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Credit Repair
I posted this once…and its worth posting it again…
As lenders we get application everyday, most incomplete or wrong information and most not updated to current status.
So do us & yourself a favor… Before applying for a loan-Do Your Homework
Here is a simple outline of how you can help repair and or update your credit profile (FREE)
In our current environment getting a loan has become more difficult than normal.
Most lenders have tightened credit ratings, amount of dollars they are willing to lend, and shortened how far out they are willing to go in length of terms (years or months).
Before you start applying for credit as small business, personal loans, student loan, debt consolidation, credit card payoffs, auto loans, or other loan requirements do a few things first: You can do all this FREE
- Check your credit on all 3 bureaus
- Fix any negatives or mistakes
- Dispute or correct any errors
- Pay late or past due accounts
- Correct any negative balances that have expired
- Check payment history-make sure it is actuate
- Check for any hard inquiries you did not authorize
- Check for inaccurate balances or outdated information
- Check for any expired information such as bankruptcies, judgements, liens etc.
- STOP doing “soft” inquiries-they do count when you get to many.
If you would rather not do it yourself hire a credit correction agency (with extreme caution) check them out.
At Lendingcapital we offer many solutions:
- Our Free “search” Program with over 30 banks & lenders. We offer alternative lenders if our main partners say no.
- Our Specialty Financing option, fill out our application & we search with our other partners for loans. All of which there is no fee or obligation.
- With our search programs you get 30+ lenders & banks to look at you with only one soft pull Better Solutions-Better Terms-Better Odds https://lendingcapital.net
The Smart Way to Get a Loan
Our Award Winning Service “SEARCH” over 30 top Lenders & Banks for loan offers in 60 seconds
Find great rates without affecting your credit with our “search” on personal loans, home improvement loans, debt consolidation loans, auto loans, student loan refinancing, business loans & more
Free & no obligation
Our service is completely free & there is no obligation to proceed after getting your rate.
The Smart Way To Find a Loan
Well my last few blogs have been about what happens when you apply for a loan of any kind.
Companies set up algorithms at lets say 680 FICO score and you hit 679…you just got turned down.
2nd problem is they have a limited scope of lenders (like CreditKarma etc.) or just a single lender you applied for, and each time you hit that little “lets see what you qualify for” it uses a “soft” pull. Sounds good right? Didn’t hit my credit report right? WRONG
Soft pulls are recorded in a different credit file than hard pulls, hard pulls show up immediately, most credit inquiries stay on your record for 2 years or more, that includes soft pulls.
What happens it accumulates the “soft pulls” and eventually (the lenders see these) and as you have to many-instant turn down. Generally speaking, only about 10-15% of people get approved and usually not what they requested.
Our award winning service searches over 30 top lenders & banks in 60 seconds without impacting your credit score…that’s one “Soft Pull” to reach 30 plus lenders and find the best matches that you can select from. From personal, student, business, auto, home improvement loans and more.
Go to https://lendingcapital.net & Start my free search
CREDIT and Small Business
I know some of this seems redundant from previous blogs I have done, but, it seems I need to repeat some of the highpoints (or low points depending on how you look at it). Here is short summary of what you need to get together.
Remember this: Almost 90% of all bank loans get turned down.
- Check your credit BEFORE you apply. Places like www.creditchecktotal.com will give you all 3 bureaus.
- CORRECT or explain anything that is negative.
- Create a marketing and game plan (in writing to present)
- Create a BUDGET
- Complete a PFS (personal financial statement)
- 3 years business and tax returns
- 3 years personal tax returns
- Profit and loss statement
- Cash flow is one of the primary things lenders look for-generally most lenders give around 20% of annual sales
- List number of clients (lenders like lots of clients-low number of clients means high risk to a lender
- Get your SBSS score (small business scoring service). You can get this at Nav.com
- If you are looking for an SBA loan: the requirements are a minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300
- SBA loans are difficult to get and can be expensive and take up to 3 months or more to fund. So, if you are in a hurry look elsewhere that is why we offer short and long-term loans.
- Personal FICO score-0-840 most lenders want 650
- D-UN-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free
- Most secondary lenders (non-bank) have very short terms and require daily or weekly ACH payments form your bank
- DO NOT apply at several banks or lenders at once or keep applying-every time you do this it pulls down your credit score-you will not get a loan.
