[cardinalequity]

Inquires in my opinion shouldn't be a deterrent for a client (within reason of course we can't abuse the client) If we have are few go to places those couple inquires aren't going to kill a score. Especially if a client has charge-offs and collections. In other words a 600 that dropped to 590 isn't that big of a deal if the client has derogs on their credit. Underwriters will look at the substance of the full report. In the same was a 20yrs old can have a 750 fico score but only has 2 capital one 500 dollar credit cards. (no substance) That score regardless of how high will not convince someone to now all of a sudden give them a 50k credit line.

How many times, on average does everyone think a Merchant's credit get pulled when a Broker submits him/her for funding?

I have been thinking about it lately and am starting to feel like we should pull credit 1 time ourselves before sending it out and that's it. If the Lender wants to pull a credit report one more time once a deal has been offered and accepted that is fine. The reason is I have had a couple of declines the last few weeks due to them missing the minimum score by 4-10 points. We try to send most Merchants to 5 Lenders or less and stick to whoever would be the "best fit" but let's face it, lots of Merchants are going to make the rounds.

Example: Restaurant/Retail shop depositing $40,000-$50,000/month 600 score, minimal NSF, some minor blemishes, but pretty decent overall; just about anyone will fund them....you're going to want to send them out to a few places and see who puts the best offer out.....and you have to assume nowadays they either are shopping or will be so you want to play defense....who wants to lose a deal because you inadvertently dropped someone's FICO score.

My questions is: Do a lot of brokers do this already? Do most Lenders accept that type of arrangement? If they do, than great, it's a good selling point and my clients will appreciate it. I''m definitely leaning towards doing that from now on.