We want you to have peace of mind that, should you need to apply for business financing, you’ll be prepared to keep your business going through this or any unexpected crisis.
If you are considering business financing in the future, or simply want to know what to do and how to go about applying for business financing, Aurora Consulting offers a flat fee consultation to help navigate the bumpy road, the treacherous waters of financing.
We review all aspects of what’s required in a loan application including your credit report, financial statements, business plan and marketing plan. We review with you items in your credit report and what happens when you try to repair your credit.
Our consultation includes a credit report with real credit scores from Equifax and Experian. These are the “Classic FICO” scores only available to financial services institutions. These scores can be radically different from the scores available to consumers.
When we run the credit report, we assess any challenges that could affect your loan application in the future. More importantly, we’ll give you the correct advice, based on decades of experience in lending and based on current experience working successfully with Lenders on business loan applications, to address any challenges on your credit report.
What makes us crazy is when a new prospective client says, “I’m holding off for now because I want to take care of my credit report.”
There is no way a business owner can know what is acceptable and what is unacceptable to a Bank for business financing.
We can, and we do know.
Worse, in our experience, more often than not, people take actions to “take care” of their credit that actually does not help them in the business loan process. Sometimes, what they think they’re doing to help, makes their credit worse!
4 things NOT to do with your credit report:
- Don’t pay off Collection or Charge Offs or Judgments. Many times these accounts don’t affect a loan approval depending on type of account and amount. Plus paying these accounts off can lower your credit score dramatically.
- Don’t pay down credit card balances. You may pay down the balance to a level that seems worthy, but actually could have a negative effect on your score.
- Don’t pay credit card balances to zero. If an account has a zero balance, the credit scoring system has nothing to score!
- NEVER pay anyone to “repair” or “restore” your credit. According to the Federal Trade Commission, you’re paying for something you can do yourself. And the “guarantees” these companies offer often fail to materialize. Read this article for credit repair scams.
Download our EBOOK on how to rebuild your credit. This information was curated after 30 years of reading thousands of credit reports.