Your personal credit history and business history are crucial elements of your small business’s profile. They affect whether you qualify for a business loan, line of credit, commercial lending, or other credit products. They also determine what kinds of rates and terms you are offered. It’s general understanding that your payment history influences your credit, but occasionally applying for funding can impact your credit, too.

When does applying for business funding affect your credit? What parts of the process negatively affect it? Learn the distinction, and what actions to take for a smooth business funding process.

Applying for a business loan

Before a lender can complete your application, they will conduct a hard pull on your credit to examine your credit report deeper and take the potential affect of the new debt into consideration. While a hard pull doesn’t affect your credit the change is minor, and only occurs after you have qualified for the business funding offered and are in the final stages of the application.

Applying for business funding with ease

Tax-Keeping By AC has many traditional and private lending partners. We guide you through the process ensuring you understand each step, accumulate all the documents necessary to qualify, and negotiate and shop the best terms for our business funding clients. If you are ready to get started with obtaining a loan, credit card, or line of credit for you business schedule your free Funding Consult now!