Here’s everything you need to know, including bold predictions, notable storylines, fantasy advice and score picks.
The post Our complete NFL Week 2 game guide: Keys to every matchup, score picks for all 15 games appeared first on Buy It At A Bargain – Deals And Reviews.
Bill Belichick is going to have to wait at least another week before he can own the second-most wins by an NFL coach in league history.
The Chicago Bears, led by gritty quarterback Justin Fields, beat the New England Patriots on Monday night, 33-14, as both Mac Jones and Bailey Zappe couldn’t figure out how to generate offense.
It was Jones getting the start for the Patriots for the first time in three weeks, as he’s been rehabbing a high ankle sprain. Because Zappe had success in his first career starts in these last two Patriots games, many believed he would continue as the starter. But Belichick decided to go with his original starter this season.
It didn’t last long.
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Jones would come out of the game after just three drives, which resulted in two three-and-outs and an interception that would be the backbreaker to his day. Jaquan Brisker read Jones on the third drive of the night for the Patriots, and made a one-handed interception to get the ball back in the hands of Fields.
Though nothing came of that turnover for the Bears, Fields and the offense were quick to capitalize on the early three-and-outs that the Patriots couldn’t fully come back from.
First, it was a field goal on an eight-play drive for the Bears to start their night in Foxboro. Then, Fields used his legs, as he did all night, to pick up the first touchdown of the game, a three-yard rush to make it 10 nothing in the first quarter.
BEARS’ JAQUAN BRISKER GETS PAYBACK AFTER PATRIOTS’ MAC JONES KICKS HIM IN GROIN
But the Patriots began to come back once Zappe took over under center, and the Gillette Stadium crowd went wild. He needed just four plays to find Jakobi Meyers on a 30-yard touchdown to make it 10-7, and then New England got the lead after Fields threw an interception when Rhamondre Stevenson rushed for a touchdown in the second quarter.
Just when the tides seemed to be turning in the favor of the home team, Fields once again led his team down the field, collecting his only passing touchdown of the game to running back Khalil Herbert, who took a screen 25 yards to the house.
That was the start of 23 unanswered points that would bury the Patriots and any chance of Belichick picking up his 325th career win. And it only seems fitting that George Halas, a Bears legend, is the one he’s looking to pass.
Zappe, remaining at quarterback, couldn’t muster anything positive as he either led drives to punts or turnovers following the Herbert score. Meyers would fumble a transfer on a run play that led to a Bears field goal to end the half, and then Zappe threw back-to-back interceptions in the fourth quarter.
BEARS DEFENSIVE LINEMAN SAYS ‘DEFLATEGATE’ IS ‘STILL GOING ON’ WITH PATRIOTS
Three field goals and a touchdown were put on the board by the Bears while the Patriots struggled, as running back David Montgomery crashed his way into end zone for a one-yard score in the fourth quarter to virtually ice the game.
It’s the Bears’ third win of the season and a better primetime performance than the one they put together against the Washington Commanders last Thursday.
As we mentioned, Fields was electric in this one, showing his toughness in the run and pass games. He finished the game with 179 yards through the air with one touchdown and one interception, while leading the team in rushing with 82 yards on 14 carries and a score. Montgomery and Hebert each had 62 yards on the ground as well.
Normally a strength of the Patriots, Stevenson was held to 39 yards on 11 carries. Zappe had his first bad performance since making his NFL debut against the Green Bay Packers three weeks ago. He had 185 yards on 14-for-22 with two interceptions and the touchdown pass.
The Bears remain on the road next week when they head to Dallas to face the Cowboys, while the Patriots will hope to give Belichick that win at MetLife Stadium against the New York Jets, a team he almost coached before heading to New England.
A football player at a Massachusetts high school received a surprise from the New England Patriots after becoming the first female to score a touchdown in the school’s history.
Brockton High School’s McKenzie Quinn had a big night Oct. 7 when she rushed for a touchdown against Dartmouth, marking her first touchdown in a varsity game and the first scored by a girl in the school’s 125-year history.
One big moment led to another when word of Quinn’s touchdown made its way to the New England Patriots.