- Most lenders require a minimum of 3 – 6 months in business and do not do startups.
- Have a website, subscribe to places like Yoast (SEO), Rankcrew.com for backlinks, make sure it is HTTPS (secure) you can have the greatest website but who cares if nobody can find it.
- Have engaging content-you only have around 2 seconds or so for someone to keep looking or come back to your site (like this-a blog)
The old bait & switch,” get approved in seconds and get funded in hours”- in lending instant gratification can cost you a lot of money. High interest, short terms, and not as much as they promised or even turned down after they actually pull your credit.
We hope this helps you, our goal is always to help businesses and individuals who want to start a business.
We have realistic lending programs from established to start ups-Lendingcapital is a national direct lending platform.
Regards
Frank
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Hard vs. Soft Inquiries
What is a soft inquiry?
Soft inquiries (also known as “soft pulls”) typically occur when a person or company checks your credit as part of a background check. This may occur, for example, when a credit card issuer checks your credit without your permission to see if you qualify for certain credit card offers. Your employer might also run a soft inquiry before hiring you.
Unlike hard inquiries, soft inquiries won’t affect your credit scores. (They may or may not be recorded in your credit reports, depending on the credit bureau.) Since soft inquiries aren’t connected to a specific application for new credit, they’re only visible to you when you view your credit reports.Common Question
Will checking my own credit scores result in a hard inquiry?
Yes it can. Even though this is reported as a soft inquiry, it may not lower your credit score, however, some bureaus report “excessive soft pulls” and will decline as they feel you are looking and being turned down...SO CAUTION on how many soft pills you do. You can check your VantageScore 3.0 credit scores from two major credit bureaus, TransUnion and Equifax, for free at creditkarma.
Examples of hard and soft credit inquiries
The difference between a hard and soft inquiry generally boils down to whether you gave the lender permission to check your credit. If you did, it may be reported as a hard inquiry. If you didn’t, it should be reported as a soft inquiry, again, many soft pulls can cause a lender to decline your application.
Let’s look at some examples of when a hard inquiry or a soft inquiry might be placed on your credit reports. Note: The following lists are not exhaustive and should be treated as a general guide.
Common hard inquiries
- Mortgage applications
- Auto loan applications
- Credit card applications
- Student loan applications
- Personal loan applications
- Apartment rental applications
Common soft inquiries
- Checking your credit scores
- “Pre-qualified” credit card offers
- “Pre-qualified” insurance quotes
- Employment verification (i.e. background check)
Keep in mind, there are other types of credit checks that could show up as either a hard or soft inquiry. For example, utility, cable, internet and cellphone providers will often check your credit.
If you’re unsure how a particular inquiry will be classified, ask the company, credit card issuer or financial institution involved to distinguish whether it’s a hard or soft credit inquiry.
How to dispute hard credit inquiries
We recommend checking your credit reports often. If you spot any errors, such as a hard inquiry that occurred without your permission, consider disputing it with the credit bureau. You may also contact the Consumer Financial Protection Bureau (CFPB) for further assistance.
This could be a sign of identity theft according to Experian, one of the three major credit bureaus. At the very least, you’ll want to look into it and understand what’s going on.
Keep in mind, you can only dispute hard inquiries that occur without your permission. If you’ve authorized a hard inquiry, it generally takes two years to fall off your credit reports.How to dispute an error on your credit report
How to minimize the impact of hard credit inquiries
When you’re buying a home or car, don’t let a fear of racking up multiple hard inquiries stop you from shopping for the lowest interest rates.
FICO gives you a 30-day grace period before certain loan inquiries are reflected in your FICO® credit scores. And FICO may record multiple inquires for the same type of loan as a single inquiry as long as they’re made within a certain window. For FICO scores calculated from older versions of the scoring formula, this window is 14 days; for FICO scores calculated from the newest versions of the scoring formula, it’s 45 days.
Similarly, the VantageScore model gives you a rolling two-week window to shop for the best interest rates for certain loans. “That way, they only impact your credit score once,” the company says.
Bottom line
Your credit scores play a big role in your financial well-being. Before applying for credit, take time to build your credit scores. With stronger credit, you may improve your chances of being approved for the financial products you want at the best possible terms and rates.
