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Too Many Credit Inquiries Pulled? What To Do Next

Has your credit pulled too many times recently?   Has your business also been declined for excessive inquiries? Business owners often get turned down for having too many in the last 30 to 60 days. Even if they are approved, they get lower approval amounts and shorter terms.

These programs specialize for people that have had their credit pulled too many times recently.

For programs that work best with a lot of inquiries, as well as offering the highest amounts with longest terms. apply below:

Apply Securely Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

1. Other helpful actions
2. Recent credit inquiries
3. inquiries from mortgage companies and car loans
4. Talk to a representative
5. Ask for the criteria
6. Hard or soft pull

Too many credit inquiries pulled

If you need a program that will not deny you for having your credit bureau pulled a lot, apply above.

Frequently asked questions FAQ: too many credit inquiries pulled

Can I get a business loan with a lot of inquires on my file?
Approval offers can be made with many recent credit inquires on a person’s credit file.  Many times they are not relevant to the risk. This includes those for cars, housing, utilities, or an applicant not knowing multiple pulls were made for one request.

Why are a lot of inquires a problem?

Lenders do not know if you were approved and a new account was opened that isn’t showing up yet as a trade line in your file. Approvals from recent inquires take a few weeks to show up on your credit file.

Can I just submit a copy of my credit report to get a decision?

A copy can be provided to assist in the decision. A separate bureau is pulled to make any final offers or approvals. Bureaus are pulled separately so the most currently dated file can be reviewed.

Do lenders have to check my personal credit to get a business loan?

Business loans without the personal credit of the owner being pulled are very limited. These are known as corporation only requests. Smaller companies with less than 35 employees rarely get approved for these.

Business Loans for excessive Inquiries – Apply Here! Or Call Tel: 919-771-4177

General credit inquiry Questions and Issues

“I had my credit pulled too many times and can’t get approved”
A broker sent my file out a bunch of lenders and now I can’t get approved for a business loan.  What can I do?
They told me my file has been shopped and I have too many inquiries.   What kind of financing can I get now?
“They pulled my credit too many times”

In general, your credit and credit score recovers from inquiries faster than any other type of derogatory or adverse action.    One pull may drop your score just a few points for a relatively short amount of time.

General Inquiry Information

Do inquiries hurt my credit?

A credit inquiry is often part of the process of applying for credit and should not be considered a negative by the applicant.  Lenders also know that applicants will have some checks on their file.
How many inquiries are too many?

There is not one answer to how many bureau pulls are too many.   This varies on a case by case basis.    Older credit files can have more inquiries before they are impacted.  Another  difference is that some inquiries are necessary and some credit inquires you cannot avoid.

Options if too many credit inquiries were pulled.

Other helpful actions

Actions you can take if your credit has been pulled too many times

recent credit inquiries

Count the number of inquiries in the last 30 days. Remember which companies checked your file.   As mentioned, some checks on your file should not affect your request for financing at all.  Make lenders will manually review your bureau and may overturn any denial.

Inquiries from Mortgage Companies and Car loans

The ones from mortgage companies or to finance a car should not count against you.   Tell the lender if you have these.

Talk to a representative

When applying for financing, try to talk to a representative that knows the lender’s criteria and can talk to you about it.   Will they decline for too many inquiries within a certain amount of time?

Ask for the criteria

Ask lenders to tell you as much about their approval criteria as they are willing to tell  you.  You may be able to find out that you will very likely be declined for a business or personal loan.   You can decide not to apply and avoid the inquiry before it is even pulled.

Hard or soft pull
Find out if the pull was a hard or soft pullFind out if the pull was a hard or soft pull

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Declined For Not Enough Deposits? Less Than 5 Per Month OK!

Has your business been declined for a loan for not making enough deposits into your checking account every month?

Get approved and choose one of several  small business loans for your business that do not require a lot of deposits per month.   Apply below and get approved today.

Complete the secure DocuSign 30 Second application.
Or call us at Tel:  1-919-771-4177.

How to get approved for a cash advance with less than 5 deposits per month.

Contact us and we will put your business into the approval program that can accept less than 5 deposits per month.   Only have 1 or 2 deposits per month? We have programs waiting for your business now that can you approved fast.   Contact us above!

FAQ on being declined for a business loan for not having enough deposits

How many deposits does our business have to make each month to qualify?

5 deposits or more per month are usually required for a merchant cash advance. Some advance companies require as many as 10 or more. They must be real business revenue from customer sales and not transfers between accounts.

Can our business qualify with only 2 or 3 deposits per month?

Some lenders consider a low number of credits per month into a business account as higher risk because the business has fewer customers that it makes money from. Losing one customer will cut revenues and their ability to repay a loan much more than a business with many customers.

Why were we declined for not enough business deposits when we had more than 5 per month?

Deposits that are not from the sales of the business may not have qualified as revenue. Examples are transfers from other accounts, loan proceeds, very small deposits compared to others, and rebates.

Businesses have used cash flow loans to a great extent in recent years to finance their businesses.    The business account has low recent sales in one of the most recent months.

Our Small Business Development Center assists in getting past these problems to help business owners get a fast and easy business loan.

Other options

Make more deposits immediately during the rest of the month and apply at the start of the next month.   A deposit to a business checking account statement is often from several customers.   Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit.    Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined and ask them how you can get your business approved.   As your business grows, it will add more customers.  Having deposits from more customers will increase the number of deposits per month into your business account.   As a result, this will make your business a better risk from the lender’s point of view.   The number of customers a business has is an important part of looking at risk by lenders.
For example, restaurants have hundreds of customers per week.   As a result, they will show many deposits per month.   Restaurants that lose a few customers only lose a small percent of their customer base.   A business that has 4 large customers loses 25% of their customer base when they lose just 1 of their customers.

Possible solution:

If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer.    If the merchant cash advance company knows this, you can get a copy of the deposit from the bank.   The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1.     You may be able to get the MCA company to change the decline to an approval.   A number of ACH lenders and merchant cash advance companies are open to this.

If this does not work, ask how long you have to wait before they will consider you again.  Be clear on what they want to see the next time so you will not be declined again.

Get working capital through other loans

If the options above do not work or you cannot wait, your business can consider other types of business loans.   Which ones are best depend mostly on your company’s profile.    Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets.
Business loans based on real estate, equipment or accounts receivables will usually not have this requirement.   Having collateral that covers the loan amount means that cash flow is not as critical.    The number of customers is also not important.

Unsecured loans depend heavily on cash flow and as a result, the cash flow of the business is scrutinized much more.    Businesses applying for unsecured loans should also have financial statements that show the business making money and having net income.   Many businesses do not show net income and this hurts their request and also causes declines.

The SBA small business administration also has excellent resources on alternative business loans