Author: Enrique Moore

Pelosi's Top Priority: Consolidating Power

Her first bills in the new Congress would dilute ballot integrity and make D.C. a state.

The Senate in the Balance

Chuck Schumer reveals what’s at stake in the two Georgia runoff races.

Top 20 Wisconsin Badgers Podcasts You Must Follow in 2020

Top 20 Wisconsin Badgers Podcasts Contents [show] ⋅About this list & ranking Wisconsin Badgers Podcasts On Wisconsin Podcasts The Camp | A Wisconsin Badgers Football Podcast Wisconsin Badgers Sports Network Bucky’s 5th Quarter | For Wisconsin Badgers Fans The BadgerBlitz.com Podcast | Wisconsin Badgers Locked On Badgers IKE Badgers Podcast Badgers Unrestricted The Red Zone | A […]

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NBA Lottery Winners, GSW’s Next Move, Philly’s Slide, Cam Newton and Taylor Swift with Raja Bell, Kevin O’Connor, Ryen Russillo and Nora Princiotti

The Ringer’s Bill Simmons is joined by Raja Bell, Ryen Russillo, and Kevin O’Connor discuss Tuesday first few days of NBA playoff basketball, and some of the top draft prospects, before reacting to the 2021 NBA Draft Lottery (4:35). Then talks with The Ringer’s Nora Princiotti about the approaching 2021 NFL season, how empty NFL stadiums could affect on field play, the “battle” for the Patriots starting QB position, the live music void in the pandemic, music documentaries and more (1:34:15).

The post NBA Lottery Winners, GSW’s Next Move, Philly’s Slide, Cam Newton and Taylor Swift with Raja Bell, Kevin O’Connor, Ryen Russillo and Nora Princiotti appeared first on Buy It At A Bargain – Deals And Reviews.

The post NBA Lottery Winners, GSW’s Next Move, Philly’s Slide, Cam Newton and Taylor Swift with Raja Bell, Kevin O’Connor, Ryen Russillo and Nora Princiotti appeared first on Business Marketplace Product Reviews.

Compound (YC S19) is hiring software engineers

Article URL: https://withcompound.com/careers

Comments URL: https://news.ycombinator.com/item?id=24399640

Points: 1

# Comments: 0

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5 Ted Talks Youtube Channels To Follow in 2020

Top 5 Ted Talks Youtube Channels Submit Your Channel SUBMIT BLOG Contents [show] ⋅About this list & ranking TED Talks Youtube Channels TEDx Talks TED TEDMED TED-Ed Student Talks TED-Ed Educator Talks Ted Talks Youtube Channels TEDx Talks New York, United States About Youtuber TEDx is an international community that organizes TED-style events anywhere and everywhere — […]

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Work Taxes– What Are They?

Work Taxes– What Are They?

If you have staff members, you are in charge of paying a range of tax obligations at the government, state, and also regional degrees. You have to likewise keep specific tax obligations from the incomes of your staff members. What are work tax obligations?

Work tax obligations consist of the complying with.

1. Government revenue tax obligation withholding

2. Social Security as well as Medicare tax obligations

3. Federal joblessness tax obligation (FUTA).

Federal Income Taxes/Social Security and also Medicare Taxes

You usually need to hold back government earnings tax obligation from incomes paid to a worker. Type W-4 is made use of to identify the certain quantity, although the majority of pay-roll solutions or your accounting professional will certainly do this for you.

Social safety as well as Medicare tax obligations pay for advantages that households as well as employees obtain under the Federal Insurance Contributions Act (FICA). Social safety and security tax obligation pays for advantages for the retired, survivors, and also special needs insurance coverage circulation arrangements of FICA.

Generally, you have to transfer these tax obligations by check or money to a certified banks, usually your financial institution. Get in touch with your tax obligation specialist to ensure you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). Despite the settlement approach, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

Federal Unemployment Tax (FUTA).

FUTA is a mixed government and also state program that offers joblessness settlement to the jobless. As a local business owner, you are only in charge of paying this tax obligation, to wit, absolutely nothing is held back from the incomes of your staff members. FUTA is figured out by utilizing Form 940, yet you are motivated to utilize a tax obligation expert to identify settlement quantities.

Work tax obligations can be annoying for a small company proprietor. They are, however, an essential wickedness as your organisation expands.

If you have workers, you are liable for paying a range of tax obligations at the government, state, as well as neighborhood degrees. What are work tax obligations?

