. There are similar time frames for the two other big business credit bureaus.

Keep your business protected with our professional business credit monitoring.

Your Experian Business Credit Report: The Particulars

We’ll look at a Typical Experian Business Credit Advantage SM Report. Experian provides a sample report where you can get an idea of what to expect. Experian changes its reports at times. So the best, most accurate and up to date source for this info is the Experian website. Find it online at https://sbcr.experian.com/pdp.aspx?pg=Sample-BCAI&hdr=report.

Business Background Information

The first part of a report has:

Name
Address
Main phone number
Experian BIN
Annual sales
Business type (corporation, etc.)
Date Experian file established
Years in business
Total number of employees
Incorporation date and state

Experian Business Credit Score

Business Credit Scores range from 1 to 100. Higher scores mean lower risk. This score predicts the chance of serious credit delinquencies within the next 12 months. This score uses tradeline and collections info, public filings as well as other variables to predict future risk. This part of the report has a graph to show the score.

Key Score Factors:

Number of commercial accounts with terms other than Net 1-30 days
The number of commercial accounts that are not current
Number of commercial accounts with high utilization
Length of time on Experian’s file

Experian Financial Stability Risk Rating

Financial Stability Risk Ratings range from 1 to 5. Lower ratings indicate lower risk. A Financial Stability Risk Rating of 1 indicates a 0.55% potential risk of severe financial distress. So this is within the next 12 months.

Experian puts all businesses in one of five risk segments. This rating predicts the chance of payment default and/or bankruptcy, in the next 12 months. This rating uses tradeline and collections data. It also uses public filings and other variables to predict future risk.

Key Rating Factors:

Number of active commercial accounts
Risk associated with the business type
Risk associated with the company’s industry sector
Employee size of business

Credit Summary

This part has several counts of various data points. For the most part, the details are further within the report.

The data outlined shows:

Current Days Beyond Terms (DBT)
Predicted DBT for a particular date
Average industry DBT
Payment Trend Indicator (stable, or not)

This part also shows:

Lowest 6 month balance
Highest 6 month balance
Current total account balance
Highest credit amount extended
Median credit amount extended
Number of payment tradelines
Also, how many lender consortium experiences
Number of business inquiries
Number of UCC Filings

Payment Trend Summary

This part starts with two graphs. They show the company in question versus its industry on Monthly payment trends and Quarterly payment trends.

These are percentages of on-time payments by month and quarter, respectively.

This part then shows tables with recent payment info by month and quarter. Then there are three more graphs:

Continuous Payment Trends: continuous distribution with DBT (days beyond terms)
Newly Reported Payment Trends: newly reported distribution with DBT
Combined Payment Trends: combined distribution with DBT

Trade Payment Information

This next part shows details on payment experiences (financial trades). There is also data on lender consortium experiences (financial exchange trades):

Tradeline experiences (continuous trades)
Aged trades
Payment trend detail
There is also a link to send any missing payment experiences

Keep your business protected with our professional business credit monitoring.

Inquiries, Collection Filings, and Collections Summary

The Inquiries part shows the industry making the inquiry and a total made during a given month. The Collection Filings sector has the date, name of the agency, and status (open or closed). If a collection is closed, the Collection Filing sector also shows the closing date. The Collections Summary shows: status, number of collections, dollar amount in dispute, and amount collected (even if $0).

Commercial Banking, Insurance, Leasing

For leasing, this part shows:

Leasing institution name and address
Product type
Lease start date and term
Original and remaining balances
The scheduled amount due
Also the number of payments per year
The number of payments which are current, late, or overdue

Judgement Filings

This part shows:

Date and plaintiff
Filing location
Legal type and action
Document number
Liability amount

This part shows cases where the company in the report is plaintiff or defendant.

Tax Lien Filings

This part has:

Date and owner
Filing location
Legal type and action
Document number
Liability amount
Description

UCC Filings

This part has:

Date
Filing number
Jurisdiction
Secured party
Activity (filed, or not)

UCC Filings Summary

This part shows:

Filing period
Number of cautionary filings
Total filed
Also the total released
Total continued
Amended/Assigned

Cautionary UCC Filings have one or more of the following collateral:

Accounts
Accounts receivable
Contracts
Hereafter acquired property
Leases
Notes receivable, or
Proceeds

Score Improvement Tips

Experian offers suggestions on how to improve your reports. Such as:

Get net-30 terms, if possible, from existing and future tradeline suppliers
Pay accounts on time or work with the tradeline supplier on a payment plan so a business is not delinquent
Lower credit utilization
Make sure all the data in the report is correct

Disputing Issues with Your Experian Business Credit Report

None of the different business bureaus will change your scores without proof. They are starting to accept more and more online disputes. But include proofs of payment with it. These are documents like receipts and cancelled checks.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute as crystal clear as possible. If you need to snail mail anything in, use certified mail. This is so that you have proof that you sent in your dispute. With all the different credit bureaus, be specific about the concerns with your report.

You can correct Experian issues at: experian.com/small-business/business-credit-information.

Monitoring Experian Credit Scores and Reports

The costs of monitoring at all three big business credit reporting agencies can add up fast. At Experian, your best (least expensive) bet would be a Business Credit Advantage. Subscription Plan. It currently costs $189 per year. See sbcr.experian.com/pdp.aspx?pg=Sample&link.

