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Juthi Rani
Jul 17, 2022
In Questions & Answers
The recession has spooked lenders to not lend out Consumer Mobile Number Database money to anyone, or any business that does not have exactly what they are looking for. In knowing this, it is important to understand what the banks' underwriting guidelines are. Do not be intimidated Consumer Mobile Number Database by the bank or its loan officers. Once you understand how their processes and guidelines work, it is easy to entertain those processes and guidelines. Ask the bank what it will take to be approved for the particular business loan you are looking for. Do they want a certain Consumer Mobile Number Database personal credit score? Do they require a good business credit score? Do they Consumer Mobile Number Database require you to be in business for so many years? Once you have found out what those guidelines are, you can go back and work on falling within those guidelines. Do not walk into a bank and Consumer Mobile Number Database apply for a business loan without first knowing what their underwriting guidelines are. Number 2 - Your credit score is one of the biggest factors determining whether or not you are going to be approved for business financing. Many banks are going to require that you have a decent personal credit Consumer Mobile Number Database score along with a good business credit score. Yes, the two scores are different. Before applying for financing, you need Consumer Mobile Number Database to check both your personal credit score along with your business credit score to make sure they are what you think they are. Applying for a business loan without knowing Consumer Mobile Number Database what those scores are is a big risk. There is nothing worse than applying for a business loan and being turned down because you thought you had a 700 credit score and you really had a 620. This will Consumer Mobile Number Database also affect your future chances of being approved for a business loan with any other bank or lender.
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Juthi Rani

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