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Bad Credit Blog Posts

By First American Merchant

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Financing for Customers Buying Tires with Bad Credit

According to financial experts, the best way to improve credit is to pay bills on time each month. You, as a merchant running a tire store, can help your customers with bad credit build their credit and get new tires for their vehicle. Merchants Can Help Bad Credit Customers Get Tire Financing People with good credit can enjoy the best interest rates when borrowing money. As credit score goes down, interest rates go up because lending money becomes of greater risk to the company. The same refers also to those having no credit history, but can’t be said about people […]

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Credit History and Credit Scores | The Best Way to Build Credit

Good credit history can play a crucial role when trying to get a mortgage, loan, apartment lease, or credit card. Your credit score is key to determining how much interest you’ll pay. Good credit demonstrates you’ve been financially responsible in the past. So, the higher your score, the more chances you’ll have to get approved for a loan with favorable terms. Credit History and Credit Scores The credit scores of Americans may undergo fluctuations over time. Different scoring systems may show slightly different results. FICO scores, which is the most commonly used model, range between 300 to 850. You must […]

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What You Need to Know About the 3 Major Business Credit Bureaus

Apart from personal credit, you, as a business owner, also have a business credit score, which is also known as a trade or commercial credit score. Your business credit score helps financial institutions to figure out whether you’re a good or bad candidate for financing. There exist several business credit bureaus that offer business credit scores, which may vary based on the way they’re calculated. Dun & Bradstreet, Equifax, and Experian are the 3 largest business credit bureaus gathering data about your business. It’s important to note that with reputable business loan providers like firstamericanmerchant.com you can easily secure business […]

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Get a Business Loan with “No Credit Check”

27% of businesses surveyed by the National Small Business Association (NSBA) reported they weren’t able to receive the necessary funding for their business. According to the NSBA Small Business Access to Capital Study, 20% of small business loans are denied because of business credit. Based on a 2015 survey in the field, of small business owners surveyed, 45% weren’t aware they have a business credit score. 72% have no idea where they could find information on their business credit score. 82% have no idea how to interpret their score. “Credit Check” and “No Credit Needed” If you’ve decided to apply […]

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5 Tips to Help You Pay Back Your Loan During Slow Seasons

According to a US Bank study, 82% of businesses that fail appear in such situation because of cash flow problems. Cash flow problems aren’t something new for seasonal businesses since they have slow seasons with less money. 27% of businesses surveyed by the NSBA (National Small Business Association) report they weren’t able to receive the necessary funding they needed. According to those 1-in-4 businesses, the lack of funding prevented them from growing their business. This refers especially to women- and minority-owned businesses. So, how are you going to repay your business loan if you’re in a slow period? In such […]

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Building Credit With No Credit

If you’ve decided to apply for financing, be aware there are generally 2 ways to check whether you’re eligible for it or not. The 1st one is the traditional “credit check.” In this case, a hard inquiry is put on your account, and the loan provider reviews your credit score and credit bureau reports to figure out whether you can qualify for business funding or not. The 2nd one is the so-called “no credit check,” when the lender takes into account other factors so to determine your eligibility. What is Credit Check? A typical credit check is also called a […]

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Clean Up Your Credit, Create Opportunity | Bad Credit Merchant Loans

Your credit score is the deciding factor for so many aspects of life. If you’re suffering from a bad credit score, you probably already know this to be true. But have you considered how cleaning your credit can create opportunities? Would you believe “credit” and “opportunity” can be used in the same sentence? If your skeptical, consider the following tips on how you can get your life and business back on track. The Truth about Credit Reports As stated above, bad credit affects your ability to get a loan (business or personal), job promotions, rates insurance companies charge for auto […]

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How to Build Good Business Credit with Bad Personal Credit

As of 2016, there were 28.8 million small businesses, which represented 99.7% of US businesses, according to the SBA. As of 2017, big banks only approved nearly 24.1% of small business loans. Smaller banks approved around 48.9%. Alternative lenders approved 58.2% of loan requests, according to Biz2Credit To get approved for any type of small business loan, lenders will want to see your ability to pay back the funding. So, you’ll be required to provide some information, including credit history. If you have bad credit, you’re likely to get a refusal from the majority of lenders. The thing is that […]

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5 Tips for First-Time Business Owners

Are you going to launch your first venture? Have you already gone through the process of setting up your new business? It’ll be quite helpful for you to go through the tips listed below so to be able to take your business off the ground and succeed. Focus on the Thing You Love Most Don’t act like those entrepreneurs who jump at every opportunity that they come across. You’ll be more productive and be able to conduct your business more effectively if you do what you love. Focus on the type of business for which you feel you have the […]

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How to Keep Your Business and Personal Credits Separate | Why Is This Important?

Many small business owners don’t keep their business and personal credits separate and use personal credit to run their business. In fact, acting like this could put you at risk if your business sinks. Moreover, today, many creditors don’t rely only on personal credit when judging a business’s financial health. The thing is that personal credit doesn’t serve as an ideal indicator of business behavior. So, from the aspect of legal liability, it’s important to separate your personal and business finances. Building a credit profile for your company, separate from your personal credit history, can help you access 10 to […]

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