Monitor Business Credit at D&B, Experian, and Equifax for Less

All of Experian’s reports are expensive! But did you know that you can get business credit monitoring for all 3 of the big business CRAs. And all in one place – for less? Credit Suite offers monitoring through its Business Finance Suite (through Nav). See what credit issuers and lenders see. So you can directly improve your scores and get the business credit and funding you need. See suitelogin.com and creditsuite.com/monitoring.

Your Experian Business Credit Report: Takeaways

So Experian has revamped their reports dramatically. They no longer use the term ‘Intelliscore’. This major business credit reporting agency is committed to correct data, and to helping companies improve their reports. To monitor Experian, Equifax, and Dun and Bradstreet for a lot less, monitor through Credit Suite!

The post Get to Know Your Experian Business Credit Report appeared first on Credit Suite.

What Makes the 3 Different Credit Bureaus Unique

There are Three Different Credit Bureaus – But What are the Real Differences Among Them?

What distinguishes the three different credit bureaus? And can you use that information to your advantage?

Business Credit Reporting Agencies

There are three different credit bureaus for business: Dun & Bradstreet, Experian, and Equifax. FICO SBSS and CreditSafe are also players.

In the business world Equifax and Experian are up there, but it’s Dun & Bradstreet which is the major player. In the consumer world the three main reporting agencies (TransUnion, Equifax, and Experian) have a similar number of consumer records. This has to do in large part with them splitting up the smaller reporting agencies between them over many decades.

But in the business world, D&B has more than 10 times the records of the next closest reporting agency. In the business credit world there really is one major player, with two other much smaller ones. See dnb.com/about-us/company.html. It makes sense to start with D&B when comparing the business CRAs, because you’ll have to start the business credit building process with them anyway.

Dun & Bradstreet

D&B is the oldest and largest credit reporting agency. Go to D&B’s website and look for your business, at dnb.com/duns-number. Can’t find it? Then get a free D-U-N-S number. You will always need a D-U-N-S number to start building business credit. Go here to get a D-U-N-S number: dnb.com/duns-number/get-a-duns.html.

D&B Scores

A D-U-N-S number is how D&B gets your company into their system. And a D-U-N-S number plus 3 payment experiences leads to a PAYDEX score. A payment experience is a record of a purchase from a business which reports to a credit reporting agency. In this case, D&B. Once you are in D&B’s system, search Equifax and Experian’s sites for your business. You can do so at creditsuite.com/reports.

D&B Reports

D&B offers database-generated reports. In general when D&B does not have all of the data they need, they will indicate as much in their reports. But missing data does not necessarily mean a company is a poor credit risk. Instead, the risk is unknown. To ensure as accurate a report as possible, give D&B your company’s current financial statements.

Dun & Bradstreet Scores

PAYDEX is probably the best-known D&B score. Some others are:

D&B Rating
Delinquency Predictor
Financial Stress Score
Supplier Evaluation Risk Rating

To look at a sample Business Information Report, go to products.dandb.com/download/2019_BIR-Snapshot-Report.pdf

PAYDEX Score

PAYDEX is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid its bills over the past year. D&B bases this score on trade experiences which various vendors report. The score ranges from 1 to 100. Higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills.

What Influences Your PAYDEX Score?

Larger bills get more weight in the calculation. D&B gathers payment experiences from suppliers and vendors a firm does business with. Each experience reflects a different supplier and reflects how bills are met within relation to the terms granted. Up to 875 payment experiences are used to generate the PAYDEX Score. And up to 80 representative payment experiences are reported in your credit report.

PAYDEX Numbers

D&B has created risk categories to make it easier to translate a PAYDEX score into understandable risk groups:

PAYDEX 80-100: Low risk of late payment
PAYDEX 50-79: Moderate risk of late payment.
and PAYDEX 0-49: High risk of late payment

D&B takes a proactive approach to notify you when a change in your PAYDEX score is bringing you closer to a different risk category

Improving Your PAYDEX Score

Addressing any problems head-on is a useful strategy. Hence if your business is regularly late with payments, then you should address issues of organization and perhaps time management. Since the score is dollar-weighted, you quite literally get more bang for your buck by paying your bigger bills first. And because it reflects trends, you can help out your business by starting a practice of paying on time and sticking with it.

D&B Business Information Reports

For a snapshot of your business’s financial health, the best report to get is probably a Business Information Report. Currently, it costs $139.99. You can get a Business Information Report on your own business or on a company you’re considering doing business with.

Along with a PAYDEX score, a D&B Business Information Report contains:

Trade payments (summary and by industry)
Trade line specifics with dollar amounts and terms
Legal events
Company events (mainly concerning ownership and management)
A company family tree showing ownership specifics

Risk Assessment Summary

A Business Information Report also contains a Risk Assessment Summary. It shows:

Maximum credit recommendation
PAYDEX
Delinquency Predictor percentile
Financial Stress percentile
Supplier Evaluation risk

Correcting Your D&B Credit Scores and Reports

Get your report from D&B at www.dnb.com/about-us/our-data.html. Update the relevant information if there are mistakes or the information is incomplete. At D&B, you can do this at: dnb.com/duns-number/view-update-company-credit-file.html.

Keep your business protected with our professional business credit monitoring.

Experian Business Credit

Experian is a whole other ballgame. While business credit is credit which in a business’s name, and it depends on how well a company can pay its bills, Experian uses both consumer and business credit information to gauge risk.

“By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses”

You Will Need to Get Set Up with Experian

Get a BIN (Business Identification Number) from Experian. Experian’s BizSource assigns a BIN.