Social safety as well as Medicare tax obligations pay for advantages that family members as well as employees get under the Federal Insurance Contributions Act (FICA). Inspect with your tax obligation expert to make certain you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). No matter of the settlement technique, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

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Business Credit Card That Doesn’t Require Personal Guarantee

Are you looking for a business credit card that doesn’t require personal guarantee?

Get a Business Credit Card That Doesn’t Require a Personal Guarantee

We researched a ton of company credit cards for you. So, here are our top picks.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This shows you can get a lot more funds with business credit. And it also shows you can have personal credit cards at retail stores. So, you would now have an additional card at the same shops for your small business.

And you will not need collateral, cash flow, or financial data to get small business credit.

Business Credit Card That Doesn’t Require a Personal Guarantee: Advantages

Benefits can differ. So, make certain to choose the benefit you would prefer from this choice of options.

Business Credit Card That Doesn’t Require a Personal Guarantee: 0% APR – Pay Nothing!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel via the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 in the initial 60 days of starting the account. Cardholders get travel accident insurance, and lost luggage reimbursement. 

They additionally get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/ 

JetBlue Plus Card

Consider the JetBlue Plus Card for an additional offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores. And get one point/dollar on all other purchases. 

Details

Spend $1,000 in the first 90 days and pay the annual fee. So, then you can earn 40,000 bonus points. New cardholders receive a 12-month, 0% initial APR on balance transfers made within 45 days of account opening.

Thereafter, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 annual fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/  

Outstanding Business Credit Cards with No Annual Fee 

Uber Visa Card 

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases. 

So, this includes retailers and subscription services such as Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly in the app.

By spending a minimum of $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 per year are eligible to receive a $50 credit toward online subscription services. 

Details

If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber expects most of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. So the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range. 

Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/ 

Costco Anywhere Visa® Business Card by Citi 

Not taking Uber? Then you’ll need to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This credit card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash ℠ Credit Card. Companies can get cash back with every purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable. 

The card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash 

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening. 

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver. 

Also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business 

Starwood Preferred Guest® Business Credit Card from American Express

Another alternative is the Starwood Preferred Guest Business Credit Card from American Express. 

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at American restaurants, American filling stations, and on US purchases for shipping. 

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.

Details

Get 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection. 

Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card 

Get Business Credit Card That Doesn’t Require a Personal Guarantee for Average Credit

Capital One® Spark® Classic for Business 

For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/ 

Business Credit Card That Doesn’t Require Personal Guarantee Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Business Credit Card That Doesn’t Require a Personal Guarantee for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Have a look at the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For every dollar spent at participating IHG hotels, get 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants. 

Plus, all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card offers a free one-night hotel stay each year. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The most significant issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep 

Marriott Rewards® Premier Plus Credit Card

This credit card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases. 

Spend $3,000 in the initial three months from account opening and get two free night awards (each valued up to 35,000 points). 

Cardholders get access to perks including a free one-night stay yearly after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. Additionally, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points. 

Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply 

Get a Low APR/Balance Transfer Business Credit Card That Doesn’t Require a Personal Guarantee

Discover it® Cash Back

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Additionally, automatically get unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html 

Get a Business Credit Card That Doesn’t Require a Personal Guarantee With a Credit Builder Option

Discover it® Student Cash Back

Make sure to have a look at the Discover it® Student Cash Back card. It has no annual fee. The credit card also has a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One distinct feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit annually. So, this is for up to five years.

Details

Use this card to build personal credit. While this is a personal credit card versus a company card, for new credit users, their FICO scores will be vital. And this credit card offers an outstanding way to raise FICO. This is while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com. So, that’s up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.

In the first year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And even though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html 

Get a Business Credit Card That Doesn’t Require a Personal Guarantee for Cash Back

SimplyCash Plus Business Credit Card from American Express

Consider the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases. So this is for the first 15 months an account is open. 

But when the introductory period ends, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from American service providers. But this applies to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending. Then, you earn 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%. 

And, it applies if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279 

Capital One® Quicksilver® Card 

Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards which cardholders can earn. Also, the card has a $0 yearly fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that. 

A cash bonus of $150 is on offer for those who make at least $500 in purchases within 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/ 

Business Credit Card That Doesn’t Require Personal Guarantee Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Secured Business Credit Card That Doesn’t Require a Personal Guarantee

Wells Fargo Business Secured Credit Card

Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000). And it is designed to help cardholders set up or rebuild their credit.

