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phinancer

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  1. Shifter: OnDeck has revised their policy as of Dec 2014. If you pay off early, there's a 20% pre-payment discount. There's so much competition in the realm that they had to given in. MCC has a better policy for pre-payment. If you're rate sensitve, try www.lendingclub.com or www.kabbage.com. Smaller approvals and lower rates. Also, their rates are consistent with what the market with bear. These are cash-flow based loans and are un-collateralized. OnDeck has rates as low as 1.15 plus an O fee on a 6 month. Alternatively, New Logic Business Loans offers 1.2 over 12 months. That's pretty darn reasonable money.
  2. Sorry, I'm late to the party. How are you leveraging a call center? I'd love to hear the back story.
  3. Gr8White: I think you're referring to Operation Lease Fleece and blinky boxes. That's all behind us, or at least we think. Sentences all have been handed down. Brokers got off with a slap on the wrist and the lessors were left holding the bag. Not the resolution that we all hoped for. There are a # of companies that have great programs for equipment financing. Like any field, each lender has a specific credit window. Creditxpert: can you please give us a little background about what you're looking for. For example, if forklift, go to De Lage Landen, WFEF. Thanks,
  4. stroked89coupe: Cash flow lenders like www.cancapital.com, www.ondeckcapitalcom, www.kabbage.com, www.lendingclub.com all weigh deposits quite heavily. But then, they're a unique subset of lenders that don't weight business or personal credit all that much in their algorithm.
  5. If you give me a little bit more information on your business' situation and revenue, I can try to give you an understanding. Business Start Date Yearly Revenue Personal Credit Amount Needed
  6. With regard to GR8WhiTE's comment: DNB isn't BS at all. They're system isn't perfect, but keep in mind that everything created by man can be manipulated. I've a colleague that works for DNB in Israel and she's part of a team that roots out fabricated content or data that is manipulated. They do this by building mathematical algorithms that crawl accounts looking for suspicious content. Additionally, DNB's Paydex score is valid and has a large value in our own credit matrix. PayNet (no relation to DNB) also weighs heavily. I do agree with his/her point about personal credit. Keep it built out and ask debt free as possible. Try your very best not to mix business and personal debt, as business debt can carelessly overflow onto your personal balance sheet and affect your borrowing capabilities as a consumer.
  7. Try a cash flow based lender. www.ondeckcapital.com is a good start. They just went public and have a very loose credit policy. They're out of NY. They advertise all over that their loans are good for expansion, payroll, supplies and inventory as well as new locations. Good luck,
  8. cpleasant: no chance, given my experience. If you need cash for your business, try a cash-flow based lender, not a collateral + credit-based one.
  9. I agree with deadbeatloser. PG and build a real enterprise. A business without real credit and without FINs is a hobby.
  10. This has to do with your personal credit history. Open more cards and PG. Let them age. Use them as you would your debit and pay them off. No need to pay interest. Contrary to popular belief, letting balances marinate don't add any credibility to your credit file with the particular bank. It's not part of a lending algorithm with respect to analysing for credit granting/increases. If you need a LOC, contact the local branch and fill out an application for a B revolver. Under $50K should be easy.
  11. You can dispute that account. Do you have an Experian Business Credit account? It's always best to have these accounts, though they do cost $$$. Reason is that you have more control. I would contact them and dispute.
  12. When vendors enquire about your business credit, those pulls don't affect D&B. However, keep in mind that when D&B calls your vendors and asks for information regarding their experience working with you: payment terms, etc that can and does affect your D&B commercial credit rating.
  13. Try this site for rules post Dodd-Frank: http://files.consumerfinance.gov/f/201308_cfpb_tila-narrative-exam-procedures.pdf
  14. Funny, almost ridiculous. Those ATT people are sales guys and make commission/have goals to open new lines.
  15. My advice: don't let this get personal. You mentioned that you hate WF. Why? Previous experience? If you can borrow money for cheap and leverage to make your business money, I wouldn't advise that you let personal feelings get in the way.

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