Within five days, the team, including owner Robert Kraft, sent Quinn some memorabilia in celebration of the big score.
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The high school posted a picture of the personalized package on its social media pages thanking the team for the swag, which included an autographed Patriots football that read:
“To the Mighty Quinn –
A pat on the back to you and all who contributed to your historic TD! We love to see that you’re having a ball pursuing your passions. Continued success. The Patriots are rooting for you!
We are all Patriots.”
Quinn reportedly began playing football when lacrosse became a non-contact sport, according to Boston 25 News.
“I’ve always been like gritty, if that makes sense, like I have always been down in the dirt playing around, like I work on a farm,” Quinn said in an interview.
Quinn is also a force in the classroom, leading her more than 800-person senior class with a 5.0 GPA, the outlet reported.
“With her academics and her athleticism and her competitiveness I think she could pretty much do what she wants, and I think colleges are going to be lining up to try and have her attend their school,” assistant Coach Matthew Campbell told Boston 25.
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Though Quinn hopes more girls will follow in her footsteps, she does not think she has “paved the way.” She believes the ball is left in the hands of future girls to keep up the progress.
As of the 2021-2022 season, the National Federation of State High School Associations reported 3,094 girls participated in 11-person football.
The Tampa Bay Lightning are on the verge of an Eastern Conference final for the third consecutive season as they beat the Florida Panthers on Sunday.
Philadelphia Stars quarterback Bryan Scott solidified his place as one of the top signal-callers in the USFL, leading Philadelphia to a 30-23 win over the Pittsburgh Maulers in a heated competition on Saturday afternoon that saw several lead exchanges and the first-ever three-point conversion.
Are you using your business credit score to its fullest potential? Are you getting the full amount of funding available to you through the power of your business credit? Here’s how to maximize credit score and unlock the power of your business credit.
While it is possible to fund your business with your personal credit, it doesn’t make much sense. Honestly, not only does that limit the amount of business funding you can get, but it also puts your personal finances in jeopardy.
As a result, you need to know how to maximize credit score. Then, you can scale more effectively and efficiently, without sacrificing your personal credit.
Most business owners assume that you build credit for a business the same way you build consumer credit. It seems to make sense, so it’s no wonder this is such a common misconception. With consumer credit, you just get credit accounts. Once you use them, your payment history is reported to the credit bureaus. That happens regardless of whether it is positive or negative.
Consequently, it builds passively on its own, whether you want it to or not. The same is not true of business credit.
When it comes to business credit, you have to be more intentional. This means creating a Fundable foundation, including applying for a D-U-N-S number and opening a separate business bank account, among other things.
Not all business credit accounts report payment history. This is one of the major differences between business credit and personal credit. Of course, pretty much all consumer credit accounts report payment history. As we already said, you do not have to do anything to make that happen, it just does. In contrast, you may not have a business credit score even if you do all the work.
That’s because the accounts you have may not be reporting your on-time payments.
Truly, it’s not easy to find accounts that will approve you before your business credit score is established. Even harder than that is finding accounts that will report your positive payment history to the business credit bureaus.
There are essentially two options. The first is to just apply for credit accounts and hope you get approved. Then, hope they are reporting payments. You can monitor your business credit to see if the accounts report payments. If they do, that’s great. If not, you have to start over.
Complicating matters even further is that you need more than one or two accounts reporting initially to build a score strong enough for approval from other accounts. As you can imagine, this trial and error method can take an extremely long time.
Alternatively, you can enlist the help of a business credit specialist. This is someone who can help you find the right accounts. Those vendors that will both approve you without a credit check and report on-time payments. .
These are typically net accounts. That means they have to be paid in full completely at the end of the net term, usually 30, 60, or 90 days.
Initial accounts are great, but you need more than just a few accounts to maximize credit score. Beyond that, you cannot just start applying for any and all accounts at random. You’ll be denied more often than not.
This puts you in the same predicament described above. You can use trial and error until you get enough accounts reporting. On the other hand, you can save yourself considerable time and frustration by utilizing the Credit Suite Business Credit Builder. Not only will you get step-by-step instructions for setting up your business to be Fundable, but you’ll know which lenders you qualify for at each step. Better yet, you’ll have the confidence of knowing you are not wasting time with vendors that do not report.