Experian’s Blended Score

This is summary information on a business and its owner. For troubled businesses, blended scores dropped an average of 30% over the four quarters leading up to a “bad” event. 53% of the time, the first signs of credit problems were on the business credit reports. And 46% of the time, the first signs of credit problems were on the owner’s personal report. Blended scores have been found to outperform consumer or business alone by 10 – 20%.

Experian CreditScore ^SM Report

With this report, you get an Experian Business Credit Score (Intelliscore). It includes the Experian Financial Stability Risk Rating. It also has information on derogatories like judgments, tax liens, and bankruptcies. You can learn about any fictitious business name information in the file. As of the fourth quarter of 2020, this report costs $39.95.

Experian BizVerify Report

This is a more basic report but it has less in it. As of the fourth quarter of 2020, this report costs less than $20. It is Experian’s snapshot view of a business credit file. Use this report to verify if a new business is in their National Business Database.

This brief summary report provides any available information on a business’s registration information. This is even for businesses that have not yet established an Experian business credit score. This isn’t much of a monitoring product; it’s more to make sure a business is in Experian’s records.

Improving Your Company’s Experian Report

Make sure vendors are reporting your payments, and not just with Experian. Pay bills early or on time, in full. For Experian, historical behavior (payment history) = 5-10% of total score. Try to maintain your personal credit utilization at about 20 – 30% of your limits or less. Don’t close positive accounts even if you no longer use them. And try to avoid derogatories like liens.

Keep your business protected with our professional business credit monitoring.

Equifax

This company gets its data from:

A data sharing agreement with the Small Business Exchange
Net 30 type industry trade credit information from a wide variety of suppliers
These suppliers provide products and services to businesses on an invoice basis

Equifax scores answer one basic question. How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.

Scores

Equifax has a few main scores:

Small Business Credit Risk Score for Financial Services
Small Business Credit Risk Score for Suppliers
The Small Business Failure Risk Score
Payment Trend
Payment Index

Check out a sample Equifax business credit report at https://assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.

Equifax Business Risk Monitor for Small Business

You can get risk score alerts. You can learn about potential risk based on a significant negative change to any of four predictive risk scores. They are the Business Credit Risk Score, Payment Index, Business Failure Score, and Business Delinquency Score.

Currently, this online product is not available as Equifax upgrades its Member Center. See equifax.com/business/business-risk-monitor.

FICO SBSS (in brief)

A FICO SBSS score is different from other business credit agency scores. With other credit reports from business credit reporting agencies, you can get a copy of your credit report and know where you stand. But this is not so with the FICO SBSS. Also, it can differ from lender to lender. The SBA requires a FICO SBSS score of at least 150 to lend to a business.

CreditSafe (in brief)

Credit reporting agency CreditSafe has the biggest wholly owned database in the industry. They gather data from local, trusted partners and combine it with a scoring algorithm. CreditSafe administers a global network of leading commercial credit reference agencies. They have live data streams for over 70 countries but are less well known than the others. See: creditsafe.com/us/en/more/about/our-data.html.

Keep your business protected with our professional business credit monitoring.

How Long Data Stays on Your Reports at the Different Credit Bureaus

Per Experian Business, bankruptcies stay for 7 to 10 years. Chapter 13 bankruptcy rolls off your credit report 7 years from the filing date, while Chapter 7 bankruptcy stays for 10 years from the filing date. Trade data stays on for 36 months. Judgments, collections, and also tax liens stay on for 6 years and 9 months. UCC filings stay on for 5 years. See experian.com/small-business/how-long-credit-report. There are similar time frames for the different credit bureaus.

Disputing Issues with Your Credit Scores and Reports at the Different Credit Bureaus

None of the different business bureaus will change your scores without proof. They are also starting to accept more and more online disputes. Also include proofs of payment with it. These are documents like receipts and cancelled checks.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute as crystal clear as possible. If you need to snail mail anything in, then use certified mail so that you will have proof that you sent in your dispute.

Correct Experian issues at: experian.com/small-business/business-credit-information. Also, you can correct Equifax issues at: equifax.com/small-business-faqs/#Dispute-FAQs.

With all the different credit bureaus, be specific about the concerns with your report. D&B wants you to go through their Customer Service. You can also go through D&B Customer Service to add payment experiences. D&B’s Customer Service contact number can be found at dandb.com/glossary/paydex.

Monitoring D&B Credit Scores and Reports

Business credit reports are not always perfectly correct. All of the major CRAs are committed to accuracy. But you won’t know there are errors unless you monitor your business credit reports.

For D&B only, you can monitor your reports via CreditMonitor. It currently costs $39/month. See dnb.com/products/small-business/credit-monitor.html.

Monitoring Experian Credit Scores and Reports

The costs of monitoring can add up fast. At Experian, your best (least expensive) bet would be a Business Credit Advantage. Subscription Plan. Also, it currently costs $189 per year. See sbcr.experian.com/pdp.aspx?pg=Sample&link.

Monitoring Equifax Credit Scores and Reports

At Equifax, you would use Equifax Complete. It currently costs $19.95 per month, after an offer of 30 days for $4.95. See equifax.com/equifax-complete/Equifax.

Monitoring Your Business Credit Scores and Reports

Add these all together for a year and it’s $468 for D&B, $189 for Experian, and $224.40 for Equifax (with the special). For a grand total of $881.40!

