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GerriDetweiler

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  1. Yes. That's who would likely pull a report with that information.
  2. 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?
  3. 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.
  4. 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.
  5. 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.
  6. Most business credit cards make the decision based on the owner's personal credit and income from all sources.
  7. 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?
  8. 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.
  9. 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 loan payment you will be approved for. That may not be an issue but if you're just squeaking by on the amount you need to qualify for, it could be an issue. Also a new account with a balance could be a risk factor and it could catch the attention of an underwriter. I'd talk to a trusted mortgage professional first to get their take. Are you both applying together? Do you both share that debt? Who has the lowest middle score? I ask because it's rare that couples have all the same accounts on their credit reports and remember the lowest of the two middle scores is likely to be used to qualify for the loan. Do you both have to be on the mortgage to qualify? If not, that could affect your options or strategy. I think the main issue here is timing. if you have several months before you apply it may work out Ok but if you are crunched for time it may be riskier.
  10. 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.
  11. 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 check other factors like utilization which is often responsible for swings like that.
  12. 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.
  13. I agree with the above; if you are going to focus on something to build your credit, inquiries would not be the main focus. It's frustrating but the damage won't last nearly as long as other items. When I've seen people get a lot of inquiries removed it's usually due to fraud (in which case they are usually suppressed to bypass their use in a score but to still appear on the consumer report as required by law) or once in a while you have credit repair firms that get involved with insiders to get them removed. Sometimes, of course, disputes may work too. But it sounds like you were legitimately shopping for financing which led to all these inquiries. Also remember depending the scoring model used by a lender they may be grouped and counted as a single inquiry.
  14. I'm a fan too for people who will use debit cards and not credit cards, either because worried they will get in over their heads or because they've heard a certain popular financial guru tell them not to use credit cards.
  15. I don't see my business card through Chase on my D&B report I monitor through Nav. It's an active account so there would be no reason for it not to report. (CapOne business account doesn't report either but that doesn't surprise me as they report to personal.)

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