If you get a credit account with a personal guarantee, you are responsible for repayment. This could mean a hard pull on your personal credit, which can lower your personal credit score. However, in theory, if your business has an account in its own name and it is set up to be a separate entity from you, the owner, it is responsible for its own debt.
Still, many companies require a personal guarantee from the business owner before extending business credit. This is especially true for small businesses. It only makes sense. Data from the Bureau of Labor statistics states that 20% of new businesses fail within the first year, 45% within the first 5 years, and 65% in the first 10 years. In fact, only 25% of new businesses make it 15 years or more.
No one likes risk. That’s why businesses require a personal guarantee and why business owners don’t love to give one. Still, if you have true business credit that requires a personal guarantee, the good thing is that the business will have to pay first. You will be personally liable for anything that the business funds/ liquidation cannot cover, but you will not be first in line for all of it.
A better option is to realize that if your business is small and young, you are likely going to need a personal guarantee for much of the funding. Yet, you can work to reduce your liability in a number of ways. The first way to do that is to incorporate your business as a corporation, S-corp, or LLC. Your business attorney or accounting professional can help you with that.
Using personal guarantees when necessary will allow you to increase the number of business credit accounts you have in your portfolio. When your business credit score is maximized, lenders may be willing to reduce reliance on personal guarantees.
This process is ongoing. You need to continually have your finger on the pulse of your business credit reports. This will help you ensure nothing is holding it back.
Whatever improves one report, is most likely going to improve your reports at the other two of the big 3 credit bureaus. Paying off accounts always pays dividends, as does avoiding bankruptcies. Of course, you should ALWAYS make payments consistently on-time.
It’s also important to monitor reports to ensure you can catch mistakes and get them corrected. You can do this through each agency directly, but with Credit Suite business credit monitoring you can monitor all three for a fraction of the cost.
Well, maybe not superpower, but it is powerful. Similar to a muscle, you have to keep working to build it and keep it strong if you want to maximize the potential power it holds. The business credit specialists and products at Credit Suite can help you just that. Call today!
The post How to Maximize Credit Score to Unlock the Full Power of Your Business Credit appeared first on Credit Suite.
At Credit Suite, we talk about building business credit by working through the vendor credit tiers. These tiers are how we classify vendors based on their ease of credit approval. Tier 1 vendors are likely to extend net terms based on meeting some basic Fundability guidelines. Meanwhile, Tier 4 vendors are likely to require a strong PAYDEX, among other things.
First, not all vendors fall into tiers. Tiered vendors report payments to at least one business credit reporting agency. Vendors that do not report do not fall into a tier. However, don’t discount them. They can still be very useful to your business.
Vendor credit as a whole is important to building a strong business credit portfolio. Still, we get questions from potential clients wondering if it is necessary to work the tiers in order. Furthermore, is it necessary to have accounts from all the tiers? Can you just get accounts in Tiers 1 and 2 and then stop?
It seems to some that if you have enough accounts in Tier 1 and Tier 2 to qualify for Tier 3 vendors, that should be enough. Enough for what though? Yes, you may have a decent business credit score at this point, but these accounts are not going to be enough to properly fund your business. After all, that is the point of a strong business credit score. The goal is to qualify for as much funding as possible to run and grow your business.
There are those out there that hold the idea that there is no need to work through the tiers. Some business owners will tell you they were able to skip straight to Tier 4 without applying for credit from vendors in tiers 1-3 first. Honestly, it’s possible.
If you have a large amount of income or want to use a personal guarantee, and if you have a long time in business, you MAY be able to get credit from Tier 4 vendors and even credit cards, without working through the other tiers.
The whole point of the Credit Suite vendor tiers is to help our customers mix-up the “secret sauce” of business credit. Building business credit this way allows you to limit using a personal guarantee and protect your consumer credit.
It also allows for you to build your business credit portfolio and your business credit score at the same time. Even better, this way allows your business to scale and grow faster, because you can use the funding for things you need while you are building business credit. Vendor accounts can help with a number of expenses including marketing, inventory, supplies, and more.
