Are you ready to Supercharge your credit? Calls every day that can help propel you forward. FREE CREDIT REPAIR UPON ENTRY! Are you ready to expedite business funding? Join us in the “Inner Circle”. Get on the fast track to business funding. Let’s Get Funded! https://www.skool.com/100k/about?ref=388020e1932a41bc89d72f691110f1ec

Did you know there are multiple versions of FICO scoring models currently being used? Did you know you have many different credit scores? One for credit cards, one for mortgages, one for auto loans, etc. The most popular credit scoring model currently used most is FICO Model 8. Do you know what your FICO score 8 is with Experian, TransUnion, and Equifax credit bureaus? Your credit score is not static. It changes constantly. It changes as more information is updated to your file. The credit bureaus do not receive the same reporting data as not all lenders report to all three credit bureaus. Your credit score is a snapshot of your credit data at the moment in time it is viewed. Your credit score is one of the most important numbers in your personal financial life. When you apply for a personal loan or business loan of any kind, lenders will reference your credit score to get a feel for how big a credit risk you might be. A higher score = less of a risk. Lower risk results in better rates. Credit bureaus are not our friends. They report good, bad, and ugly information on us. They make money by selling your credit reports to banks, credit unions, credit card companies, vendors, and other lenders. You must monitor your credit reports and credit scores. If you are not doing so today, make it a priority. https://www.smartcredit.com/?PID=73743

We have all heard of authorized user accounts. They have been used for rapid scoring improvement in the mortgage industry for decades. If you are looking for rapid credit score improvement, think about becoming an authorized user on a family member’s (or others) credit card. In essence, you are piggybacking off the primary account holder’s responsible use. The main benefit of becoming an authorized user on a credit card is the fact that you can benefit from another person’s good credit and good payment history to enhance your own credit. And you get this benefit without applying for a credit card of your own which would cause an inquiry and negatively adjust your total credit file age. Adding other people’s seasoned accounts adds positively to your credit file age and greatly lowers your credit utilization ratio. The authorized user is given a card in their name and can make purchases, but they are not liable for the debt incurred. The primary cardholder is ultimately responsible for making the payments. This can be a great way for the authorized user to build their own credit history. If the person granting another person to be an authorized user on their account has doubts or concerns, they can have the authorized user destroy the credit card issued or don’t have one issued to them at all. Have the secondary card sent to the primary account holder’s address. The point is to help another person benefit from the primary account holders great credit account. When you find someone willing to make you an authorized user on their account look for these four things. One, the higher the credit line the better. A $10,000+ credit line is preferred. Two, ensure the credit card account has been open a long-time. 5+ years is good but 10+ years is great. Don’t be added to an account that has been opened for less than three years. Three, make sure the credit utilization on the account is less than 10% or hopefully zero percent for best results. Four, verify they have no late payments on this account.

Are you ready to expedite business funding? Are you ready to Supercharge your credit? Calls every day that can help propel you forward. FREE CREDIT REPAIR UPON ENTRY! Join us in the “Inner Circle”. Get on the fast track to business funding. Let’s Get Funded! https://www.skool.com/100k/about?ref=388020e1932a41bc89d72f691110f1ec

There are basically three major types of lenders. Collateral-based, revenue-based, and credit-based. Let’s review their differences and some lending criteria for each. This is meant to be a cursory review not an in-depth overview. Collateral-Based Also known as asset-based lending. This refers to valuable assets owned by the borrower that are used as security for the loan. Common examples include real estate (like mortgage notes), equipment, inventory, and accounts receivable. Secured loans offer the best rates as the risk is obviously lower than unsecured loans. The collateral itself has intrinsic value. Some little-known uncommon examples of asset-based lending are appraised artwork, appraised coins & card collections, and exotic cars. Lenders will provide a portion (they determine risk) of the value of the asset as a secured loan. Meaning if you have an exotic car worth $300,000, you will not be offered a $300,000 loan. You will receive a portion of its value in the form of a loan determined by the lender. For the uncommon examples the collateral is often held in a secured facility until the loan has been repaid fully. Revenue-Based Revenue-based lenders provide funding to companies in exchange for a percentage of their future revenue, rather than traditional fixed payments or equity. This means the repayment amount (usually daily or weekly) fluctuates with the borrower's sales, making it a flexible option for businesses, especially those with fluctuating revenue streams. Today, many revenue lenders offer fixed based amortized loans as well. Generally speaking, you don’t need good personal credit (500+). Your credit lines are based solely on revenue. Less than $15,000 per month revenue generates offers of 25%-75% of your average monthly revenue as a short-term loan (4-months to 12-months). $15,000 per month revenue or more generates offers of 100%-200% of your average monthly revenue as a short-term loan (4-months to 12-months). Some lenders require as little as 4-months in business. Revenue-based loans use factor rates (1.18-1.60), not interest rates.