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Bad Credit Debt Consolidation: The Way Out
By saurabh
Caught up in a bad credit cycle? Take heart! You are not alone; you can take recourse in bad credit debt consolidation. Millions of individuals across the world find themselves in such a position at Read more...
Debt Management – Loan Refinancing
By Adam J. Heist
Everyone falls into debt at some point of there life. A lot of these people also get their debt refinanced in order to reduce the interest cost. While if properly worked out this is no doubt a great Read more...
Debt Consolidation Loans - Benefits And Tips
By Namrita
Are you worried about mounting credit loan and interest rate? Have you been surrounded with various monthly payments for various loans? Debt consolidation loans help you in combining all your Read more...
History And Chapters Of Bankruptcy
By Daniel
A bankruptcy law suit aims at helping the debt ridden citizen or an organization to be relieved from the pressures of the existing debts. The goal is achieved by providing the debtor a bankruptcy Read more...

 

 

 

 

 

 

 

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Do You Struggle To Get Business Credit Without A Personal Guarantee?
By Gregory Walding
Getting business credit can be a dificult thing to do. Lenders do not want to finance your venture if they don't believe you have a stake in the business. However, if you can overcome their doubts, you will be able to get separate credit in your business name. So, what do I have to offer?

I have started four businesses over the last 13 years. In that amount of time, you can learn a lot of lessons about business. One of the biggest is how to get credit for a business without my personal guarantee. From experience I know that having business debt on your personal record does make your debt to income ratio a sight to behold. Now, there is one thing I did learn about lenders.

Lenders want to lend money. It's the only way they make money for themself. But, they don't want to give away money. For a lender to have enough confidence in an individual or business to lend money, they need some type of assurance that they are going to receive their payments. Where do lenders get their data to make a decision?

Lenders use credit reporting agencies to check on the reputation of a business or individual to see what is their history of credit. they can't see into the future so their only measure of success is the past. The problem is that most businesses do not have a separate credit history. That's why the lenders insist on having a personal guarantee for their loans. Do you know where a lender gets their information about you or your business?

There are different credit reporting

agencies for business and personal information. We know there are at least three for personal history, but in the business realm, there is one main organization that most lenders use, Dun and Bradstreet. For you to be successful in obtaining independent business credit, you must have an excellent credit rating with Dun and Bradstreet. And what is detemines a great credit rating and D&B?

They have a rating system with a range of 0 to 100, with 100 being the best possible score. Their system is based on the number of days late that payments are reported from their participating lenders. The score of 80 means that every payment is made on time. A score higher than 80 means you pay everything earlier than the due date with 100 meaning that you pay everything before it is even invoiced. A score below 80 means you have a few late payments and it goes down from there. Can you guess what score you need?

To be able to get separate credit, you will need a score of 75 or higher or lenders won't even consider you for a non-guaranteed loan. But, how do you build credit for your business?

There are steps that you can follow to get a acceptable score with Dun and Bradstreet. It begins with getting listed with D&B and getting creditors to report their experience about you to them. With enough history for your company, you should be able to get the credit you need to succeed. All you need to know is which companies will help you as you build your company's credit.


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The Consequences Of A Default Student Loan
By Groshan Fabiola
Sometimes when people take out a fast student loan to pay for their college education, they end up getting caught in a slow and painful process when they can’t pay back their student loans. When a Read more...

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Secured Personal Loan: How Do I Qualify?
By SeanH-9584
You may have set your heart on a conservatory or a new car, and decided that a secured personal loan would offer you the best deal. How do you go about finding one?To start off the process, Read more...