Select this credit card if you wish to get 1.5% per dollar in purchases without any limits. Or earn one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/ 

Grab a Business Credit Card That Doesn’t Require a Personal Guarantee for Jackpot Rewards

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

Details

Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred 

No PG Biz Credit Card Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Best Business Credit Card That Doesn’t Require a Personal Guarantee for You

Your absolute best business credit card that doesn’t require a personal guarantee will hinge on your credit history and scores.

Only you can select which features you want and need. So, be sure to do your homework. What is outstanding for you could be catastrophic for other people.

And, as always, be sure to develop credit in the recommended order for the best, quickest benefits.

The post Business Credit Card That Doesn’t Require Personal Guarantee appeared first on Credit Suite.

SBSS Score and Fundability: When Two Worlds Collide

You already know your credit scores, both personal and business, affect fundability.  But did you know that there is one business credit score that uses not only both business and personal credit history, but other information as well.  It gives lenders a much broader picture when it comes to fundability. You need to understand how your SBSS score can affect the fundability of your business. 

How your SBSS Score Fits into Fundability

There are many factors to consider when it comes to small business financing. You need your credit in order, you have to have complete financial statements, and beyond that there are many other things that affect the fundability of your business.

The business credit score is what often causes issues. Sometimes the business credit score is bad, but just as often it is nonexistent. No credit score is pretty much the same as a bad credit score. That isn’t the end of the story for most borrowers however.  This is why the FICO SBSS has become so popular.  

Keep your business protected with our professional business credit monitoring

SBSS Score: What Is It? 

The FICO SBSS is the business version of your personal FICO credit score. It is becoming more common for lenders to use this score, rather than the Experian business credit score or even the D&B PAYDEX. It stands for FICO Liquid Credit Small Business Scoring Service.

Unlike your personal FICO, the SBSS reports on a scale of 0 to 300. The higher the score the better. But most lenders demand a score of at least 160. 

SBSS Score: How Is It Calculated 

The scoring model for this score is very different than other business credit scoring models. Honestly, it actually gives a better picture of overall fundability in some ways.  This is because it uses your business and personal credit scores.  Also, financial information like business assets and revenue come into play. The point of the SBSS sore is to give a picture of total fundability in one score. 

Business owners cannot access this score themselves. The formula for calculations is proprietary and well-guarded by FICO. They do not make the information public. When you go to a lender, you go in blind about what your score may be. In contrast, with the other credit agencies you can actually get a copy of your credit report and know where you stand. 

The reason this does not work the same way is surprising to many.  The truth is, you could have a different score from lender to lender.  This is because of how lenders request your score. 

SBSS Score: How Lenders Get Your Score

The process starts when you turn in your application.  It will include all the financial information the lender requires.  Then the lender will process the information and send it to FICO with a request for your SBSS score. At this point, the lender can ask for certain factors in the score to carry more weight than others.  For example, they can put more weight on your personal credit than your business credit.  They could choose to weigh annual revenue as more important than payment history. It is their choice. This is why your FICO business score could vary between lenders.

SBSS Score: What Does FICO Do with the Request? SBSS Reports and Scoring Credit Suite

First, they get the request from the lender. They then search business credit information from business CRAs. These include D&B, Experian, and Equifax.  If they cannot pull enough scoring information from one, they move onto the next. If there is not enough data from any of them, then it uses personal credit and business financials only. 

With the lender’s weighting preferences, personal credit, business credit, and business financial data, they calculate the score. The information is specific to that lender.

Who Uses the SBSS Score?  

These days, the SBSS score is becoming more and more popular among lenders that lend to businesses. It is more comprehensive and complete than the other scoring models. This is because it considers more than past payment information from the business. 

Lenders know that there is more to fundability than credit score alone. With SBSS, FICO does the work of piecing together the whole picture for them. This isn’t always a bad thing, unless you are counting on your bad personal credit not being an issue when applying for a business loan. In fact, it can actually help you if you have no business credit. Other than the fact that the highest score possible with no business credit is 140. That is far below the 160 most lenders require.

For now, you need to know that many lenders use this score, and the number is growing. In addition, the Small Business Administration uses it as a pre-screener for its popular 7 (a) loans. The SBA does not itself lend money, but rather it backs certain loans through select lenders. It sets a minimum SBSS score of 140 to be eligible for a 7(a) loan. 

That means if you want this type of loan, you must have a minimum SBSS of 140 before you are even eligible to apply. It is possible to get this type of loan with a score above 140 but lower than the typically required 160. The backing of the SBA reduces the lender’s risk.  