Monitoring Your D&B, Experian, and Equifax Credit Scores and Reports

You can monitor your business credit at D&B, Equifax, and Experian through Credit Suite, for considerable savings over what it would cost you at those different credit bureaus. Also, it’s all in one place! Credit Suite offers monitoring through the Business Finance Suite (through Nav). See what credit issuers and lenders see so you can directly improve your scores and get the business credit and funding you need. See suitelogin.com and creditsuite.com/monitoring.

The Three Different Credit Bureaus: Takeaways

The different credit bureaus are similar but not identical. D&B is the largest and a D-U-N-S number is an absolute necessity for business credit building. Experian gets some of its scoring from your personal credit habits. Equifax gets much of its data from the Small Business Financial Exchange. CreditSafe and the FICO SBSS are also players in this space.

Monitoring all this is expensive. But you can save 90% by monitoring your D&B, Experian, and Equifax scores through Credit Suite.

The post What Makes the 3 Different Credit Bureaus Unique appeared first on Credit Suite.

A Complete Guide To Using Business Credit to Buy Real Estate

If you need to buy commercial real estate, it is probably best to do with business credit rather than a personal loan. Of course, if you can buy real estate with any loan at all, that’s even better. But how would you do that? How do you go about using business credit to buy real estate? What is business credit exactly? These are all questions that you need answered.

The Ins and Outs of Using Business Credit to Buy Real Estate

To put it simply, business credit is credit you get based on the creditworthiness, or fundability, of your business, no you the owner.

Find out why so many companies use our proven methods to get business loans.

So, what are the options for funding real estate? There are a few! If you are using business credit to buy real estate, you can do a commercial loan or hard money loan. If you want to try to reduce the amount of debt you have to take on, you can try crowdfunding a well. You may get all you need, but you may need to combine funding methods.

Real Estate Crowdfunding

Crowdfunding real estate is not all that different from crowdfunding anything else. You use a crowdfunding platform, and others on the platform can donate, or invest, in your cause as they see fit. It began the JOBS Act of 2012. Small businesses gained relief from a lot of requirements in place by the SEC. These requirements held many businesses back.

Though similar to crowdfunding for small businesses, crowdfunding real estate investing isn’t exactly the same. Most of those that list on real estate crowdfunding sites are commercial real estate businesses. They are seeking funding for their endeavors. Anyone can invest in commercial real estate. This is similar to investing in the stock market. Then they can enjoy the returns without actually buying an entire piece of commercial property.

As a result, commercial real estate investors can raise equity and avoid a loan. At the same time, individuals can enjoy the benefits of commercial real estate investing for as little as $500.

Benefits of Equity Crowdfunding for Real Estate Investors

First, you can raise funds without debt. This is the same reason crowdfunding is a popular way to fund a small business startup. It isn’t free money. There are fees and profit sharing involved. It is often substantially cheaper than borrowing the funds, however.

Real Estate Financing Using Hard Money

If you struggle with bad credit, hard money loans are an option. The loans are asset-based. They can fund any real estate investment. They are based on the property value. This means, there is no need for background checks or credit scores. Some lenders even offer hard money loans based on the after-repair value of a building.

Since it’s based on the real estate value , a borrower with poor credit can get these loans. Hard money loans are fast, sometimes even within 24 hours of application.

Interest rates can be very high, some even up to as much three times that of banks. Terms can be very short, like 6 – 18 months, versus a standard 30-year mortgage.

Plus, a hard money lender wants you to have some money in the project as well. Typically at least 10% of your own money is required. That way, the lender knows their interests are protected because you don’t want to lose your money. Hard money loans are usually not subject to consumer lending regulations.

Commercial Real Estate Loans

Commercial real estate is income-producing property that is solely for business purposes, not residential. Examples include retail malls, professional offices such as for medical professionals, office buildings and complexes, and auto dealerships. Financing, including the purchase, development, and construction of these properties, often comes from commercial real estate loans. These are mortgages secured by liens on the commercial property.

Commercial real estate loans are often made to business entities. These include developers, corporations, limited partnerships, and funds and trusts. These entities are sometimes formed for the specific purpose of owning commercial real estate.

Find out why so many companies use our proven methods to get business loans.

However, such a business entity may not have a financial track record or any credit rating. In that case the lender may require the principals or owners of the entity to guarantee the loan.

The owner then puts their property on the line. In case of loan default, the lender can recover from them.

If the lender does not require this type of guarantee, and the property is the only means of recovery in the event of loan default, this debt is a non-recourse loan. It means the lender has no recourse against anyone or anything other than the property.

What are Typical Commercial Loan Terms for Real Estate?

Using business credit to buy real estate usually means shorter loan terms. Usually, they range from less than 5 years to 20 years rather than the typical 30 year residential mortgage. The amortization period is often longer than the term of the loan.

Amortization is an accounting technique. Its use is to periodically lower the book value of a loan or intangible asset over a set period of time.

For example, a lender might make a commercial loan for a term of eight years, with an amortization period of 30 years. Then, the borrower would make payments for eight years, of an amount based on the loan being paid off over 30 years.

Then one final balloon payment of the entire remaining balance on the loan is due at the 8 year mark.

The length of the loan term and the amortization period affect the rate the lender charges. Depending on the credit strength of the borrower, these terms may be negotiable. However, general, the longer the loan repayment schedule, the higher the interest rate.

