3 EASY OPTIONS TO PRE QUALIFY FOR BUSINESS CREDIT ASSISTANCE
Pre Qualification Summary
Do you know how to leverage the strength of your personal credit to your company’s advantage?
How would acquiring multiple unsecured lines of business credit in as fast as 2 weeks help to grow your business?
We want you to know each time you apply for business credit you’re hit with a hard inquiry on your credit report. Hard inquiries can have a negative impact on your scores, so shopping from lender to lender can cause multiple inquiries in a very short time period please avoid this at all cost.
As a credit counselor and savvy business owner it’s key to be strategic when applying for business funding. This includes minimizing your credit inquiries, protecting your personal credit, building your business credit and maximizing your funding potential.
The good news is you can avoid those excessive inquiries through our Business credit pre qualification process. Rather than shopping around and having multiple banks pull your credit to see what you qualify for, we have you supply your own credit report for an initial review. Our in house analytical team will then analyze your credit report and give you a rating just like our commercial banking would.
By supplying your own credit report for pre qualification, you are not triggering a hard inquiry to your credit. You’ll know firsthand how much you pre-qualify for in business credit lines $20k to $150k.
THE PRE QUALIFICATION PROCESS
Our analytics team will require a credit report (no later than 3 weeks old) to conduct a pre qualification review. Here are three options to obtain your report that we accept:
- AnnualCreditReport.com – By law you are entitled to a free copy of your credit report every 12 months from each credit reporting agency. Before you obtain your credit report, you will need to answer a few questions for verification purposes. Upon completion select only one agency report and be sure to save it in PDF format.
- Privacy Guard – Is a credit reporting sites. On this site you can obtain all 3 of your credit reports & FICO® Scores for only $1
- CreditKarma.com – You can register with CreditKarma and get free reports and scores from Transunion and Equifax. It’s a free service that does not require any credit card or payment information. Once youregister and log in select the ‘Credit Reports’ option to view either your Equifax or Transunion report. Save one as a PDF document in order to submit it for a review.
*CreditKarma uses Vantage Score 3.0 to calculate its credit scores.
To start the BCA pre-qualification process, send your credit report along with contact details to firstname.lastname@example.org. You’ll receive an email confirmation receipt and a phone call within 24-48 hours to discuss the results of your pre-qualification review.
Here are the 5 areas that our team members will be looking at…
- FICO® scores need to be in the 680 range and higher
- Credit report needs depth and payment history – these means OPEN credit cards
- No recent derogatory marks and absolutely no bankruptcy or foreclosure reporting
- Credit card debt vs the limits are reviewed with low utilization being ideal. Often times if you have too much debt we will give you specific pay downs required to qualify.
- The last factor is the number of inquiries. If there is an indication of recent inquiries due to someone shopping around then they are just shooting themselves in the foot.
All five of these factors are taken into consideration during a credit report review for business optimization. All it takes is 24/48 hours to know if and how much you can obtain in unsecured business credit lines. Keep in mind that checking your credit report and scores utilizing any of the options listed above triggers only a soft inquiry, which will never affect your credit. Only hard inquiries have an impact to your credit scores.
Submit your name and email in our contact box below for details and receive a free business credit assessment.