Tag Archive for: usage loans

3 Ways to Quickly Increase Your Credit Score and Get Better Financing.

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3 Ways to Quickly Increase Your Credit Score

I don’t know of any other business that is more dependent on financing than real estate investing.

We create wealth by using leverage (aka, by borrowing most of the funds needed to purchase properties).

In today’s financial world, credit scores matter more than ever. The higher the credit score the better the lending options.

3 Ways to Quickly Increase Your Credit Score

Usage makes up 30% of your credit score. With investors tapping into their personal credit cards to keep their business growing, usage creates funding issues.

Here are 3 ways to lower your usage and increase your score in weeks, not months:

  1. Obtain a private non-reporting usage loan to pay off all or part of your credit card balances.
  2. Have friends, family members, or a service add you as an authorized user to one or several open credit card accounts. Make sure these accounts are in good standing, have low to no balances, and are at least a year old.
  3. Call your credit card companies and ask them to increase your available credit limit.

Any of these three options will help raise your score in 30 days or less (as long as you maintain all your other credit and keep your current balances and payment history in good standing).

Learn more with these videos from our Youtube Channel.

Next up: Once your score is up…How to fix your usage problem for the long run with business credit cards.

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How Do Usage Loans Boost Credit?

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If you’ve ever wondered how to boost your credit score overnight with usage loans, you’ve come to the right place.

Having a strong credit score is like having a really good baseball team. It doesn’t guarantee an instant win, but it sure helps! The better your team (and credit score), the more home runs you can look forward to in your investment season. 

When you win the credit score game, you win countless opportunities. These include good rates, good loans, and more opportunities that can, in the end, add up to hundreds of thousands of dollars.

What is a Good Credit Score and Why is it Important?

Typically, banks consider a credit score “good” when it’s 700 or higher. 

The higher your score, the better your chances of taking home a big trophy. 

It’s important to note that not every lender is equally concerned with credit score. Some private money lenders care more about the specific deal or their relationship with the investor. This can be really helpful to keep in mind if you need to apply for a usage loan or some other method of raising your credit score.

How Can a 60-90 Day Note or Usage Loans Help?

If those first two strategies don’t really work for you, then you can always take a third approach: find a loan.

You can apply for a short-term 60 or 90 day note. These are available from most banks, or you could look to family and friends for the small loan. You can also go through private lenders like us for a usage loan. 

A usage loan allows you to move the credit card balance off of that card (and away from your credit score). It can fix usage issues instantly as might be obvious by the loan’s name.

Also, by moving that balance to a different place, you’ll often find better deals which can allow you to pay off the usage loan more easily than you could have paid off the credit card.

We Can Help!

If you take one, two, or all three approaches to boosting your credit score, then you should see better deals flying your way almost immediately.

If you want to discuss options such as usage loans or even business credit cards, reach out to us at Info@TheCashFlowCompany.com. 

Our team is always ready to help.

We’re eager to set you on a path that helps you make the kind of money you need to live the life you want.

 

Read the full article here.

Watch the full video here:

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How to Prepare for Real Estate Loan Applications

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It’s important to look ahead when preparing your loan applications in the real estate game.

In real estate investing, leverage comes from using other people’s money to generate wealth and income. 

The better your leverage, the easier and more profitable real estate investing becomes. 

But how do you find the right loans that can give you that leverage?

Before applying to various lenders, make sure you’re prepared for the basics.

Be Honest

This may seem basic, but it can be really tempting to slip in a few lies when you’re trying to get a deal. Don’t do it.

Lenders do background checks, look at credit, and generally get external confirmation for everything you tell them. Lying not only makes their jobs harder, but your lack of honesty can ruin your reputation with that lender.

Make sure you disclose if you’ve gone through bankruptcy or if you have any credit card debt. 

They will find out if you’re hiding information or stretching the truth, and you’ll get dumped to the bottom of the pile.

Especially About Your Credit Score

One of the first things lenders look at is credit score. That score can determine whether you even get considered for a loan.

It’s better to be honest about a bad credit score and have a detailed plan about how to fix it than to lie. 

If you have a bad credit score, work on fixing it before submitting loan applications.

If credit score is something you’re concerned about, there are ways to raise your score, including looking into usage loans. 

The better the score, the better terms a lender will offer. The better the terms, the better your leverage. 

If you have questions about raising your score or are interested in discussing a usage loan, you can contact us here, and we’ll be happy to discuss your options.

Learn More

Read the full article here.

Watch the YouTube video here:

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