Credit Suite Options for Funding Real Estate Investments

These options are all viable, but some work better than others. It can be hard to determine what will work best for you.

Credit Suite has commercial real estate financing that you should check out. It ranges from $100,000 – $10,000,000. This financing can be used for refinancing a property, even if you are doing a cash-out refinance. The maximum LTV 70% and loan-to-values range from 55 – 65%, depending on the purpose of the loan. Renovations get loan-to-value of up to 60%. Credit Suite has funding programs available including:

conventional property financing
money for investment properties and hard money loans
bridge loans and
loans for the purchase of commercial real estate

Credit Suite offers financing for various, and even unique, property types. You can get funding for offices, industrial offices, industrial facilities, light manufacturing buildings, self-storage facilities, mixed use properties, commercial condos, auto dealerships, light auto services, day cares, assisted living facilities, entertainment venues, multi-family properties, retail warehouses, and more.

Find out why so many companies use our proven methods to get business loans.

How a Business Credit Expert Can Help

If you plan on using business credit to buy real estate, you can do so even if your personal credit score isn’t great. However, you may get better terms and interest rates if you have a strong business credit score also. A business credit expert can help you evaluate your fundability and guide you as you navigate the process of increasing fundability and building a strong business credit score.

The post A Complete Guide To Using Business Credit to Buy Real Estate appeared first on Credit Suite.

Get a Credit Card Cash Back

Can You Get a Credit Card Cash Back for Your Business?

Are you looking for a credit card cash back? It is possible.

We researched lots of company credit cards for you. So, here are our choices.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more money with company credit cards.

And you will not need collateral, cash flow, or financials to get small business credit.

Business Credit Card Benefits

Benefits can vary. So, make sure to pick the benefit you would prefer from this selection of alternatives.

Getting cash back might not make sense if you have to pay too much per year for a card – or if you don’t use its perks. So think it over carefully.

And always check rates on the appropriate website.

Get a Terrific Credit Card Cash Back

Credit Card Cash Back with Flat-Rate Rewards

Capital One ® Spark® Cash for Business

You can get a $500 one-time cash bonus after spending $4,500 in the initial three months from account opening. Get unlimited 1.5% cash back with Cash Select.

You will need great to outstanding credit to qualify.

You can find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Credit Card Cash Back with Flat-Rate Rewards and No Annual Cost

Discover it® Business Card

Check out the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match at the end of the first year. There is no minimal spend requirement.

You can download transactions quickly to Quicken, QuickBooks, and Excel. Note: you will need good to outstanding credit to qualify for this card.
https://www.discover.com/credit-cards/business/

Score the best business credit cards for your business. Check out our professional research.

Credit Card Cash Back with Bonus Categories

Ink Business Cash℠ Credit Card

You can get 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on web, cable, and phone services each account anniversary year.

You will need exceptional credit to qualify for this card.

You can find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Credit Card Cash Back with Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

You will need superb credit to qualify.

You can find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/

Get an Outstanding Business Credit Card Cash Back with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

You can find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Score the best business credit cards for your business. Check out our professional research.

Business Credit Cards with a 0% Introductory APR – Pay Zero!

American Express® Blue Business Cash Card

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. After that get 1%.

It has no yearly fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 13.24 – 19.24%.

You will need great to excellent credit to qualify.

You can find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Flexible Financing Credit Cards – Check Out Your Alternatives!

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

But you will need excellent to exceptional credit scores to qualify.

You can find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Pay a 0% introductory APR for 9 months. Then pay 13.99% – 23.99% variable APR after that.

You will need good to exceptional credit to qualify.

You can find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Score the best business credit cards for your business. Check out our professional research.

The Very Best Small Business Credit Card Cash Back with for You

Your straight-out ideal company credit cards depend upon your credit history and scores.

Just you can choose which features you want and need. So, to do your research. What is outstanding for you could be disastrous for another person.

And, as always, make sure to develop credit in the recommended order for the best, speediest benefits.

The post Get a Credit Card Cash Back appeared first on Credit Suite.

You Can Boost Credit Score Fast

Did You Know You Can Boost Credit Score Fast?

Yes, you really can boost credit score fast for your business.

But let’s start with some definitions and background on business credit.

Business Credit

This is credit in a business’s name. It is not tied to the owner’s creditworthiness. Instead, business credit scores depend on how well a company can pay its bills. Hence consumer and business credit scores can vary dramatically.

Business Credit Benefits

There are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. And there is no personal credit reporting of business accounts. Business credit utilization won’t affect your consumer FICO score. Plus the business owner isn’t personally liable for the debt the business incurs. And yes, you can boost credit score fast.

Business Credit Details

Being accepted for business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive, and some of them are not.

Fundability

Fundability is the current ability of our business to get funding. Some factors are within your control. Others (like your time in business) aren’t. Your online presence and data are one area which is at or close to 100% with your control.

Boost Credit Score Fast: Understand Fundability, and Business Funding Applications

The better your business credit and fundability are, the more likely you will get approval for business financing. Today, let’s concentrate on your online presence, that is, your email address and your website. It’s a great way to work to boost credit score fast.

Lenders Use Data to Decide on Your Application

They check information from a variety of sources, and they don’t tell you about any of them. Knowing what these secret sources measure can only help you. Understanding what matters the most makes getting a loan A LOT easier, because you know what to improve first. This information is the difference between getting an approval and getting a denial.

