Consumers Continue to Carry Misconceptions About Credit Scores

HAWTHORNE, NJ — (Marketwired) — 09/29/15 — In a recent survey by Bankrate.com, it is estimated that a whopping 51% believe that carrying credit accounts with high balances will improve a credit score if those accounts are paid on time. The majority could not be more wrong. High balances count against your credit card utilization ratio (credit card balances over credit card limits) and can negatively impact your credit score.

This was just one of the many misconceptions that the survey had rooted out. Only 1 in 4 consumers knew that closing old, unused accounts would hurt their credit score. Do you have to carry a credit card balance to improve your credit score? The 37% of consumers who said, “yes” were wrong.

These results come as no surprise to Co-Owner of Equipment Vine, Jim Francesco. “Credit Score companies keep the variables they use to calculate your credit score very close to the chest. Many consumers are unaware of what does and what doesn’t affect their credit score, or how their credit score is affected.”

Equipment Vine was conceived to help business owners who were not aware that shopping around for the best loan rates and terms was lowering their credit score. When a consumer submits a credit application, the company runs a hard inquiry. Numerous hard inquiries in a short time period will bring down your credit score. Francesco developed a marketplace that uses one credit inquiry for the many different lenders available to prevent a consumer’s score from being impacted.

About Equipment Vine
Equipment Vine was set up to service the needs of the consumer and the interest of the lender. Small business owners can use Equipmentvine.com to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected.

For more information, please visit equipmentvine.com

Contact
PR/Digital Marketing
Aaron Dielmann
SWATDigital
800.385.7791
aaron@swatdigital.com

Shopping Commercial Financing Can Hurt Your Business Credit Score

WESTWOOD, NJ–(Marketwired – Sep 28, 2015) – Business owners need to purchase and lease equipment for their business, but aren’t aware that when applying for equipment financing a single vendor may send their credit out to 10 different banks. Each bank then creates hard inquiries that could lower their score by as much as 20% and will stay on their report for 24 months. After that, the bank paying the most commission to the vendor usually wins the bid, not the bank with the most competitive rate.

These are the types of behind-the-scene happenings that many business owners are unaware of, but Jim Francesco, President of Equipment Vine, isn’t surprised to hear this news. “Many consumers are unaware of what does and what doesn’t affect their credit score,” says Francesco.

Equipment Vine was conceived to help business owners who needed to have a competitive lending market at their fingertips that they could control. Francesco developed a credit marketplace that uses one credit inquiry for the many different lenders available to bid on the credit application provided. This is truly a revolutionary website. Now, the consumer and the finance company can have direct correspondence without the interest of an intermediary — giving the consumer buying power and the finance company a captive audience.

This service is coming at a time where the average credit score on approved loan applications is on the rise. Business owners will need all the help they can to gain equipment financing, so any dip in their credit score could be met with unsatisfactory loan terms or a declined application. Equipment Vine will prove to be a powerful tool for small businesses seeking affordable commercial financing who do not want to worry about having their application shopped around to their determent.

About Equipment Vine
Equipment Vine was set up to service the needs of the consumer and the interest of the lender. Small business owners can use Equipmentvine.com to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected.

The Average Credit Score for Approved Loans Are Rising

Lenders May Be Cherry-Picking High FICO Scores

EDGEWATER, NJ, Sep 25, 2015 (Marketwired via COMTEX) — Lenders are claiming that they are willing to accept lower scores, but reports are saying otherwise. In a report by Ellie Mae Inc., a mortgage-software company, found that the average FICO credit scores on nongovernment and government-backed mortgages for home purchases have risen.

Ellie Mae Inc. produces a monthly report on accepted and rejected loan applicants. Last January, the average FICO score for accepted applicants was 752. In July, that number increased to 757 — a number higher than any month in 2014.

While investors like Fannie Mae and Freddie Mac have a 620 FICO score as their acceptable minimum credit score, lenders are free to set their own minimum. The reports suggest that consumers who are on lower end of the acceptance range are not getting approved.

This trend should encourage consumers to pay close attention to their credit scores and be diligent to avoid harmful practices. When shopping for a loan, it would be wise to limit the number of applications that you submit. Multiple submissions can result in a high number of hard inquiries from credit companies. These hard inquires will lower your credit score and hurt your chances of being funded.

Companies like Equipment Vine work to combat this problem by offering business owners and credit seekers a marketplace to compare rates without multiple credit pulls.

Though credit companies are advertising that their lending requirements have eased and credit scores are impacting these decisions less, the statistical evidence is suggesting otherwise. When it comes down to who gets approved and who doesn’t, it is increasingly people with high scores on average, not lower, who are receiving loans.

About Equipment Vine Equipmentvine.com was set up to service the needs of the consumer and the interest of the lender. Small business owners can use Equipment Vine to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected. For more information, visit equipmentvine.com

** News and content distribution provided by 1800pr.com

Contact
PR/Digital Marketing
Aaron Dielmann
SWATDigital
800-385-7791
aaron@swatdigital.com

SOURCE: Equipment Vine

(C) 2015 Marketwire L.P. All rights reserved.