[bostriba]

Merchant has 2 businesses for a total of $450K sales per year. Merchant indicates that sales are up 10% so far this year. He seeks a 'term loan'. He has a window of 2 to 6 weeks to get the deal done as he is waiting to pay off his current merchant advance. Any takers of this as I know that the 550 score is a hurdle?

[WhoisKingsley]

Because of his credit a term loan would be near impossible unless collateral is used. You can maybe find them a more structured advance? If he's been in business 3+ years and sales are on the incline it shouldn't be that much of an issue with credit. If he doesn't want to go that route I would suggest a credit repair company to go to work on it now... In the next 90 days it will go up just enough to qualify for something more structured. Email me

[RichardGerard]

To expand on what Amanda says I would request to see WHY his credit is 550. Have the client run their 'creditchecktotal.com' full report.

Are there judgements? Tax liens? If there are things that won't go away soon, they may need to think about changing their corporate structure, to enhance their overall marketability.

RG

www.businesscapitalconsultants.com

[proscratcher]

There is definitely a lot of reason why the credit score is 550. I personally increased my score from 550 to 630 credit score. It was not easy but it is possible.

Even if it’s impossible to improve your 550 score to 630 credit score over few days, still, you are capable to do it in a relatively short period of time. However, prior to improving you credit score, it’s obligatorily to know how it stands right now.

The key is to focus on your recent activities and to show Credit Bureaus that you’re getting only better. Below you will find three main areas you should focus on in the next months, if you want reach a 630 credit score or even exceed it, here's what you need to do to raise it fast:

1. Pay your bills on time regularly – I know it’s easy to forget to pay your bills on time (it happens to me, too). However, for myself, I have found out that it’s just a matter of improving your organization and setting up payment reminders (many banks offer this service for free). Sometimes, obviously, lack of the money is the problem. In this case I’d suggest to call your lender and try to get your payment disputed. Explain why you can’t pay and when you will do that.
2. Pay down your balances – this will lower down the amount of credit you are using to the amount of available credit. The less percentage of your credit is in use, the higher your FICO score will be.
3. Don’t open new accounts – lenders are crazy about this, especially if your credit history is very short. If possible, close your newest accounts that you don’ really need (however, if you have many accounts with good, long credit history do not close them).
4. Use your credit cards wisely – don’t use just one of your card if you have many of them, this will look suspicious to the lenders. Make sure you don’t have more than five credit cards – on the other hand, having no credit cards at all will have a negative impact, too. Avoid dormant accounts!
Remember to check credit score often so you can fix any problem that occurs! For more information, visit this website: tweak630score.com

[1StopFunding]

Bostriba, what will he use the money for? If it's inventory financing, I can point you in the direction of a term loan lender who doesn't have a min score requirement for inventory funding.