Income tax returns: Make sure you have the last three years of signed personal and business federal tax returns at your fingertips. This will include the returns for all the principals in your business.

Our one-page application requires basic information about you and your business. You'll also submit your credit score, annual revenue, and last three months of bank statements. Once you provide the required documents and information, OnDeck will perform a soft credit pull.

Pre-qualifying for an OnDeck loan requires only a soft inquiry in your credit, meaning it doesn't affect your credit. OnDeck loans come with several costs, including above-average interest rates, origination fees, and monthly maintenance fees on lines of credit.

To qualify for funding from OnDeck, your business should have the following characteristics: Minimum one year in business. Minimum of $100,000 in annual revenue. Minimum 625 personal FICO score of the business owner.

Lenders like to see evidence that you've successfully repaid credit before. If you haven't used credit before, or if you're new to the country, there might not be enough data for lenders to approve you. You have late or missed payments, defaults, or county court judgments in your credit history.

five points A hard credit inquiry could lower your credit score by as much as 10 points, though in many cases the damage probably won't be that significant. As FICO explains: “For most people, one additional credit inquiry will take less than five points off their FICO Scores.”

Yes, it is possible to get a small business loan even if you have bad credit. This is because your credit score doesn't matter as much as the overall financial health of your business. Many lenders require a minimum credit score of 500, at least six months in business, and more than $30,000 in annual revenue.

While there's no official required SBA loan credit score from the Small Business Administration, lenders will often set minimum personal and business credit score requirements for SBA loan applicants. An SBSS of 140 to 160+ or a personal score of 620 to 640+ are commonly needed to qualify.

When you apply for a new credit card, take out a mortgage or rent an apartment, lenders and landlords conduct credit inquiries to determine whether you are likely to be a financial risk. These inquiries are called hard credit inquiries and they have the potential to drop your credit score by several points.

Getting in the best position to pass a credit check There are a few things you can do get a positive outcome: Get on the electoral roll at your home address. Ensure any bills in your name are paid on time and in full. Check your credit file to make sure the information and data on there is correct.

Below are four strategies to consider if you want to improve your credit score fast - perhaps even by 50 points or more, depending on the circumstances.

1. Pay credit card balances strategically. Paying down credit card debt can save you money.
2. Ask for higher credit limits.
3. Pay bills on time.
4. Dispute credit report errors.

How Many Points Does a Hard Inquiry Affect Your Credit Score? A single hard inquiry will drop your score by no more than five points. Often no points are subtracted. However, multiple hard inquiries can deplete your score by as much as 10 points each time they happen.