You do not have to incur large amounts of personal loans from the beginning. There is no need to wait until you reach a certain point to start utilizing credit in the name of your business. Rather, you can work on building business credit and use business credit from the beginning. As you do so responsibly, you will begin to qualify for vendors that offer more money and better terms, hence the other tiers.
By continuing on with Tier 4 business credit vendors, you will have more access to what you need to run your business, expand your business credit portfolio, and continue building your business credit.
These vendors require a strong business credit score for approval, but they also report payment history to the business credit reporting agencies. Here are a few examples.
Ally provides personal financing, but they will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. They will report to Experian and Equifax.
Ally offers a Commercial Line of Credit. To qualify, you need:
If a personal guarantee is used Ally will not report to the personal credit bureaus unless the account defaults.
You can also get a lease or a loan through Ally.
To qualify, you need:
There is no minimum time in business requirement.
You can only apply in person, and the dealer will let you know if you are approved or if a Personal Guarantee (PG) is necessary.
Brex is a business money management system that integrates with your accounting software. It allows you to track expenses and, depending on the level of service you choose, can also help with paying bills and controlling spending.
The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Brex is not a bank, but rather a banking alternative. They do have a partnership with the FDIC, so your funds are secure,
They have a couple of options, but the one that falls into Tier 4 is similar to a traditional business credit card when it comes to limits. Instead of checking your personal credit score, they base approval and credit limits on business financial information. This may include available cash, spending patterns, and more.
If you qualify for this card, your entire balance will be paid monthly. This makes it more like net financing, as you cannot carry a balance. Brex requires an average bank balance of $1M to qualify for net 30 terms.
Ford offers several commercial vehicle financing options. These include loans, lines, and leases to actual business entities. You can get a loan or a lease.
They may ask for a Personal Guarantee (PG) if you are not approved on the merit of your application. Ford will report to D&B, Experian, and Equifax. To qualify, you need:
Frost bank requires $5M annual revenue to avoid PG. Also, you have to apply in person. If you apply online a PG may be required regardless. They only offer financing to current customers, and there is no minimum time in business requirement.
Business credit is something you continue to build upon and improve, not a path to a final destination. This is much like a business itself, and the two go hand in hand of course. You want your business to continue to grow and thrive indefinitely, and tier 4 business credit vendors can help with that.
The post Check Out These Tier 4 Business Credit Vendors That Can Help Strengthen Your Business Credit Score appeared first on Credit Suite.
If you’re a small business owner, don’t assume your business credit is separate from your personal. If you apply for a loan, lenders will consider it on your personal credit, not your business credit. Your business credit score is considered on its own only if your company generates millions in annual income. Otherwise, assume that your personal credit score will matter.
Solid personal credit is a necessity. The need to build and maintain it never goes away for most small company owners.
Some lenders (like banks) place more importance on personal scores. This is for checking business loan applications.
To establish your business’ creditworthiness, most lenders first analyze your personal credit score. This happens with organizations in operation for only a few years. It also happens with businesses seeking their first business loan.
So, small business owners must focus on creating a solid business credit profile. This is along with building a good personal credit score.
Here are the main variations between company personal credit scores:
When reviewing creditworthiness for a business loan, most lenders check personal credit history.
But some lenders will give your personal credit score less weight than others. Lenders may pay less attention to a poor personal credit score if you already have a track record of solid business credit.
Your personal credit will matter more for a business loan when any (or all) of the following are true:
You should assume banks have strict lending rules and often aren’t too flexible. But private lenders offer financial help. It’s in the form of business loans with low credit requirements. They provide funds considering a business owners’ personal score. This is even if the business score is low. Here, conventional lenders may check personal credit scores to offer you a business loan with flexible terms.
If your business score does not have enough info for lenders to check credibility, they will place a higher value on personal scores.
This can be the case with sole proprietorships or small businesses with few employees. Here, it may be hard for a conventional lender to distinguish between your business credit report and personal credit reports.
Even if you have a few old negative entries on your personal credit report, getting a business loan shouldn’t be tough. If your business’s credit history is excellent, then it shouldn’t be a problem.
