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Three Changes to Credit Scores That Impact You

Credit is not the primary consideration for obtaining a loan with Shop Commercial Mortgage, but we wish to keep our customers informed of changes in credit reporting and how lenders use this information. There are three major changes; trended credit, credit utilization, and credit inquiries. Let’s look at each of them and how they may impact you.

Commercial Lending Questions Answered

Trended credit

Trended credit became fully utilized in 2017 and provides information on revolving charge accounts such as credit cards. As well as reporting whether you are current on these accounts, the system now also reports your payment history for each account. According to the credit bureaus, they are not using trended data to directly impact your credit rating. Lenders, on the other hand, might look at your payment history as part of their determination of whether to offer you financing. If you have a less than stellar payment history, you may have better luck dealing with Shop Commercial Mortgage than a conventional lender.

Credit Utilization

Credit utilization is a measurement of how much of your available credit is being used. This is important to consumers using a lot of credit which results in a high utilization score. A high score can be considered risky by many lenders, who are less likely to offer loans to customers who have little available credit remaining.

Credit Inquiries

Credit inquiries are a normal part of any credit rating but can be detrimental for consumers in some cases. If someone is shopping for a loan, they may have several inquiries made to the credit agencies. This may not be negative if done over a short period of time. However, an ongoing series of what are known as “hard” inquiries may indicate a consumer is having financial problems requiring them to look for additional loans. Customers should use caution when shopping for loans, particularly if that search extends over a period of time.

If you are looking for commercial financing in Florida, or need other private money lending, contact Shop Commercial Mortgage today. We also specialize in helping self-employed borrowers who are not eligible for conventional financing.

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"I just closed a commercial loan in St. Petersburg. A 16 unit apartment complex for $100,000 at 11.5% interest. It was a free and clear equity driven low documentation refi with no appraisal so it closed fast!"

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