I knew you were going to show up.
So when ever someone dissappears from cb then that means they defaulted on everything? I have not seen you around here in quite some time.... What happend?
So when someone lies on a credit application they Will most likely default on their credit lines after maxing them out???
Are the loopholes closed because of the economy crashing or because of lying on applications?
When you refer to a "loophole" you are referring to bypassing proper procedures. How is using loopholes a good practice?
So most business credit is required to be pg'd because of people lying on applications and defaulting? Not because of poor lending practices? Wow... I would have never known....
Creditors verify business information. And when they do and choose to move forward with the application then that's on them buddy.
Yes they do verify businesses but there is only so much they can verify. The most they get is info from the CRA's and sec. of state which has limited info about the business and pretty much comes directly from the owners mouth. Any one can say they have a100 employees and make $20 mill a year. So it really is limited info they have.. As I have send before a good way of weeding out some bad companies is simply to ask for a bank statement or two and that shows you have money coming in and roughly how much you do a year. That is a lot easier them full financials.
What i'm trying to say is underwriting exceptions are made all of the time in both business and personal credit situations. ALL OF THE TIME. In other words we have credit annalists going against company policy in order to get more business out of consumers all of the time.
I understand stretching the annual income thing that i did was wrong. The only reason I did that was so that they would actually pull our company credit file. I knew when they did that t they would see that we had a strong file and that the possibility of an approval would be much higher. I was wrong for doing that.
I did not lie about time in business. They can and did verify that for our company and even though the length of time in business was a minum of 2 years for an approval. THEY over looked that in order to get us approved. The sales information on DNB is accurate and THEY saw it and THEY over looked it.
I have not been in business for two years.
A lot of the accounts that we have, most of them have a 2 year minum requirement. I still got approved. That means something.... It means we know how to manage credit. creditors see that and we get rewarded for that.
I'm not boasting. The whole entire reason I posted that was to aid in helping other members get through the front door.
I will say this. After this I am not arguing anymore.
What I do works...... It's not always correct. In the credit forum they have people helping people in a OPEN fashon remove CORRECT LEGIT derogatory information off of their credit reports.
Tell me how thats RIGHT!!! It's not, It's what WORKS.