But too many negative items on your personal credit history may damage your score. A low personal credit score is something a lender will notice and consider as a risk.
Your personal credit score reflects how you manage your personal credit liabilities. But some may argue that your personal credit score has nothing to do with how your business operates its business credit liabilities.
As a business owner, understand how your credit score is calculated, and how it’s used when you apply for a credit. And understand what you should do to improve it.
The Federal Government improved credit reporting quality with the Fair Credit Reporting Act in 1970.
The consumer credit bureaus collect information from a consumer’s credit profiles to create FICO scores. Experian, Transunion, and Equifax are the three largest credit bureaus. These three major credit bureaus maintain the same basic formula to rate your credit. A personal credit score ranges from 300 to 850 and is rarely identical.
They calculate your FICO score using this basic, widely used formula:
Late payments, judgments, and bankruptcies are problematic. So are debt settlements, repossessions, charge-offs, and liens in your credit report. They will lower your personal credit score.
Your personal credit score also depends on your debt-to-credit limit ratio. And it depends on the number of credit accounts, the total amount of credit balances, and the amount paid off on installment loans.
Your credit history plays an integral part in building your credit score. The average age of the accounts and the length of your oldest credit account are the two most important criteria. The longer (or older) the file is, the better. This is because the score tries to forecast future creditworthiness based on past credit history.
Having different types of credit shows your ability to handle many credit accounts. These types include revolving, installment, and mortgage credit. It will definitely have a positive impact on your credit score.
Each new “hard” inquiry on your credit report may have an adverse effect and may lower your score by 10%. Per Experian, these inquiries may stay on your report for a few years. But they will have no impact on your credit score after the initial year.
Credit bureaus collect personal information like your name, date of birth, location, occupation, and more. They’ll also prepare a list of information that the creditors provide. Other information, like judgments or bankruptcy, will appear on your credit reports. It becomes part of your personal credit score. When you apply for new credit, your creditor will see all that info in your credit report and check your score.
If you find any inaccurate data reported, the credit bureaus have procedures in place to correct verifiable mistakes. Amendments to the Fair Credit Reporting Act in 1996 allow you to put a 100-word statement on any report that includes an item you dispute.
A range of factors can drive a bad credit score, including a divorce, severe illness, or loss of employment. This allows you to ensure that potential creditors are aware of the information.
Here’s what a potential creditor sees when they look at your score:
You should expect lenders to treat you like a king! With a credit score above 800, you can choose the best credit alternatives for your needs, and the best interest rates, from any lender you choose..
If you have a credit score inside this range, lenders will treat you as a low-risk borrower. You can get a loan from almost any big lender with affordable rates. With this credit score, you can choose the best business loan that fits your business needs.
This is a good score, and many people in the United States fall into this category. With this score, a borrower can hope to have more choices and approvals from various lenders.
This is a score that indicates a significant level of risk. A small business loan is feasible, but the interest rates will often be higher. If your score is in this range, you will have fewer possibilities than those with a higher level.
Most conventional lenders will not consider borrowers in this group for a small business loan. A personal credit score of 660 is the lowest that the SBA will typically consider.
Borrowers with this credit score can access some credit. But it’s considered a high-risk credit score. So there will likely be fewer possibilities and higher interest rates. If your score falls in this range and you want to get a business loan, consider offering some collateral.
There is no simple solution to fix your personal credit score issues. But that doesn’t imply you can’t increase your score with time and effort. Here are six strategies to improve your personal credit score:
You are entitled to get a free credit report once a year from annualcreditreport.com. You can get your credit report as many times as you want from all three major credit reporting agencies. These bureaus provide credit monitoring services for an affordable fee. Get your report from them and analyze it properly.
This may sound oversimplified, but it’s critical. Resist the urge to use all your credit limits all the time. This is so even if you pay off the total outstanding debt balance every month through credit card debt consolidation. Using all the available credit further can damage your credit score.
Keep credit usage to roughly 15% of your available credit limit to increase your credit score.
This is most likely the best and most successful strategy to improve your score. How fast you make payments and satisfy your liabilities makes up 35% of your score. A single late payment can significantly reduce your credit score.