FICO SBSS and Overall Fundability 

While this score gives a more complete picture of overall fundability than other business credit scores, it still doesn’t necessarily tell the whole story.  Here is how each element of fundability comes into play for your SBSS score. 

Business Credit Reports

These are the credit reports, much like your consumer credit report, that detail the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

These come from a number of agencies, but the main three are Dun & Bradstreet, Experian, Equifax.  FICO searches business credit information from these agencies when compiling your score for SBSS. That means, you need to ensure your information with these companies is as complete and accurate as possible.  Business credit monitoring is essential. Another key point here is to ensure your business is set up to be fundable in the first place.  If not, there won’t be a lot for FICO to get from these agencies anyway.

Keep your business protected with our professional business credit monitoring

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data these agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Since these agencies indirectly affect reports that FICO uses when calculating your SBSS score, they make a difference. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  You need to be aware that these numbers exist.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. If you don’t have a score with D&B, you might as well not have a business credit score. As already mentioned, FICO uses D&B information as well as information from other business credit agencies.  

Business Credit History

Your credit history is the crux of what makes up your business credit score, and your business credit score is a big part of your score from FICO SBSS, though how much it matters depends on how the lender requests it be weighted.  

Your credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board everywhere you use it.  However, when you start changing things up like adding a business phone number and address or incorporating, you may find that some things slip through the cracks. 

This is a problem because a ton of loan applications are turned down each year due to fraud concerns simply because things do not match up.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?  Monitoring is key for this factor as well. 

This is one of those elements of fundability that lenders may use in conjunction with a credit score.  It doesn’t necessarily affect the score itself, but if can definitely affect whether or not you get approval.

Financial Statements

While the FICO formula is proprietary, many sources state that, if available, information from financial statements is used in the calculation of your SBSS score.  This encompasses a broad spectrum of things.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Regardless of whether they are used in the calculation of the score however, the information on these statements definitely affects your fundability. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  The data these bureaus hold affects fundability. 

Take  ChexSystems for example.  In the simplest terms, they keep up with bad check activity that affects your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will cause serious fundability issues. 

For this point, everything comes into play.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will play into the fundability of your business. 

While these factors are unlikely to figure into your FICO SBSS directly, they do, along with your credit score, affect fundability. 

Keep your business protected with our professional business credit monitoring

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion definitely directly affect your SBSS score. If there is a problem somewhere, get to work on it.  The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported. 

The Application Process

The loan application process itself can affect fundability also.  First, consider the timing of the application.  Is there any part of overall fundability you need to work on before you apply? Next, ensure that your business name, business address, and ownership status are all verifiable.  Lenders will check this.  Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  If you are applying for a product that won’t serve your purpose, it doesn’t matter if you get it or not.

SBSS Score: It’s a Mystery

The fact is, you do not and cannot know what your score from FICO SBSS will be.  There are too many variables in play. What you can do though, is get a good overall idea of your fundability based on what you know about the factors that affect it.  Once you have this, you can be sure your score from FICO SBSS will reflect it accurately.  

The post SBSS Score and Fundability: When Two Worlds Collide appeared first on Credit Suite.

What is Fundability in Reference to Business Credit

As a business owner, you may be beginning to hear the word fundability a lot.  It may come from lenders, various media platforms, or your own current creditors.  What is fundability? What does fundability really mean in relation to business credit?  Fundability in reference to business credit is how lenders see your business when considering whether or not to lend money. 

What Affects Fundability in Reference to Business Credit

It is one this to know what fundability is.  Understanding what is means when it comes to business credit is another thing altogether.  What does fundability look like practically when trying to get business funding? 

When discussing fundability in reference to business credit, we are looking more at what credit issuers and loan providers want to see. 

Find out why so many companies use our proven methods to get business loans.

Why Does Fundability in Reference to Business Credit Even Matter?

All businesses need funding. However, there is more than one way to get it.   

(1) Grants

(2) Selling assets such as land, vehicles, equipment, or office space in buildings 

(3) Crowdfunding

(4) Angel investing or venture capital payments, or

(5) Loans

When we talk about fundability in reference to business credit, we are talking about loans and other forms of debt. I mean, lenders are not going to hand out money to just anyone.  Instead, they want to see if a business is a good credit risk. They need to know they will make money.

What Makes a Business Fundable in Reference to Business Credit? 

There are way more factors that contribute to fundability in reference to business credit than most realize.  You see, it is a complicated web that intertwines your personal life with your business in ways you may never truly understand.  We try to break it down here. 