To help you keep track of hard inquiries that may influence your credit scores, check your credit reports from TransUnion and Equifax . While one hard inquiry may knock a few points off your scores, multiple inquiries in a short amount of time may cause more damage.
Beware – Be Smart – Be Informed-Scams
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SBA PPP Program
via SBA PPP Program
SBA PPP Program
Visit our website: https://lendingcapital.net For more information & submit your application & upload required documentation and requirements.
We have several SBA approved lenders who are participating in the new SBA PPP Program. Fill out the application below along with the required documentation . Keep in mind that banks are presently only processing PPP loans for those who have an existing deposit or lending relationship with them (we do not have that rule). Banks also have certain statutory lending limits that our non-bank lenders do not – Many banks are not participating in the program
When do I Apply for the Loan?
- Starting on April 3, 2020, small businesses and sole proprietorship’s can apply to receive loans to cover payroll and other certain expenses.
- Starting on April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.
Applying for Loan Forgiveness
To obtain loan forgiveness through the PPP, you will need to provide verification to your lender for the number of full-time equivalent employees and pay rates, payments on eligible mortgage, lease, and utility obligations. You must certify that these documents are true and that you used the forgiveness amount to retain employees and made eligible mortgage interest, rent, and utility payments. The lender must make a decision on forgiveness within 60 days.
Important Things to Note About the PPP:
- Loans will be made by lenders who are participants in the SBA’s Section 7(a) program and those lenders will also decide whether to accept a borrower’s application for forgiveness.
- Detailed accounting and complete record keeping will be vital to taking advantage of these provisions.
- The loan period for this program began on February 15, 2020 and will end on December 31, 2020.
Documents that will be required:
- IRS Form – 940 (Annual Payroll) If you use a PEO instead, please request the payroll annual statement
- IRS Form – 941 (Quarterly Payroll) We need all 4 quarters from 2019
- IRS Form – W9 (For any 1099 employees)
- Driver’s License Color Copy (For anyone with more than 20% ownership)
- Voided Check for the business account.
In addition the following information must be provided
- Number of Employees as of December 31st, 2019
- Number of Employees as of February 15th, 2020
- 2019 Annual Gross Revenue for the Business
- 2019 Payroll Cost
- Date started business
- Monthly Rent or Mortgage
Don’t wait-it costs you nothing to apply…https://lendingcapital.net
Are you on the Merchant TMF-Matched File?
We can help get you back in business! https://lendingcapital.net
Chances are, you’re reading this article because you’ve just found out that you’ve been added to the Terminated Merchant File (TMF) or MATCH list. And now you’re scrambling to figure out what this “list” or “file” actually is, and how you can get yourself off of it. Am I right?
Well, don’t feel too bad, because you’re not the only merchant who’s been caught off guard. The truth is that most merchants don’t know that they are TMF’d or MATCH’d until they submit an application for a new account elsewhere and find that they are declined. At which point, the reason for the decline is revealed to them.
MATCH is a system created and managed by MasterCard. It is essentially a database that houses information about businesses (and their owners) whose credit card processing privileges have been terminated for reasons which I’ll discuss later.
It is used by acquiring banks (aka merchant processing banks) to screen potential applicants to see if that applicant has been terminated in the past. Acquiring banks also have the ability to add or remove merchants to or from the MATCH database, given they have justification.
In a nutshell, the MATCH file is like a “blacklist” that banks can cross-check when they take on new business. That way, they won’t get stuck with any bad apples.
When a merchant is placed on the MATCH list, the business name, principal, and any business partners are all recorded on file and basically blackballed (for the most part) from opening any new merchant accounts elsewhere. Once on the MATCH, it is extremely difficult to obtain a new merchant account by any other bank.
The reasons for being added to the MATCH database can vary. Having too many chargebacks, participating in fraudulent activity, or money laundering are all activities that can get you listed.
In the past, MasterCard made it really easy for acquiring banks to add merchant’s to the list, but in recent years, they’ve become more strict with their guidelines.