Lenders Use LexisNexis Information

LexisNexis is one source where many of the lenders reviewing loan applications get their information from. They offer information regarding likelihood to pay, or not. Lenders compare LexisNexis information to what you put on your loan application. If the application and LexisNexis don’t match, then, the loan providers will deny you a loan. They will see the inconsistency as fraud.

LexisNexis connects all of the data that pertains to you, both positive and negative. They have access to

criminal records
every email address you’ve ever used (these are your professional and personal email addresses)
your speeding tickets
any mortgage you have ever held

Keep your business protected with our professional business credit monitoring.

Lenders Use Online Information Including Your Business Email and Website

One place where lenders and vendors will be looking for your business is online. Even if they’re not specifically checking out your online presence, they may still need to know how to order your product or service, or where to send praise or complaints. Your online presence is where they will find that information, or not.

Boost Credit Score Fast and Work on Your Website

What happens if your family member or a friend built your website? Maybe that person is talented, but business websites differ from personal ones. A business website needs to be easy to navigate. It needs to answer customers’ questions.

Styles differ. Wedding photographers and construction companies differ. They have dissimilar sites and design sensibilities, but they both have Contact and About pages, and information about what they do.

Make sure you own your domain, and not just your domain at Wix or WordPress or the like. You can do this by buying hosting. This is through hosting companies like GoDaddy or HostGator.

Your Email Address

Given that so much more of lending decisions is going on online these days, then your email address is an opportunity for your business to puts its best foot forward. Don’t squander this easy and free opportunity! General email addresses like admin@yoursite.com tend to be best.

With a general email address, if someone leaves your employ, another employee can seamlessly take over that email address. A username like admin, webmaster, or even hello is far, far better than cutiepie or the like, even if you’re in a playful industry that caters to kids. After all, your bank and banker aren’t.

Records Congruency

Keep your records consistent! This includes your online records. LexisNexis and the SBFE (Small Business Financial Exchange) are looking at everything, so it had better match.

Inconsistent records will lead to a denial due to fraud because that’s how lenders interpret inconsistencies. This is a cause of denials which is in the business owner’s hands. You have the ability to change and correct this.

This means your business name, address, phone number – everything! – must look the same in these places and more:

Every place your business has an online presence (your website, Yelp, SoTellUs, etc.)
IRS records
Your business’s records with Dun & Bradstreet, Experian, and Equifax
All licenses needed to run your business
Incorporation documents

Copy/paste this information; don’t chance it with retyping.

Keep your business protected with our professional business credit monitoring.

Boost Credit Score Fast with Fundable Business Credit Applications – Avoid Denials

Keep your business looking fundable (legit) with:

A professional website and email address
A toll-free phone number
List your phone number with 411
A business address (not a PO box or a UPS box)
Get all necessary licenses for running your business

Online Fundability

There are some aspects of fundability where you should pay particular attention to what’s going on online. They include:

Business owners listed and listed ownership uniform
Business name and address uniform
Industry aligned
Company domain
Information uniform on all records

Business Ownership Listings

Records consistency matters here, too. Your website should show who owns your business. And that information needs to be consistent. So if the owner is named Susan Johnson on your website’s About page, then she can’t be listed as Sue Johnson on your Contact page. If your business ownership changes, you need to show that here.

Business Name and Address Uniformity

Abbreviations can be your downfall here, as can punctuation like hyphens, commas, and colons. If your Contact page says your main office is on Main Street, then your About page can’t say it’s on Main St.

If your business moves, or you add subsidiaries and other locations, then you need to update that information everywhere. This even means whether you use your 5-digit ZIP code, or a ZIP plus 4 code (9 digits).

Keep your business protected with our professional business credit monitoring.

Industry Alignment

If your business is over the road trucking, then it needs to be listed that way. Pro tip: when your industry can be called several different names, like long distance trucking, mention those other phrases on your website.

Your Company Domain

When your company domain matches your business name, it helps with fundability. Pro tip: try to match what people will be searching for online, so if (for example) the word ‘brothers’ is in your company name, then determine if ‘brothers’ or ‘bros’ will be used by people searching for your company and its goods and services online.

Boost Credit Score Fast: Takeaways

More fundable businesses can get more money, and they tend to get more prospects who decide to become customers. One area of fundability you have total or near total control over is your business’s online presence. Keep it professional, uniform. and appealing, and easy to use. We can help you with even more aspects of fundability and you can boost credit score fast!

The post You Can Boost Credit Score Fast appeared first on Credit Suite.

Credit Card for Bad Credit Score

Are You Looking for a Credit Card for Bad Credit Score?

Did you know that it’s possible to get a credit card for bad credit score? Yes, really!

We researched lots of company credit cards for you. So, here are our choices.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more money with company credit cards.

And you will not need collateral, cash flow, or financials to get small business credit.

Credit Card for Bad Credit Score: Business Credit Card Benefits

Benefits can vary. So, make sure to pick the benefit you would prefer from this selection of alternatives.

And always check rates on the appropriate website.

Credit Card for Bad Credit Score, Not Calling for a Personal Guarantee

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

Nevertheless, they do not accept every industry.

Likewise, there are some industries they will not work with, as well as others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Credit Card for Bad Credit Score: for Fair Credit

Capital One® Spark® Classic for Business

While this card is within reach if you have average credit scores, beware of the APR. However if you can pay on schedule, and completely, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Score the best business credit cards for your business. Check out our professional research.