Applying for unnecessary credit reduces your credit score. So if you’re attempting to raise your score, it’s not a good idea.
Transferring balances from one credit card to another does not affect your credit score. But, it’s generally known as a wrong financial move that could harm your personal credit. Frequently transferring balances can put a bad impression on your future creditors.
Improving your credit score requires strong determination and hard work. Your constant effort over six months or even a year can make a significant difference. But missing a payment or two will almost certainly lower your credit score fast.
About the Author:
Lyle Solomon has considerable litigation experience. He has substantial hands-on knowledge and expertise in legal analysis and writing. Since 2003, he has been a member of the State Bar of California. In 1998, he graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California. He now serves as a principal attorney for the Oak View Law Group in California.
The post Why do Lenders Prefer Using a Personal Credit Score to Approve a Business Loan? appeared first on Credit Suite.
The post Why do Lenders Prefer Using a Personal Credit Score to Approve a Business Loan? appeared first on BUSINESS DEMO WEBSITES.
The post Why do Lenders Prefer Using a Personal Credit Score to Approve a Business Loan? appeared first on Buy It At A Bargain – Deals And Reviews.
Your Personal Credit Score Can Make a Difference When You Apply for a Business Loan If you’re a small business owner, don’t assume your business credit is separate from your personal. If you apply for a loan, lenders will consider it on your personal credit, not your business credit. Your business credit score is considered … Continue reading Why do Lenders Prefer Using a Personal Credit Score to Approve a Business Loan?
If you’re a small business owner, don’t assume your business credit is separate from your personal. If you apply for a loan, lenders will consider it on your personal credit, not your business credit. Your business credit score is considered on its own only if your company generates millions in annual income. Otherwise, assume that your personal credit score will matter.
Solid personal credit is a necessity. The need to build and maintain it never goes away for most small company owners.
Some lenders (like banks) place more importance on personal scores. This is for checking business loan applications.
To establish your business’ creditworthiness, most lenders first analyze your personal credit score. This happens with organizations in operation for only a few years. It also happens with businesses seeking their first business loan.
So, small business owners must focus on creating a solid business credit profile. This is along with building a good personal credit score.
Here are the main variations between company personal credit scores:
Demolish your funding problems with 27 killer ways to get cash for your business.
When reviewing creditworthiness for a business loan, most lenders check personal credit history.
But some lenders will give your personal credit score less weight than others. Lenders may pay less attention to a poor personal credit score if you already have a track record of solid business credit.
Your personal credit will matter more for a business loan when any (or all) of the following are true:
You should assume banks have strict lending rules and often aren’t too flexible. But private lenders offer financial help. It’s in the form of business loans with low credit requirements. They provide funds considering a business owners’ personal score. This is even if the business score is low. Here, conventional lenders may check personal credit scores to offer you a business loan with flexible terms.
If your business score does not have enough info for lenders to check credibility, they will place a higher value on personal scores.
This can be the case with sole proprietorships or small businesses with few employees. Here, it may be hard for a conventional lender to distinguish between your business credit report and personal credit reports.
Even if you have a few old negative entries on your personal credit report, getting a business loan shouldn’t be tough. If your business’s credit history is excellent, then it shouldn’t be a problem.
But too many negative items on your personal credit history may damage your score. A low personal credit score is something a lender will notice and consider as a risk.
Your personal credit score reflects how you manage your personal credit liabilities. But some may argue that your personal credit score has nothing to do with how your business operates its business credit liabilities.
As a business owner, understand how your credit score is calculated, and how it’s used when you apply for a credit. And understand what you should do to improve it.
Demolish your funding problems with 27 killer ways to get cash for your business.
The Federal Government improved credit reporting quality with the Fair Credit Reporting Act in 1970.
The consumer credit bureaus collect information from a consumer’s credit profiles to create FICO scores. Experian, Transunion, and Equifax are the three largest credit bureaus. These three major credit bureaus maintain the same basic formula to rate your credit. A personal credit score ranges from 300 to 850 and is rarely identical.
