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Business Credit 101

Valued Member

Re: Business Credit 101

Xavier,
 
I currently have a FICO score of 644 from EX however there is a "dismissed" bk listed on my EQ dated 8/1999. They will not remove it for 10 yrs. even though EX and TU both removed it (7 yrs. for ch. 13 in MI). Will this revent me from qualifying for a business loan.
 
Oh, btw I've not yet incorpated or anything. I've been reading this thread to learn more about the steps to take.
 
 
Thanks,
LaSha'
2/4/2009 TransUnion 654
2/4/2009 Equifax 648
2/4/2009 Experian ??
Message 41 of 196
New Contributor

Re: Business Credit 101

Xavier,thank you so much for posting this wealth of info. I have had my business
for 23 years this year and my current Exp. score, as of 1/31/08 was 660. I've checked
out your web site and it really looks good. Even though we've been in business for a long
time I'm still interested in any additional funding to continue to grow. Thanks
Message 42 of 196
Established Member

Re: Business Credit 101

BusyOne,

I still find it amazing how little help the SBA provides to small business owners. There are additional programs that are great programs and when people contact the SBA offices directly, no one seems to know about the programs that were created by their own agencies.
 
Look into the SBAExpress programs that provide business loans up to $250,000 to $350,000. Then there is a new SBA-guaranteed loan program called the SBA PatriotExpress program geared for people who have served in the military and widows of military-personnel. This program guarantees up to $500,000.
 
Please feel free to contact me should you require assistance.
Message 43 of 196
New Contributor

Re: Business Credit 101

Hi Xavier,
               Is there way to contact you privately to ask you a couple of questions regarding the sba
loans? Thanks.
Message 44 of 196
Valued Member

Re: Business Credit 101

Xavier,
 
Thanks so much, but I don't have any "discharged" papers for the BK. It was "dismissed" instead. Also, the year SOL for chapter 13 is up but Equifax will not remove it. Since the SOL is over (technically) would I still qualify or do I have to wait until next year for Equifax to remove it as well.
 
I'll go to your website to contact you about what steps I need to take to incorporate and such.
 
Thank you in advance and thanks for posting this priceless information.
 
LaSha'
2/4/2009 TransUnion 654
2/4/2009 Equifax 648
2/4/2009 Experian ??
Message 45 of 196
Highlighted
Member

Re: Business Credit 101

This is a great article.  Very helpful!  Thanks!!!!
Message 46 of 196
Established Contributor

Re: Business Credit 101

I guess I just have bad luck, all that I can get approved is OD, Quill, and Uline.
 
How does everyone get the credit they have so quick?
Message 47 of 196
Moderator Emeritus

Re: Business Credit 101

gdtobefree, don't worry about it. Just start using those things in small doses, so that you can pay it back on time. When you have a minimum of three TLs reporting for (I believe) five TOTAL reporting entries, you will generate a paydex score. Pay on time on everything and your score will be 80, which is ideal.

Someone help me with the language, to say this more expediently. I am very scatter-brained right now (too much business on the brain).
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Message 48 of 196
Established Contributor

Re: Business Credit 101

My luck is changing!
Checked the mail today and got OD AND Staples bth with 2000 CL WAHOOOOOOOO!
1 more to go, I have Quill and Uline, Now OD and Staples.
 
Recommendations for the 5th anyone?
Message 49 of 196
Contributor

Re: Business Credit 101

When you have a minimum of three TLs reporting for (I believe) five TOTAL reporting entries, you will generate a paydex score When you said this, does this mean if I have an Office Depot, Gemplers, and Staples accts and I conduct five transactions, I should get rated? Thanks. Robert
Message 50 of 196