Credit Card for Bad Credit Score for Extravagant Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Check out the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 20.99%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is great for travel if your expenses do not fall into standard bonus categories. You can get unlimited double miles on all purchases, with no limits. Earn 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an introductory bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a good to excellent FICO score to qualify.

Earn 50,000 bonus miles if you spend at least $4,500 within 3 months of your rewards membership enrollment date

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Score the best business credit cards for your business. Check out our professional research.

Hotel Credit Card

Marriott Bonvoy Business American Express® Card

Take a look at the Marriott Bonvoy Business Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 15.74 – 24.74%. You will need good to superb credit to get this card.

Points

You can earn 100,000 Marriott Bonvoy points after using your card to make purchases of $5,000 in the initial 3 months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and filling stations. And you can get 4x the points on wireless telephone services purchased directly from American service providers and on American purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can earn one more free night after you spend $60,000 on your card in a calendar year.

You get free Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on qualified purchases in a calendar year and get an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

Not Qualifying for a Credit Card for Bad Credit Score? Then Try Working with a Credit Partner

Our Credit Line Hybrid could be within reach. But the trick is to work with a credit partner.

If your credit partner has good personal credit, then a hybrid credit line could be the perfect solution.

How Much You Can Get

You can get up to $150,000, even if your business is a startup.

Qualifying for Our Credit Line Hybrid

To qualify, your credit partner’s personal credit score should be at least 685. And they can’t have any liens, judgments, bankruptcies, or late payments. Plus, in the past 6 months they should have fewer than 5 credit inquiries. And they should have less than a 45% balance on all business and personal credit cards.

It’s better if you or they have established business credit as well as personal credit. See creditsuite.com/business-loans.

Score the best business credit cards for your business. Check out our professional research.

You Won’t Need a Credit Card for Bad Credit Score if You Improve Your Personal Credit – Here’s How

Your personal credit score comes from a few basic measurements.

One is the mix of credit you’ve got. Hence, if you only have a credit card, getting an auto loan can enhance your credit mix.

Another is the number of recent inquiries. This is about the best argument against credit shopping. And inquiries stay on your personal credit report for years! So try to curb any tendencies you might have to shop around for credit.

More Ways to Improve Your Personal Credit Score

The average age of your accounts also comes into play. Therefore, if you aren’t using a card anymore – do not cancel it! But recognize that, eventually, the credit issuer will close it. As a result of this situation, if you won’t be tempted to overspend – try to use a less often used card maybe once every couple of years.

Yet another factor is your utilization percentage. That’s a simple math formula – it’s just used credit divided by total available credit. And this is for both individual cards and all of your credit. Try to keep this percentage under 30% if you can.

The Biggest Way to Improve Your Personal Credit Score

We saved the best for last! Your best way to improve your personal credit score is to just pay your bills on time, and in full. Just paying the minimum amount every month will never get you out from under debt. It’s essentially designed to keep you in debt, indefinitely.

Responsible financial stewardship will never steer you wrong – and then you’ll have a lot more credit card choices.

The Very Best Credit Card for Bad Credit Score for You

Your straight-out ideal company credit cards depend upon your credit history and scores.

Just you can choose which features you want and need. So, to do your research. What is outstanding for you could be disastrous for another person.

And, as always, make sure to develop credit in the recommended order for the best, speediest benefits.

The post Credit Card for Bad Credit Score appeared first on Credit Suite.

How to Get a Business Loan with Bad Credit

Can you get a business loan with bad credit? If you already own a business, it’s a little easier. For starting a business, it’s a little more difficult. You don’t have all the options you may have if your business is already established. For example, you do not have receivables to finance or credit card purchases to use to get a merchant cash advance. That does not mean there are no options however.

Can You Get A Business Loan with Bad Credit to Start a Business?

There are options for starting a business, even if you have no money and less than stellar credit. Some of the options are loan options, and some of them are something different all together. You can get a business loan with bad credit, but it will not come without a cost.

Collateral

Most of the options for a business loan with bad credit are going to require collateral. Here are some of those options.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

SBA Loans

There are many SBA loan programs. For starting a business, the 7(a) program seems to be the most useful. As the Small Business Administration’s flagship loan program, it offers federally funded term loans up to $5 million. You can use the funds for a number of things, including expansion, purchasing equipment, working capital, and even starting a business. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

The minimum credit score to qualify is 620, and there is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. In the case of startups, business experience equivalent to two years will suffice. Here’s the kicker. You have to have collateral worth up to 50% of the loan to get approval with the minimum credit score.

The 7(a) is by far the most popular of the SBA loan programs, and the funds are available for a broad range of projects, from working capital to refinancing debt, and even buying a new business or real estate.

401K Loan

If you have a 401K, you can take a loan from it to fund a business. You will be paying it back with interest, but the interest is being paid to yourself. Yet, there is an even better option than this for 401K financing to start a business.

The IRS calls it a Rollover for Business Startup (ROBS). Why is it better than a 401K loan? First of all, not all plans allow for loans. If your plan does, the IRS will only let you borrow up to 50%, up to $50,000, before you have to start paying taxes.

Also, with a 401k loan, you would be paying interest. That isn’t terrible, as you are paying interest to yourself. However, you will be making monthly payments, whereas with the 401K Rollover for Working Capital, there is no payment.

This is a unique program. It allows you to tap into your existing retirement account without penalties or taxable distributions. You also avoid loans, banks, or credit checks. There is no debt and no monthly payment.