Here’s a quick table I pulled from the MasterCard website (see table 11.3). The numbers before each category are “reason codes,” so if somehow you only have a reason code, you can look for it in the table to find out what it means.
| Code | Description |
| 01 | Account Data Compromise The Merchant unknowingly or unintentionally facilitated, by any means, the unauthorized disclosure or use of account information. |
| 02 | Common Point of Purchase (CPP) The Merchant knowingly caused or facilitated, by any means, the unauthorized disclosure or use of account information. |
| 03 | Laundering The Merchant was engaged in laundering activity. Laundering means that a Merchant presented to its Acquirer Transaction records that were not valid Transactions for sales of goods or services between that Merchant and a bona fide Cardholder. |
| 04 | Excessive Chargebacks With respect to a Merchant reported by a Mastercard Acquirer, the Merchant’s chargebacks in any single month exceeded 1% of its Mastercard sales Transactions in that month, and those chargebacks totaled USD 5,000 or more. With respect to a merchant reported by an American Express acquirer (ICA numbers 102 through 125), the merchant exceeded the chargeback thresholds of American Express, as determined by American Express. |
| 05 | Excessive Fraud The Merchant effected fraudulent Transactions of any type (counterfeit or otherwise) meeting or exceeding the following minimum reporting Standard: the Merchant’s fraud-to-sales dollar volume ratio was 8% or greater in a calendar month, and the Merchant effected 10 or more fraudulent Transactions totaling USD 5,000 or more in that calendar month. |
| 07 | Fraud Conviction There was a criminal fraud conviction of a principal owner or partner of the Merchant. |
| 09 | Bankruptcy/Liquidation/Insolvency The Merchant was unable or is likely to become unable to discharge its financial obligations. |
| 10 | Violation of Standards With respect to a Merchant reported by a Mastercard Acquirer, the Merchant was in violation of one or more Standards that describe procedures to be employed by the Merchant in Transactions in which Cards are used, including, by way of example and not limitation, the Standards for honoring all Cards, displaying the Marks, charges to Cardholders, minimum/maximum Transaction amount restrictions, and prohibited Transactions set forth in Chapter 5 of the Mastercard Rules manual. With respect to a merchant reported by an American Express acquirer (ICA numbers 102 through 125), the merchant was in violation of one or more American Express bylaws, rules, operating regulations, and policies that set forth procedures to be employed by the merchant in transactions in which American Express cards are used. |
| 11 | Merchant Collusion The Merchant participated in fraudulent collusive activity. |
| 12 | PCI Data Security Standard Noncompliance The Merchant failed to comply with Payment Card Industry (PCI) Data Security Standard requirements. |
| 13 | Illegal Transactions The Merchant was engaged in illegal Transactions. |
| 14 | Identity Theft The Acquirer has determined that the identity of the listed Merchant or its principal owner(s) was unlawfully assumed for the purpose of unlawfully entering into a Merchant Agreement. |
How Long Are You On the List?
According to this Mastercard PDF (see section 11.2.6), you’ll remain in the system for 5-years
We can help…TMF or Matched file: CBD-High Risk-Kratom-Flower-Pre-Roll-Hemp-Vape-Loans-Equipment Leasing and other high risk merchants
Go to our website fill out our no cost no obligation website and see how we can help you get back to business: https://lendingcapital.net
eCommerce for CBD-Flower-SEED
CBD merchants tired of not being able to process credit cards to you site?
The banking and processing industry has a stigma against cbd merchants in general-BUT ESPECIALLY FOR FLOWER merchants.
Well, we are happy to say that we can end your misery in that department…with great rates, terms, very few conditions, and NO LOOKING OVER YOUR SHOULDER waiting to be cancelled.
Check this out:
WE CAN ACCEPT PRE-ROLL + FLOWER + SEED HEMP/CBD MERCHANTS
FLOWER MERCHANTS MUST BE PRODUCING MINIMUM $100,000 PER MONTH
All rates are determined by underwriting…no applications will be processed until all information is complete – including any additional information we may request
* rate of 4.95- 6.95 (6.95 for start ups) Reviewed every 90 days * $.35 transaction
* 10% reserve for 180 days under 50K Monthly volume
* 5% reserve for 180 days over 50k Monthly Volume
* No reserves over 100K Monthly Volume
* Interchange plus pricing over $200k Monthly Volume
* Visa/MasterCard
* 7 day approval time to go live
Our program has a 90% plus approval rate and 90% plus no cancellations except for excessive chargebacks
