[FUNd]

Don't submit the apps to your funders that aren't going to get approved. Pretty simple. Doesn't mean you shouldn't get the app in house.

[AndyYSCISOdept]

Don't submit the apps to your funders that aren't going to get approved. Pretty simple. Doesn't mean you shouldn't get the app in house.

I agree with that.

[ridextreme]

Don't submit the apps to your funders that aren't going to get approved. Pretty simple. Doesn't mean you shouldn't get the app in house.

this x100

If a broker is asking "How's my credit" they might think in the back of their minds they need good credit. 600 to us is gold but to them is horrible credit and if they think they need good credit, they won't bother filling out an app, especially if they were asked "How's your credit?"

An app should never be shotgunned around to everyone to see who bites, especially from the smaller shops and one man operations who don't run credit or do their own duediligence first.

[John Galt]

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

[ridextreme]

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

everyone does a hard pull. The "but I don't want my credit pulled because it will reduce my credit score" is all dog crap. Yeah it might go down a couple points for 6 months but if you have all accounts paid on time and no charge offs or collections, it's not going to hurt anyone. The FICO score is over rated by all the advertising hype from credit monitoring companies. Any good underwriter looks to see what is actually ON your CBR, not just the score itself.

[Michael I]

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

John I am just curious why on deck cut you off as a broker because anyone working with them will never say that .
Zach as always I agree with the way you say it

[BigIz]

this x100

If a broker is asking "How's my credit" they might think in the back of their minds they need good credit. 600 to us is gold but to them is horrible credit and if they think they need good credit, they won't bother filling out an app, especially if they were asked "How's your credit?"

An app should never be shotgunned around to everyone to see who bites, especially from the smaller shops and one man operations who don't run credit or do their own duediligence first.

Hey ridX, I am a small shop and want to sign up to run credit. Who would be good that MCA people use. Also, if I run credit and 1 or 2 other Funders do also, how quickly will their score go down?

I signed up with Experian Connect so that the Merchant gets a soft pull but getting the Merchants to do this seems to slow down the process of getting everything in to submit. I just thought that I can pull credit myself and pre-qual the Merchant quicker.

I see plus and minuses on both sides of pulling credit. I have been telling my Merchants the same thing as John, "Do not let anyone do a hard pull, I am going to send you an email from Experian Connect so that you can pull your own credit and score and allow me to view it" BUT sometimes it is 2-3 days later (5 calls) and they still have not pulled credit.

I am thinking now that I just want to go ahead and do a hard pull since I already have the app and all the docs in and I do not want to wait and possibly have someone else take the deal.