Steps to achieving credit approval
Workable credit goes a long ways towards not only getting a better chance for approval but also offers better opportunities for lower down payments at lower interest rates. Your credit can be either Excellent, Good, Average, Fair, Poor or Very Poor. In some cases you might not have a credit score at all. But more often than not you can be able to achieve what is known in the banking industry as Workable credit. Workable credit means that you have been able to remove all negative items off of your credit profile and are able to manage all of your debts. Your goal should be to at least obtain Workable credit so that you can get out of Financial Purgatory.
With so many banks and credit card offers from lending institutions, did you know that sometimes accepting these offers can actually lower your credit rating?
Matrix Equity be holding consultations and workshops in the Chicago area in the upcoming months to provide valuable information on writing business plans, financing options including SBA funding, budgeting and secrets to achieving workable credit.
After years of helping clients with their credit concerns Matrix Equity has found some resources to companies who help businesses and consumers build better credit profiles. Remember, the better your credit profile the better your chances are for credit approval and lower payments and interest rates.
Also if you can obtain access to alternative financing outside of the SBA program at higher rates and down payments you can also (along with help of building up your credit profile) refinance the loan later down the road to qualify for the SBA program to lower your interest rate and payments and might be able to increase your borrowing power.
Here are some helpful links:
www.creditkarma.com Credit Karma is a free service that helps you monitor your credit score and lets you see where you need help to improve your credit profile. They do not do credit repair but they do offer credit card opportunities for people with lower credit scores to help people build credit.
www.annualcreditreport.com Annual Credit Report is a free service from the federal government that allows consumers to review their credit once a year and helps the consumer know what’s in their credit profile and provides information to the creditors listed that have filed negative information on your profile.
http://www.thecreditpeople.com/?afid=13146&crid=1&cpid=1881&ti=p13146 The Credit People is a paid service and for a nominal fee will help you do all the tasks you need to do to really help improve your credit. They do not charge you an arm and a leg and actually educate you on what is in your profile and tells you how to do it yourself. But as they say whenever a person tries to represent themselves in a court of law without an attorney has a fool for a client. To communicate with the three credit bureaus and provide timely and correct information takes special skills to facilitate progress. If you decide to work with a credit repair company then The Credit People is the best choice.