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Bad Credit Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Where To Get A Small Business Loan with Bad Credit?

Merchants who have bad credit are viewed as riskier borrowers by small business loan providers.  Creditors who lend money to bad credit merchants usually shy away from these borrowers since they aren’t sure high risk merchants won’t miss their payments or default. The Fair Isaac Corporation (FICO) calculates credit scores and provides the famous FICO score. The Corporation uses information from the 3 credit bureaus, Experian, TransUnion, and Equifax, and calculates the score. Be aware, your bad credit can cause a number of problems such as higher interest rates. According to FICO: Maxed-out card costs 10 – 30 points for […]

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13 Corporate Dissolution Steps to Take When Closing Down Your Business

Closing down a business is a big decision. It’s critical to take the right steps involved in the process. The reasons may be associated with poor management, poor marketing, anemic sales productivity, poor cash flow, inadequate investment capital, imprudent cutbacks, poor supply and delivery chains, and bankruptcy caused by rapid expansion. If you’re closing because you lack the necessary working capital, consider applying to a reputable business funding provider like First American Merchant to get low-cost and reliable business loans to improve your situation. Firstamericanmerchant.com is also a respectable processor that offers exceptional payment processing services, including a bad credit […]

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Hard Inquiries vs. Soft Inquiries— How long Hard Pulls Stay on your Credit?

Sometimes the pressure that comes with running a business may push you into rushing for new loans and seeking new credit cards pointlessly without realizing its effect on your credit score. Lenders may fail to approve you if you have made several credit inquiries depending on the loan you wish to apply for. Achieving good credit and clearing your debts calls for a proper understanding of hard pull vs. soft pull inquiries. It is important to realize that some credit or loan inquiries can negatively affect your score for a very long period, even up to two years. ​What’s a […]

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4 Ways Using a Credit Card Can Build Your Credit Score

Having a bad credit score can be a nightmare, especially for the new entrepreneur. Your credit score is made up of five major components. Focusing on each of these components is key to establishing and maintaining a good credit history. These components will affect your FICO score (the score lenders will use to determine your credit risk): Payment history (35% of total credit score) Credit utilization (30% of total credit score) Length of credit history (15% of total credit score) New credit accounts (10% of total credit score) Mix of credit accounts (10% of total credit score) But what if […]

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Financing for Customers Buying Tires with Bad Credit

According to financial experts, the best way to improve credit is to pay bills on time each month. You, as a merchant running a tire store, can help your customers with bad credit build their credit and get new tires for their vehicle. Merchants Can Help Bad Credit Customers Get Tire Financing People with good credit can enjoy the best interest rates when borrowing money. As credit score goes down, interest rates go up because lending money becomes of greater risk to the company. The same refers also to those having no credit history, but can’t be said about people […]

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Credit History and Credit Scores | The Best Way to Build Credit

Good credit history can play a crucial role when trying to get a mortgage, loan, apartment lease, or credit card. Your credit score is key to determining how much interest you’ll pay. Good credit demonstrates you’ve been financially responsible in the past. So, the higher your score, the more chances you’ll have to get approved for a loan with favorable terms. Credit History and Credit Scores The credit scores of Americans may undergo fluctuations over time. Different scoring systems may show slightly different results. FICO scores, which is the most commonly used model, range between 300 to 850. You must […]

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What You Need to Know About the 3 Major Business Credit Bureaus

Apart from personal credit, you, as a business owner, also have a business credit score, which is also known as a trade or commercial credit score. Your business credit score helps financial institutions to figure out whether you’re a good or bad candidate for financing. There exist several business credit bureaus that offer business credit scores, which may vary based on the way they’re calculated. Dun & Bradstreet, Equifax, and Experian are the 3 largest business credit bureaus gathering data about your business. It’s important to note that with reputable business loan providers like firstamericanmerchant.com you can easily secure business […]

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Get a Business Loan with “No Credit Check”

27% of businesses surveyed by the National Small Business Association (NSBA) reported they weren’t able to receive the necessary funding for their business. According to the NSBA Small Business Access to Capital Study, 20% of small business loans are denied because of business credit. Based on a 2015 survey in the field, of small business owners surveyed, 45% weren’t aware they have a business credit score. 72% have no idea where they could find information on their business credit score. 82% have no idea how to interpret their score. “Credit Check” and “No Credit Needed” If you’ve decided to apply […]

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5 Tips to Help You Pay Back Your Loan During Slow Seasons

According to a US Bank study, 82% of businesses that fail appear in such situation because of cash flow problems. Cash flow problems aren’t something new for seasonal businesses since they have slow seasons with less money. 27% of businesses surveyed by the NSBA (National Small Business Association) report they weren’t able to receive the necessary funding they needed. According to those 1-in-4 businesses, the lack of funding prevented them from growing their business. This refers especially to women- and minority-owned businesses. So, how are you going to repay your business loan if you’re in a slow period? In such […]

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Building Credit With No Credit

If you’ve decided to apply for financing, be aware there are generally 2 ways to check whether you’re eligible for it or not. The 1st one is the traditional “credit check.” In this case, a hard inquiry is put on your account, and the loan provider reviews your credit score and credit bureau reports to figure out whether you can qualify for business funding or not. The 2nd one is the so-called “no credit check,” when the lender takes into account other factors so to determine your eligibility. What is Credit Check? A typical credit check is also called a […]

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