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funding criteria

Generally, lenders will require the borrower to have 4 primary open accounts for approval. Subject to the type of loans, a credit score of 720 may be required when seeking commercial funding in the hundreds of thousands of dollars, four primary accounts with a good payment history and no derogatory accounts, 3 primary accounts with 3 years of payment, and 1 primary account with 4 years of payment history. A general rule of thumb is having a Credit Usage under 30% and Debt to Income at less than 35% with no more than 4 inquiries in the last twelve months.

A standard basis for a good business credit report has 4 primary tradelines with good historic payment performance of 3 or more years. The score should range between 1300 and 1600 with Equifax and have a pay-dex score of 80 to 100 with DnB. The scores will vary depending on the bureaus’ reporting model.

Good credit is more than just the score and length of time; it also has no derogatory accounts and the high credit limits are also taken into consideration.