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King Financial Blog
WE ARE THE BUSINESS CREDIT EXPERTS!
(TOP 5) MISTAKES THAT WILL GET YOU DENIED FOR BUSINESS CREDIT
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.
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