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The Issues With Getting Approved For Corporate Credit

Jan 26, 2008
If you will be applying for corporate credit, you need to understand what lenders will be evaluating. They will certainly ask for more than just an application as they can't be sure you are credible. They aren't going to take anything at just face value as that is their job on the line if they do.

For any size of a business establishing corporate credit is essential. It is also a process that is going to take time to complete. You may have to work with several lenders before you are able to secure what you have been after. This is why it is important to know as much as you can about the process.

You need to be picky about the credentials of those you apply for corporate credit with. You will find the more desperate you are to get the funds, the more unscrupulous lenders seem to appear out of nowhere. If they are offering you something that seems too good to be true it definitely is.

The application is a huge part of applying for corporate credit. Don't leave any sections of it blank. If something doesn't apply to you mark through it or put N/A on it. These are signals to the lender that you did look at that information. If you don't understand what they want in a given section make sure you ask before you submit your application. If you think information on there makes you look bad, attach a note to explain any problems.

After the lender has reviewed all of the information on the application they will likely have a few questions. They may ask you them over the phone or in person. Some lenders require the answers to be submitted in writing. They will also let you know what types of information they need to verify the information on your application.

There are some different items that will likely be requested from the lender. The specifics will likely depend on your application. It will also depend on whether or not you have been in business for a while or you are just starting out. You should expect to provide at least two years of financial records. Sometimes your personal finances have to be reviewed as well as an extra security measure.

There is a great deal of information that the lender has to access and review from other sources as well. It can take a while to gather all of it in order to make a determination about your application. For example they may check to see how much you owe, who you owe it to, and your repayment history. They will also be looking to see what your business credit score is.

Don't wait until the last minute to apply for corporate credit. It can take several weeks for you to get the answers you are looking for. The lender has to protect their investment, and that means carefully evaluating the chances of you paying the funds back or defaulting. Give yourself enough time for the process to be completed without stressing yourself out. You have to be prepared for the possibility that you will be denied and then have to start looking for another lender.
About the Author
Robert Bain - veteran business owner shares his thoughts on acquiring corporate credit, even if you have bad personal credit. Visit href="http://www.corporatecreditpower.com">CorporateCreditPower.com to read more.
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