As a small business owner in need of funding, you are likely to be wary of applying for a new business card. If your company is just starting out or hit hard financial times due to the COVID-19 pandemic, your credit score has likely taken a hit. You may be trying to score funding while building or repairing your credit, and the last thing you need is a hard credit inquiry that may ding points off your score.
When a credit card issuer or bank checks your history in response to an application, an inquiry is recorded in your report. Though you won’t lose many points over a single card application, multiple applications filed over a brief time will likely have a significant effect.
The number of points deducted from your score will depend on the credit type and other factors; however, an application inquiry will likely trigger a five-to-eight point reduction. Mixed with other credit complications, this could keep your score in subprime territory. Thankfully, not all business cards are created equally.
The Revenued Business Card is a unique funding opportunity that can benefit company owners striving to boost or repair their credit scores. Will applying for the Revenued Business Card affect your credit? The short answer is no. Keep reading to find out why.
Hard Pull vs. Soft Pull
Unfortunately, you can’t influence every factor that impacts your credit score. A credit pull (also called a credit inquiry or credit check) is one of those factors outside of your control. Credit pulls are usually performed by landlords, lenders, or credit card companies to determine if you are eligible for a vehicle, a mortgage, or a loan.
Credit inquiries are performed as either a hard pull, which does affect your credit score, or as a soft pull, which does not affect your score.
Banks and other financial institutions perform a hard pull to ascertain your creditworthiness. A hard inquiry will drop your score, especially if you have had several over a short time. Five or six at the same time tells creditors that you or your company are having money problems, something they view as an indication of poor financial management.
Hard credit pulls usually stay on your credit report for two years; however, hard pulls don’t affect your score as much as your payment history (35% of your score) or the amount you owe (30%).
A soft pull is utilized when a business card company or lender uses your credit report to do a background check. It is a credit review, not an in-depth assessment, which is why your credit remains unaffected.
A soft pull gives interested parties a snapshot of what you see when you view your own report: loan accounts, credit lines, payment histories, and collections debts. Employers, insurance companies, and Revenued are examples of companies that do a soft pull.
A Revenued Card Application Does Not Impact Your Credit
In contrast to credit cards, the Revenued Business Card is not tied to your FICO score or your credit history. As part of the pre-qualification process, our underwriters perform a soft pull on your credit report to look at your payment history and ensure there are no merchant cash advance defaults.
A hard credit pull is unnecessary because we base your spending limit and subsequent limit increases on your banking and sales activity. This means:
⦁ Your business is not disqualified from receiving the Revenued Card due to low scores, delinquencies, prior bankruptcy, or high debt levels.
⦁ Full approval for the Revenued Card can come within hours or days, rather than days or weeks, as it would with a credit card or line of credit.
⦁ No red flags are raised on your credit report.
Now that you know that applying for the Revenued Business Card will not affect your credit score let’s discuss how to get one:
⦁ First, start your application from this page.
⦁ For the fastest possible application experience, be sure to have supporting documents handy, including your tax returns, banking information, and business credentials.
⦁ Complete the step-by-step application. Filling out the application is straightforward; we will need rudimentary information about yourself and your business. If you have questions, our excellent customer service reps are available to help.
⦁ Provide us with your business account information so we can assess your banking and sales activity.
⦁ Once our underwriters have the necessary information, our automated system rapidly analyzes your financial activity. You could receive initial approval within minutes; final approval could happen by the following business day.
Credit card and loan applications often need stacks of backing documents and require you to scan the paperwork and email it with your completed application. After this happens, it could take a week or more for their underwriting team to manually review your criteria.
Our automated process and approval algorithms circumvent these time-wasting steps to get you funding faster. We understand that you can’t wait when you need money to purchase supplies or keep your utility bill accounts in good standing. With Revenued, you complete the application and get pre-approved in minutes.
Once You Are Approved
Once you are approved, you will receive your funding terms, which include your:
⦁ Spending limit
⦁ Payment schedule and duration
⦁ Factor rate, or what it will cost to utilize the Revenued Card
Once you review the terms, submit your electronic signature. Upon final approval, we will notify you of your card number, and you can begin using your funds immediately. The secure Revenued Card is accepted worldwide and can cover payroll or utilities, or finance expansion endeavors.
Apply for the Revenued Business Card Risk-Free
When you are desperate for funds and have a low credit score, you may be tempted to apply for multiple credit cards at once. However, this approach to business funding can backfire, further hurting your score. Apply for the Revenued Business Card risk-free. Because our one-of-a-kind underwriting process does not rely on your credit score, we don’t perform a damaging hard pull on your report.
Acquire fast access to the capital your growing business demands by applying for the new Revenued Business Card today. Call us at (855) 943-5363 or complete our online form for more information.
We're working on some pretty cool new pieces of content, including tools that will give you insight into your business finances.
Want to be the first to know when they launch?