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bad credit Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

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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4 Steps to Improve Your Credit Report

Your credit report contains information on the majority of your credit accounts, payment history, account balances, credit history, credit inquiries, etc. It also provides additional personal information. Why is all of this information important? This information is all used when calculating your credit scores. Considering how many aspects of your life are affected by the state of your credit score, you can understand why it’s so important to monitor your credit report. You need to regularly set time aside to “clean up” your credit score. Otherwise, you’ll run to the bank in need of business (or personal) financing and be […]

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Four Steps to Take When Your Customers Don’t Pay Their Bills on Time

Late payment is a problem that plagues the cash flow of many merchants and is one of the fastest ways to go out of business. Regardless of how successful or established, a major part of your job as a trader is to ensure that all transactions are completed on time. Of course, the billing policy you’ll employ will depend on your type of business. If you run a large-scale enterprise, for example, your clients will likely expect to be given at least a few weeks to pay their invoices. And although you’re often left with no choice, agreeing to their […]

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What You Need To Establish A Good Credit Score

It’s no stretch to say that the right business funding plays an immense role in making your small business a success. If you need to get approved for a great a business loan, often you’ll be required to provide a good credit score. A good credit score is based on certain important issues that you can find below. Keep Your Business and Personal Finances Apart After establishing a business line of credit, don’t dip into your personal finances to have your business subsidized. Keep them apart as this way you won’t be obliged to put your personal credit on the […]

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Shift Your High-Risk/Poor-Credit Into a Driver of Business

Poor credit can hinder many things. From getting a home loan, getting a car loan, and it can even impact your chances of getting a job. But, what if you are your own merchants? What isses will you have if you have poor credit? Well, in short, the answer is “many”. From dealing with manufacturers and office supply stores, to finding a reputable and affordable business credit card, there will be a lot of issues. The most common – and most daunting – for many is trying to find business funding. You can find business funding with bad or poor […]

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Get Business Funding with Bad Credit

If you are a small business owner with bad credit, you may have a difficult time acquiring a loan from traditional banks. Lenders are just not willing to take a risk on companies with bad credit scores, even if business owners have experience and run profitable organizations. The following are a few ways that business owners with not so stellar credit can get the critical capital they need to get started. Know What Is on Your Business’ Credit Report There are business and personal credit scores. Although they are separate entities, lenders may look at both before deciding to offer […]

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Is Bad Credit Stopping You from Getting Bad Credit Business Loan?

If you own a small business, you know how difficult it is to acquire a loan. Don’t let bad credit or lack of business experience keep you from the loan money necessary to make your business grow. There are a variety of alternative ways to acquire loans that don’t require extensive paperwork, long-term contracts, or high rates. The following are less restrictive and more efficient ways to get a small business loan. Bank deposits – If your business makes regular bank deposits, it can acquire a revenue-based loan. Generally, a business can get a business loan that is about 10% […]

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Start Ups Need Funding – But From Who?

All start up businesses need funding. While some are fortunate enough to do the funding themselves, or with a partner, the majority of new merchant need a funding source outside of their social or family circle. There are many options around, but not all options work with everyone. There are also many questions to ask: How much do I need? Where can I get funding? Who is a reputable funding source? These are just a few questions that small business merchants ask when they are looking for a funding source. You need to make sure that whomever you choose, and […]

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Defaulting on Your Student Loans is not a Good Idea

Author and culture critic, Lee Siegel, created quite a stir on social media in early June in an op-ed in The New York Times. Siegel admitted that he defaulted on his student loans. The part that had everyone talking is that he willfully did so. In the article, Siegel recounted his story of how he, at seventeen-years-old, and his mother went to the local bank and took out his first student loan. He recalled how, when he was finished with the paperwork, the banker congratulated them. Siegel described this congratulation: “as if I had just won some kind of award […]

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Can I Get a Cash Advance with Bad Credit?

Many small businesses have a difficult time attaining loans from traditional banks. Out of 63% of small companies that seek loans, only 27% are approved. This is largely due to a bad credit history or being classified as a “high risk” business. Not being able to attain working capital is a major issue for struggling businesses, as they need money to pay for equipment, personnel, and other expenses. Luckily there are alternative payment processors that specialize in providing loans to small businesses with bad credit and high risk merchants. Unfortunately, being classified as high risk can affect a business’ ability […]

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