What happens when you go to the bank down the street and ask for a business loan or line of credit? Chances are they will sit you down, help you complete an application, PULL YOUR CREDIT, and then either approve you on the spot or say, “It’s under review. You should have a decision in [...]
Each time you apply for a business credit card or bank loan, the creditor (the institution issuing or extending credit), will look at your credit report to determine whether you are a low risk opportunity. Each time someone other than you pulls your credit, it shows up on your report as an inquiry. This [...]
A client of mine is struggling to find a lender that will offer him credit so he can purchase a car. He is very young in the credit world and therefore hasn’t established much of it. The question he asked me is, “How can I build credit if now one will issue me any?”
That’s a [...]
Banks don’t have concrete loan policies. Banks do have some general lending guidelines but they change frequently based on a number of factors. One factor is the past performance of loans. If a bank has been burned by a large percentage of their clients on certain loan products, they will either tighten [...]
Once in a while I’ll have a client email me his financial statements for review before we submit a file to a lender for funding. Unfortunately, most of the time the format, the categories, the titles and everything in between is a disgrace to financial reporting and is embarrassing to all of us nerds who [...]