Fundability in Reference to Business Credit: It Starts at the Beginning

Fundability, in reference to business credit, truly starts with how your business is set up. If your business is not already set up in the following way, it isn’t as fundable as it could be. 

Contact Information

The first step to setting up a fundable business is to ensure your business has its own business phone number, fax number, and business address.   That doesn’t mean you have to get a separate phone line, or even a separate location.  You can still run your business from your home or on your computer. 

EIN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Time in business affects fundability also, and that starts at the point of incorporation.

Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will make keeping personal and business expenses separate for tax purposes much easier.  Next, it will help provide separation between the business and you as the owner for business credit building. There are many other reasons as well. 

Licenses

Business licenses are necessary for a business to be legitimate.  If it doesn’t, red flags are going to fly up all over the place.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

I am sure you are wondering how a business website can affect your ability to get funding.  Here’s the thing.  These days, you do not exist if you do not have a website. However, having a poorly put together website can be even worse.  It is the first impression you make on many, and if it appears to be unprofessional it will not bode well for you with consumers or potential lenders. 

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. Don’t use a free hosting service.  Along these same lines, your business needs a dedicated business email address.  Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

Find out why so many companies use our proven methods to get business loans.

Fundability in Reference to Business Credit: After the Set Up

How your business is set up is just the beginning of fundability when considered in reference to business credit. Here are the other things that affect the fundability of your business. 

Business Credit Reports

Your fundability in reference to business credit hinges largely on the information in your business credit report.  That is the credit report, much like your consumer credit report, that details the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

Where do business credit reports come from?  There are a lot of different places.  However, the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Make sure your reports are updated and accurate.  You have no clue which ones your lender will choose to use.  

Other Business Data Agencies 

Some business credit reporting agencies directly calculate and issue credit reports.  There are other business data agencies that affect those reports indirectly.  Two examples are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data the agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  When considering what is fundability, you need to be aware that these numbers exists.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website

Business Credit History

This is where you really get to the heart of things when it comes to business credit reports.  Your credit history has everything to do with all things related to your credit score.  Of course, your business credit score is a huge factor in the fundability of your business.  

Credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Consistency in Business Information

On the surface, it seems obvious that all of your business information should be the same across the board everywhere you use it.  However, when you start changing things up, some things slip through the cracks.  When adding a business phone number and address or incorporating, you can forget to make updates.

This is a problem because of fraud concerns.  Per a 2009 Experian report, fraud-related costs for U. S. businesses are more than $50 billion annually. This could actually understate the extent of the problem, since some estimate up to 30 percent of all bad-debt commercial losses are due to ‘soft’ fraud.  This is usually from material misrepresentation on an application. 

When you consider this, along with the fact that business fraud is estimated to be three to 10 times more profitable than consumer fraud, you can see why it’s a problem. 

Keep your information updated and consistent.  In doing so, you’ll reduce the number for fraud signs sent up by your business. 

Financial Statements

All financial statements count when discussing fundability in relation to business credit.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Business Financials

Honestly, it is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are at the ready whenever you need to apply for a loan. 

Personal Financials

Sometimes, tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   This is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

Surprisingly, there are several other agencies that hold information related to your personal finances that you need to know about.  Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit in addition to business credit. 

In addition to FICO reporting personal credit, you have ChexSystems.  In the simplest terms, this keeps up with bad check activity and makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will cause serious fundability issues. 

Likewise, everything comes into play for this point.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will play into the fundability of your business. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  Furthermore, if it isn’t great right now, get to work on it.  The number one way to get a strong personal credit score or improve a week one is to make payments consistently on time. 

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported. 

Find out why so many companies use our proven methods to get business loans.

The Application Process

Truly, so much plays into this that you may not even think about. For example, consider the timing of the application.  Is your business currently fundable?  If not, do some work first to increase fundability. Next, ensure that your business name, business address, and ownership status are all verifiable.  Lenders will check into it.  Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choosing the right product to apply for can make all the difference. 

Fundability is Reference to Business Credit is a Whole New Ballgame for Some 

The concept of fundability in reference to business credit is a new one for some business owners to grasp.  Since business credit and personal credit are totally separate, it is hard to comprehend how one can truly affect the other in terms of fundability. The truth is, while one does not affect the other directly, the indirect effects of all of the above are far reaching.  

Remember, to keep things moving smoothly, it is important to keep an eye on both your personal and business credit report.  You can get a free copy of your personal credit report each year. In addition, there are a number of options for continuous personal credit monitoring for free. 

Now, Business credit monitoring isn’t free.  There are lower cost options for business however, if you know where to look. 

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