The lender will ask for a copy of your two most recent 401(k) statements. If the plan has a value of more than $35,000, you can get approval. This is true even if you have really bad personal credit. You can get however much of your 401(k) is “rollable.”

The plan you use cannot be from a business where you currently work. It will have to be from previous employment. Also, you can’t still be contributing to it.

This type of funding can also help you build business credit.

Guarantor

If you do not have collateral and you have bad credit, you are probably going to need a guarantor. You can use a guarantor to get most types of loans. One great option is the Credit Line Hybrid.

A partner, friend, or family member with good credit can work as a guarantor.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Credit Line Hybrid

This is unsecured business funding. It allows you to fund your business without putting up collateral, and you only pay back what you use.

If you don’t have a guarantor, you have to have a minimum credit score of 680. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Furthermore, in the past 6 months you should have fewer than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.

Typically, approval is up to 5x that of the highest credit limit on the personal credit report. Often, you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.

The best part however, is that these accounts help build business credit as well.

You can use the cash you get from the Credit Line Hybrid to fund a down payment on an SBA loan if needed.

What If You Do Not Have Collateral or a Guarantor?

What if you cannot get a business loan with bad credit? Maybe you don’t have collateral or a guarantor? There are a few other possibilities. You can work with a crowdfunding crowdfunding company. The problem with crowdfunding is that, despite some companies finding success, success is the exception rather than the rule.

Angel investors are an option as well. These informal investors are often family or friends, but not always.

Another option is alternative lenders. These are non-bank lenders that will sometimes offer loans to businesses with lower minimum credit scores. They do look at other factors, like time in business and income. In fact, most of the time you have to be in business for at least 6 months.

That makes it hard, though not impossible, to get funding from alternative lenders to start a business.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

You Need a Plan, and Business Credit

Ok so, you need to figure out how to get the funding to start. Explore all your options, including finding a guarantor, collateral, or tapping into your 401K. Often the best idea is to combine two or more funding sources to get things rolling. Still, however you start, begin building your business credit profile from the start.

Your business credit profile is similar to your personal credit profile, except that is solely for your business. It includes your business credit score, which is a way that lenders can determine how likely your business is to repay its debt, apart from you the owner.

The thing about a business credit score is, you have to be intentional about establishing and building it. The first step is setting your business up properly to be fundable from the start. Then, you can work on getting accounts that will report to your business credit profile and help you build your score.

Once you have a strong business credit score, it will be much easier to get a business loan with bad credit, because your personal credit will not be the only thing lenders consider. Don’t ignore it, because it can still affect things. However, it will no longer be the sole ruler of your financial future. Find out more today at CreditSuite.com.

The post How to Get a Business Loan with Bad Credit appeared first on Credit Suite.

Do You Have a Derogatory Account on Credit Report? Did You Know You Can Fix Issues in Your Public Records?

Fundability and Derogatory Account or More

Public Records and Any Derogatory Account

What if Your Derogatory Account is a Bankruptcy?

3 Types of Business Bankruptcy

Chapter 7 and Chapter 11

Chapter 7: Liquidation

Chapter 11: Business Reorganization

Chapter 11 and the Small Business Reorganization Act of 2019

Chapter 13: Adjustment of Debts for Individuals with Regular Income

Chapters 12 and 15

Correcting Bankruptcy Errors

What if Your Derogatory Account is a Lien?

Errors in Liens

Legal Judgments

Errors in Legal Judgments

Correcting Errors in Legal Judgments

What if Your Derogatory Account is a UCC Filing?

Errors in UCC Filings

Correcting Errors in UCC Filings

A Derogatory Account, and Correcting it – the Upshot

Best Way to Improve Credit Score, Both Personal and Business

Personal Credit Score vs. Business Credit Score: What You Need to Know

How You Establish Each Type of Credit Profile

Late Payments

Inquiries

Data Reported

Best Way to Improve Credit Score: Personal

Personal Credit Score Monitoring

Best Way to Improve Credit Score: Business

Business Credit Score Monitoring

There is More Than One Best Way to Improve Credit Score, and More Than One Credit Score to Improve

Check Out How to Get a First Time Business Credit Card

First Time Business Credit Card Benefits

Get a First Time Business Credit Card for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Get a First Time Business Credit Card for Fair Credit

Capital One® Spark® Classic for Business

Get a First Time Business Credit Card with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

American Express® Blue Business Cash Card

Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Flat-Rate Rewards and No Annual Cost

Discover it® Business Card

Bonus Categories

Ink Business Cash℠ Credit Card

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Get a First Time Business Credit Card with Flexible Financing

The Plum Card® from American Express

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

The Very Best First Time Business Credit Card for You

Do You Want to Learn About Your Experian Business Credit Report?

Business Credit

Business Credit Benefits

Business Credit Details

Fundability

Build Fundability on Business Credit Applications to Avoid Denials

Online Fundability

Business Ownership Listings

Business Name and Address Uniformity

Fundability: Industry Alignment

Your Business Email and Website: Company Domain

There are Three Different Credit Bureaus – But What Makes Your Experian Business Credit Report Special?

Dun & Bradstreet

Your Experian Business Credit Report

You Must Get Set Up with Experian

How Long Data Stays on Your Reports at the Different Credit Bureaus

Your Experian Business Credit Report: The Particulars

Business Background Information

Experian Business Credit Score

Experian Financial Stability Risk Rating

Credit Summary

More on the Credit Summary

Experian CreditScore ^SM Report