Hey Driver, Can I Get Your Number?
When people are borrowing money, it seems that there is one number that is of utmost importance. No, not your phone number or your DOT number. They want your credit number - your credit score. For most lenders, your credit score not only determines if you will get the loan you want, but also what kind of rate and terms you will get the loan on.
For people that have had situations in their past (lost job, medical bills, divorce, or layoffs), their credit score is negatively impacted by these real life events. For those borrowers, there is a natural uneasiness about applying for credit. Questions run through their mind "Has my score gotten better since the last time I checked? How long does it take to get my score up? What is negatively impacting my credit score so much? Am I going to get turned down again?" The loan application process at many lending institutions can be an intimidating process especially if there is a chance they might say "No."
So let's try and answer one of the most important questions about credit scores, and then let's talk about how Big Rig Lending is different.
"What is negatively impacting my credit score?"
There are many things that negatively impact a person's credit score. It is not just bankruptcies, foreclosures, repossessions, and charge-offs that will hurt your score:
- "Slow pays" negatively impact your score. Slow pays are defined as accounts that go 30 days or more past due. Even if a balance is paid in full or brought current again, if a borrower pays 30 or more days past due one time, it will negatively impact their score for a long time.
- Non-traditional credit providers. Service providers like Cell phone companies, Satellite TV companies, and Medical offices provide non-traditional sources of credit. But not paying these companies on time can negatively impact your score if they aren't paid in accordance with the original terms of the contracts for service. Even situations where insurance companies make mistakes can hurt an individual's credit score.
- Federal Tax Liens and Judgements - These unpaid liens and judgements, even for small dollars, can have a disproportionate impact on your score.
- Large number of Open accounts. A person may have a lot of small dollar accounts at various clothing stores, home improvement stores, or electronic stores. They may have nothing borrowed on these cards, but the large number of open lines of credit do have a negative impact.
- Frequent inquiries - Having multiple inquiries on a credit report in a short period of time also can have a negative impact.
So how is Big Rig different? First, it's not all about your number - your credit score. You are more than a number to us. Big Rig Lending uses a variety of factors to make a credit decision. Not just a credit score. We understand that hard working people have situations in life that negatively impact their credit. We don't just look at one score and make a determination from that score. We look at your story. Your business. Your history. The value in your Big Rig. We look at your cash flow. We look at a variety of factors to help get you the money you need.
Because we look at an owner-operator's story, we have been able to help operators from all credit spectrums. Good credit, bad credit, no credit. We have loaned money to customers with prior bankruptcies, tax liens, charge-offs, and foreclosures. We're able to say "Yes" when others have said "No."
So here's our number - 1-844-6-BIG RIG (1-844-624-4744). Give us a call and let one of our Funding Specialists say "Yes" when others have said "No."
Posted on Thu, September 8, 2016
by Chris McCoy filed under