Credit-Financing

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Did you Know?

Personal Credit and “Business Credit” are two separate credit files. Both may be used in financing decisions.

The business side often uses the DUNS ( Duns and Bradstreet ) number.  You can get a DUNS number online just by making a request.  The DUNS system is a business credit file separate from what personal records TransUnion, Equifax and the Experian credit companies will already have on you.

When you are doing business with suppliers on terms, more than likely, they have already reported your performance to DUNS. By filing for a number you can see what the file has on you. Be careful, don’t fall for DUNS sales tricks. One you get your ( free DUNS number ) they will upsell you on offers you probably don’t need, except in special circumstances.

What is a good FICO Number?

Walk in and as the banker what is the minimum FICO number and debt to equity ratio will you need to have to obtain their approval for a loan or finance deal. Ask them what makes a good applicant for the amount of funds you are looking to get, and keep asking until you get good answers.

The average Americans has a FICO score of 700.  An excellent FICO score is 750+, a good  score is 700-749, the FICO range for fair credit is 650-699, and poor credit is 600-649, while bad  FICO scores are below 600.  FICO said borrowers with  scores of 800 or more outnumber people with scores of 600 or below.