The Trouble With Credit Inquiries

By Tom Gazaway

If you're looking for capital for your business, then one of the most popular lending solutions is an unsecured business line of credit.

Normally, getting a line of credit attached to your business that does not require collateral is not an easy task. You're talking about one of the toughest products to obtain because it is, quite honestly, a higher risk to the bank or lending institution.

As a result, many banks do not offer these unsecured business lines of credit -- or they make it so difficult to obtain that they might as well not offer them (can anyone say Wells Fargo?).

What does this have to do with credit inquiries? Well, IF you have the excellent credit and IF you know which banks actually offer the product, and IF you know that your business and individual credit profile are a good match for them... then the number one reason business owners with good credit are denied for an unsecured business line of credit is: (drum-roll here)..."too many recent inquiries." This is a VERY common problem.

(By the way, a 700 FICO score puts you in the lower 50% of the population, so don't make the mistake of thinking you have better credit than you really do.)

At Hawkeye Management, we know how to solve these issues to get you the funding you need for your business. Startups are fine, too.

Hawkeye specializes in unsecured business lines of credit and unsecured business loans. So come check us out and let us show you how we can help. We offer a FREE, no obligation consultation to anyone interested, if you'll complete our very brief pre-qualification process.

Photo via Flickr user takomabibelot