It is highly important that you know lenders and credit issuers will often automatically deny you for business credit based on you not meeting their approval standards and that there’s a formula you must meet for approval and if you meet it, you’ll often get an automatic approval, or a decline if you don’t.
- This is one of the most common reasons for loan and credit card applications being denied: when the lender can’t easily locate your business online. The business name on your application should be the EXACT same as what’s listed online and with your Secretary of State.
- Many lenders will automatically decline you if your name indicates you’re in a high risk industry. Some restricted industries include Ammunition or Weapons Manufacturing, Bail Bonds, Check Cashing Agencies, Energy, oil trading, Finance, Pawn shops, Political campaigns, X-rated products or entertainment.
- A cell or home phone number as your main business line could get you "flagged" as un-established. DON'T give a personal cell phone or residential phone as the business phone number. Your phone number MUST be listed with 411 for most credit issuers and lenders to approve you.
- Not having a company website: Credit providers will research your company on the internet. It is best if they learned everything directly from your company website. Not having a one will severely hurt their chances of obtaining business credit. Using places like TemplateMonster.com and Upwork.com you can get a site up cheap.
- You can also get denied if you don’t have a credit score, or have a low credit score with D&B, Experian, or Equifax.