Building Business Corporate Credit and Why Banks Say No
The secret part of getting Business and Personal Credit is knowing what Lenders look at and how to beat them at their own game!
Personal Credit always Matters and the big problem is that it’s extremely difficult to get a loan for personal use, business, or real estate because of the incredible shifts and instability in the banking industry.
The uncertainty of tomorrow is the cause of the increased scrutiny from lending institutions of borrowers and it is only going to get worse and difficult to get lending if you have prepared your personal and business credit properly. It is more important than ever, and now is the time to get ahead BEFORE it gets worse.
As your personal credit is the catalyst for most financial things that you want to do in this capitalist society, it is important that it meets the often confusing lending requirements of US banks.
Business credit (Corporate Credit) is another great world of confusion that has hundreds of theories as to how it is properly established and can it actually, give in the money that you need to establish or grow your business without the need for your personal credit to guarantee the loan for the business.
If you are an entrepreneur looking to acquire a loan of any size with a personal credit or b corporate credit, you are one of the millions of entrepreneurs around the world who are also pursuing knowledge or professional advice on how to obtain these loans before it is too late.
If you can remember the suffering from September 11th, 2001, the subprime crash of 2006, the credit crunch of 2008, and now today’s bad economy and highest inflation after a pandemic.
The banks have tightened up their lending requirements to avoid these financial disasters from happening again.
Useful financial tools that allowed consumers to access large amounts of funds such as Stated loans, Recourse Loans, or Business Lines of Credit are no longer available as they were three years ago.
You will notice that banks will pull an IRS 4506T as part of their underwriting protocols which will destroy the possibility of a large percentage of entrepreneurs from getting a loan from banks. The banks will want to UCC1 your assets as security against loans that borrowers used to be able to get by just a simple signature guarantee based on your good personal or business credit.
Old lending practices are outdated and now gone.
We know the rules and exactly what lenders need to look at on bother your personal and business corporate credit. NOW is the time to start a business or invest in real estate and start an AirB&B business because the next 3 years will be the greatest time for entrepreneurs to take advantage of the opportunities afforded to you.
We will assist you in repairing your credit to get the financial lending you need to achieve your dreams. Learn to build your personal and business credit and take advantage of little-known laws, loopholes, and options available in the world of business and personal credit that will make all the difference in acquiring the money needed for your business.
Some key points you need to know about your personal and business credit.
FICO score:
The most overrated aspect of your personal credit is the FICO Score. Don’t just concentrate on improving your score because there is more to having an elite
FICO is the Fair Issac Corporation and is the name of the proprietary mathematical formula used to calculate the numeric score that the top 3 credit bureaus which are Experian, Transunion, and Equifax use to give a perception of a person’s credibility and characteristics.
FICO is a company that delivers what they consider and what is widely considered “superior predictive analytics solutions that drive smarter decisions” No one knows exactly what that formula is. Most borrowers think that because you have a 760 FICO score, you should be able to go get a lot of money in loans when it is very possible that in this day and time, it is more likely you will be turned down.
When lenders look at your credit report, the FICO score is only 20% of what they consider. They also consider your income to debt income ratio, quality of Trade Lines, Auto loans over $30k, mortgages, certain credit cards, Judgments, Liens, UCC1, or any negative public records. Things like filing for identity theft and saying you have been a victim can work against you.
Your Class Level
Your Class Level is all considered in a major way and this information often tilts the scale of the underwriter’s decision for your approval or denial. “Class” means your level of general stability, and how financially strong your profile shows on paper. This includes where you live and how long have you lived there, where you work and what is your job title. Contact us today to start your business corporate credit.