They calculate your FICO score using this basic, widely used formula:
Late payments, judgments, and bankruptcies are problematic. So are debt settlements, repossessions, charge-offs, and liens in your credit report. They will lower your personal credit score.
Your personal credit score also depends on your debt-to-credit limit ratio. And it depends on the number of credit accounts, the total amount of credit balances, and the amount paid off on installment loans.
Your credit history plays an integral part in building your credit score. The average age of the accounts and the length of your oldest credit account are the two most important criteria. The longer (or older) the file is, the better. This is because the score tries to forecast future creditworthiness based on past credit history.
Having different types of credit shows your ability to handle many credit accounts. These types include revolving, installment, and mortgage credit. It will definitely have a positive impact on your credit score.
Each new “hard” inquiry on your credit report may have an adverse effect and may lower your score by 10%. Per Experian, these inquiries may stay on your report for a few years. But they will have no impact on your credit score after the initial year.
Credit bureaus collect personal information like your name, date of birth, location, occupation, and more. They’ll also prepare a list of information that the creditors provide. Other information, like judgments or bankruptcy, will appear on your credit reports. It becomes part of your personal credit score. When you apply for new credit, your creditor will see all that info in your credit report and check your score.
If you find any inaccurate data reported, the credit bureaus have procedures in place to correct verifiable mistakes. Amendments to the Fair Credit Reporting Act in 1996 allow you to put a 100-word statement on any report that includes an item you dispute.
A range of factors can drive a bad credit score, including a divorce, severe illness, or loss of employment. This allows you to ensure that potential creditors are aware of the information.
Here’s what a potential creditor sees when they look at your score:
You should expect lenders to treat you like a king! With a credit score above 800, you can choose the best credit alternatives for your needs, and the best interest rates, from any lender you choose..
If you have a credit score inside this range, lenders will treat you as a low-risk borrower. You can get a loan from almost any big lender with affordable rates. With this credit score, you can choose the best business loan that fits your business needs.
This is a good score, and many people in the United States fall into this category. With this score, a borrower can hope to have more choices and approvals from various lenders.
This is a score that indicates a significant level of risk. A small business loan is feasible, but the interest rates will often be higher. If your score is in this range, you will have fewer possibilities than those with a higher level.
Most conventional lenders will not consider borrowers in this group for a small business loan. A personal credit score of 660 is the lowest that the SBA will typically consider.
Borrowers with this credit score can access some credit. But it’s considered a high-risk credit score. So there will likely be fewer possibilities and higher interest rates. If your score falls in this range and you want to get a business loan, consider offering some collateral.
Demolish your funding problems with 27 killer ways to get cash for your business.
There is no simple solution to fix your personal credit score issues. But that doesn’t imply you can’t increase your score with time and effort. Here are six strategies to improve your personal credit score:
You are entitled to get a free credit report once a year from annualcreditreport.com. You can get your credit report as many times as you want from all three major credit reporting agencies. These bureaus provide credit monitoring services for an affordable fee. Get your report from them and analyze it properly.
This may sound oversimplified, but it’s critical. Resist the urge to use all your credit limits all the time. This is so even if you pay off the total outstanding debt balance every month through credit card debt consolidation. Using all the available credit further can damage your credit score.
Keep credit usage to roughly 15% of your available credit limit to increase your credit score.
This is most likely the best and most successful strategy to improve your score. How fast you make payments and satisfy your liabilities makes up 35% of your score. A single late payment can significantly reduce your credit score.
Applying for unnecessary credit reduces your credit score. So if you’re attempting to raise your score, it’s not a good idea.
Transferring balances from one credit card to another does not affect your credit score. But, it’s generally known as a wrong financial move that could harm your personal credit. Frequently transferring balances can put a bad impression on your future creditors.
Improving your credit score requires strong determination and hard work. Your constant effort over six months or even a year can make a significant difference. But missing a payment or two will almost certainly lower your credit score fast.
About the Author:
Lyle Solomon has considerable litigation experience. He has substantial hands-on knowledge and expertise in legal analysis and writing. Since 2003, he has been a member of the State Bar of California. In 1998, he graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California. He now serves as a principal attorney for the Oak View Law Group in California.
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