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GerriDetweiler

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    https://www.Nav.com

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  • Interests
    consumer and small business credit and fianncing

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  1. Each bureau has its own requirements for reporting accounts. There is no standardized reporting system like Metro 2 for consumer credit reporting so you have to contact each bureau to which you want to report and ask for instructions. Last time I researched this, for example, D&B required at least 300 accounts to report and Experian required that you report the entire portfolio monthly. Creditsafe is one of the easiest to get started with - join their Trade Exchange program. Generally it is free though.
  2. That site is not secure and I can't find any information about it including through a domain name search.
  3. Free Nav accounts provide a summary business credit report from Equifax, Experian and Dun & Bradstreet. There can be a lag of up to two months for the account to start reporting. You will get an alert when it starts reporting. After that, reporting should occur monthly as your Nav paid account is processed (or quarterly if you choose that option).
  4. Yes. That's who would likely pull a report with that information.
  5. Nav shows your business credit data on file with Equifax, Experian and Dun & Bradstreet on the small business side. It's similar to CreditKarma but for the business owner. So you won't get a "Nav" credit report; you'll get a credit report from each of those three commercial credit bureaus, provided they have reports on your business. Does that make sense?
  6. Wells Fargo has indicated they report to the SBFE. So while you may not see it on a standard credit report, a lender that pulls a report with SBFE data should see it.
  7. It is automatic. You will be asked to verify which business is yours if you are monitoring other businesses in your Nav account but beyond that, there's nothing you need to do. Nav will send you an alert when it's reported. It may take 14-45 days to appear, depending on the reporting cycle.
  8. Yesterday, Nav began reporting all our paid accounts to all three major commercial credit agencies (positive info only): D&B, Experian and Equifax commercial. Only positive information is reported.
  9. Most business credit cards make the decision based on the owner's personal credit and income from all sources.
  10. It may not be hopeless but a little more information would help. You mention you have 80% utilization - is that on personal credit cards? What kind of credit limits and balances do you have? Your credit scores are pretty good but there are some issuers that will look at that utilization and your balances. What is your goal? Are you trying to get a business credit card to build business credit, or finance some upcoming inventory purchases for example?
  11. You can build credit as a sole proprietor but to really be effective you need to form a legal entity. If you operate as a sole proprietor then you won't be able to move away from personal guarantees as your business is you for all intents and purposes. Having said that, some people do establish business credit reports as sole proprietorships. The key is to get an EIN and register their business name with the state as a DBA. (This will help your business get on the radar with agencies like Experian that don't let you register your business with them.) Again, not recommended but not impossible.
  12. FICO has a good calculator that shows you the potential impact of a higher score on mortgage rates. If you can get yours up, it may benefit you significantly in the long run. Generally consolidating high balance credit card debt with an installment loan can help with high utilization. There are a few caveats though. In this case you will have a new loan payment that will figure into your debt to income ratio. The payment on a 5 year installment loan (for example) will no doubt be larger than the minimum payment reporting on your credit cards, so that could affect the amount of the home loa
  13. 59% utilization is still quite high. I am not convinced you will get the increase you are hoping for. Barry Paperno, who worked at FICO for 25+ years says combined utilization will have more of an impact than individual utilization though the latter does have an impact as well.
  14. Typically you shouldn't see a substantial drop in your score due to a mortgage refi. Yes, there is a new account with a balance (and an effect on age of credit factor), and there was an inquiry (though that may have happened the previous reporting cycle) but overall the effect is usually small. Have you confirmed your old mortgage is showing a zero balance? If there was a lag in reporting that, your debt level could look higher than it is. I wouldn't panic. Unless there is something else going on, my guess is you will see it even out next reporting cycle or the following. Also double
  15. The article says: "Interestingly, the CFPB’s regulatory nudge to credit unions was followed up with an unexpected signal boost from the Office of the Comptroller of Currency an hour later, when it formally rescinded Obama-era guidance that made it more difficult for banks to offer a payday loan-like product called deposit advance." Yesterday when I logged into my credit union online account there was a splash screen offering me access to my paycheck deposit funds a day early for a fee of $3. Seems like they moved quickly. Thanks for flagging this piece.
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