The Revenued Business Card is not a credit card or a credit product. Because of this, your Revenued Card activity is not reported to credit reporting agencies and will not show up on your credit report.
Our card does not represent liability or credit obligations, so it will never be reported to the credit agencies. Instead, the Revenued Business Card represents access to working capital tied to your company’s revenue rather than utilizing a bank or credit union’s extension of credit.
Continue reading to learn more about this powerful financial tool based on your sales and banking activity, not your credit history.
What Is a Credit Report?
A credit report is produced by a credit bureau and is a comprehensive analysis of an individual’s or a company’s credit history. Lenders use credit reports to determine how credit-worthy you or your business might be.
Having good credit is essential for loan qualification or accessing decent credit card rates. Moreover, checking your credit report often is vital for finding inaccuracies or mistakes that might prevent you from getting credit accounts or loans from vendors.
A significant difference between a business and personal credit report is that anyone can purchase access to your business credit report. A purchased credit report lets prospective business partners or lenders evaluate how risky your business would be to work with.
What Is on a Credit Report?
Your business’s credit scores and credit profile are primarily based on data that firms and banks you deal with communicate to credit bureaus. The credit report culls information about your business, including business size, industry risk, and other data, including:
- Outstanding debts.
- Payment history.
- Public records, including judgments, liens, and bankruptcies.
- Sales, number of employees, ownership, subsidiaries, and other company information.
Several of these elements are similar to factors credit bureaus use to determine your personal credit report, which may contain:
- Credit account balance and payment history.
- Credit limit or amount.
- Bankruptcies, liens, or foreclosures.
- Inquiries — companies that have accessed your credit report.
There are some crucial differences between business and individual credit reports:
- Business credit scores range from 1 to 100
- Personal credit is rated on a 300-850 scale
- Businesses are tracked through government-issued Employee Identification Numbers (EIN) while personal credit reports are associated with your Social Security Number.
Why Your Revenued Card Won’t Show Up on Your Credit Report
The hurdles you encounter when applying for a charge or credit card due to bad credit don’t stop you with the Revenued Business Card. This is because there are different application processes and underwriting criteria for the Revenued Card than for a credit card.
- Revenued’s decisioning process does not rely on your business or personal credit score — The Revenued Card is based on your company’s revenue and ability to make payments, not your FICO score or credit bureau ratings.
- Revenued does not perform a hard inquiry — Since we only run a soft pull on your credit history, your credit report does not experience a “hard inquiry.” Lenders do not like to see multiple hard inquiries on an account, especially over a short time.
- Revenued bases funding limits on sales and bank activity — To set your funding limit, our underwriting team analyzes sales and transaction data using your associated bank account.
- We use factor rates instead of interest to create your payment calendar — Our underwriting team utilizes internal funding models and looks at your company’s estimated revenue to calculate your factor rate.
To sustain your Revenued Business Card account, you need to manage an average daily bank balance minimum of $1,000 and generate at least $10,000 in sales per month. In comparison, a business card like Brex requires clients to maintain a $25,000 balance minimum and produce $50,000 in net monthly revenue.
The Revenued Card Is for People Who Do Not Want More Debt
If your financial goal is to create a solid credit history, then a credit card is the right choice. However, if you don’t want to add to your debt load or experience a credit-damaging event like bankruptcy, then the Revenued Card is the right choice for you.
The Revenued Card is one of the only alternative financing products where you do not pay for your funding until you use it. For example, if you get a merchant cash advance (MCA), you must pay for it as soon as the lump sum hits your account. And as soon as you take out a car loan, a home loan, or any other loan type, debt starts accruing immediately.
You can open a Revenued Business Card account with no associated costs. Your spending limit is set and ready to use when you need it, and you don’t have to worry about whether it shows up on your credit report because it doesn’t.
Qualifying for the Revenued Business Card
Finally, a business card that was created for every business. There are few credit options for millions of subprime small business owners. That’s why Revenued stepped up to bring you a business card alternative to credit. As we have mentioned, it is not a credit card and will not show up on your credit report. It is a financial tool like nothing else, and to qualify, you must:
- Have a U.S.-based company.
- Be in business for six or more months.
- Create a business bank account.
- Maintain a minimum $1,000 daily average balance in your bank account
- Avoid having more than three negative days in a month.
- Have a business in virtually any industry except banking or financing
The Revenued Business Card empowers you with frequent access to capital to supplement growth initiatives, meet shortfalls caused by slow customer payments, build a reserve to cover unexpected expenses, and pay suppliers during times of uneven sales.
To learn more about how to qualify for the Revenued Business Card, contact us at (855) 943-5363 or fill out our online contact form.
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