There is help! Statistics. According to the Report to Congress, if you have a low credit score for example 560 to 599, percentage wise there is a twenty two and a half percent chance that you will default. (I do not know who the half people are) That is considered a bad credit score, and an extremely high default rate. But think about it a different way. There is a seventy seven and a half percent chance that you will pay back the loan in full. If a lender rejects people with 560 to 599 credit scores, they are depriving seventy seven and a half responsible people of access to credit. In other words, they are rejecting good people with bad credit scores. The good news is many of our hard money lenders will look at why your score is bad and, in many instances, can qualify you for a business loan. Reach out to me and tell me what caused your low credit score and let me see what I can do to help you out. It cost you anything to tell me your story. If I can find a way to help you, I will. Call toll free now 800-965-5602. Or contact us through our web site. https://quicklinkcapital.com/contact-us Remember that “We are the “Quick Link to the Capital you Need!”™ Herman
What are inquiries and how do they affect my FICO score?
Credit inquiries are requests by a “legitimate business” to check your credit. As far as your FICO® score is concerned, credit inquiries are classified as either “hard inquiries” or “soft inquiries” – only hard inquiries have an effect on your FICO score.
Soft inquiries are all credit inquiries where your credit is NOT being reviewed by a prospective lender.
Hard inquiries are credit inquiries where a potential lender is reviewing your credit because you’ve applied for credit with them.
FICO score includes: Most popular:
*Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account.
*Number of recent credit inquiries.
*Time since recent account opening(s), by type of account.
*A FICO score does not take into account any involuntary inquiries made by businesses with whom you did not apply for credit, inquiries from employers, or your own requests to see your credit report.
Different type FICO Scoring:
FICO 9: Newest version. Now widely used yet.
FICO 8: Most common. Used for Auto and Bankcard lending.
FICO 5: Used by mortgage lenders. Built on data from Equifax.
FICO 4: Used by mortgage lenders. Built on data from TransUnion.
FICO 2: Used by mortgage lenders. Built on data from Experian.
There are more scoring types but these are the most popular.
For more information and educational resources please visit; https://www.fdic.gov/consumers/consumer/moneysmart/index.html
If you like, reach out to us in US call 800-965-5602. Hope this helps you! Herman