Minimum Credit Scores for Business Loans
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What Is a Business Credit Score?
Types of Business Credit Scores
What Is Considered a Good Business Credit Score?
What Impacts Business Credit Scores
How much debt your business has compared to its available credit Whether you pay bills on time How old your credit accounts are Your industry Your company’s size
Credit Score Requirements for Different Lenders
SBA Credit Score Requirements
7(a) Small Loans: 155 Community Advantage: 140 Express Bridge Loan Pilot Program: 130
Bank Loan Credit Score Requirements
Equipment Financing Credit Scores
Short-Term Loan Credit Scores
Do Personal Credit Scores Matter for Business Loans?
What Is a Good Personal Credit Score?
What Factors Affect a Personal Credit Score?
Credit utilization This is how much of your available credit you are currently utilizing. Your credit utilization ratio is calculated by dividing the total revolving credit you are using by the total of all your credit limits. Using more than 30% of your available credit is generally seen as a negative to creditors. Age of accounts Credit bureaus also take into consideration how old your credit accounts are. The older, the more positive the impact on your credit scores, so you may not want to close credit accounts, even if you no longer use them. Payment history The bureaus also look at whether you have any late or nonpayments on your accounts. Even one missed payment can have a negative impact on your score. New credit Agencies also look at the number of credit accounts you've recently opened, as well as the number of hard inquiries lenders make when you apply for credit. Credit mix Credit scoring models also consider the types of accounts you have, as this can show how well you manage a range of credit products. Those with high scores often carry a diverse mix of credit accounts, such as car loan, credit card, student loan, or mortgage.
What Can You Do if You Have a Low Business Credit Score?
Are No Credit Check Business Loans Possible?
Frequently Asked Questions
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