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What Is the Minimum Credit Score for a Business Loan?
https://www.sofi.com/learn/content/credit-score-for-business-loan/
The minimum credit score for a business loan typically ranges from 500 to 680, depending on the lender and loan type. Traditional banks often require higher scores (around 680 or more), while alternative lenders may accept lower scores (500-600). Higher credit scores improve loan approval chances and the offering of better terms. Lenders may also […]
Does a Business Loan Affect Your Personal Credit Score?
https://www.sofi.com/learn/content/do-business-loans-affect-personal-credit/
Yes, a business loan may impact your personal credit score. If you run a sole proprietorship or partnership, or if you personally guarantee the business account in any capacity, your personal credit score may be affected. Read on to learn the different ways in which a business loan can affect your credit scores, and what […]
Guide to Grad PLUS Loan Credit Score Requirements
https://www.sofi.com/learn/content/grad-plus-loan-requirements/
According to EducationData.org, the average cost of a master’s degree at a public state college is $48,690, and $64,440 at a private school. To help pay for this expense, graduate-level students sometimes turn to federal graduate loans for assistance. Grad students no longer qualify for federal Direct Subsidized Loans, but they may be eligible to […]
Why Did My Credit Score Drop After Paying Off Debt?
https://www.sofi.com/learn/content/why-did-my-credit-score-drop-after-paying-off-debt/
Seeing your credit score go down after paying off debt may seem illogical, but there are likely valid reasons for the drop, including a potential change in your credit mix or in the age of your accounts. Although a lower score may feel like a setback, rest assured the dip is usually temporary. Let’s take […]
Does a Background Check for Employment Affect Your Credit Score?
https://www.sofi.com/learn/content/does-a-background-check-affect-your-credit-score/
You’ve been offered a job and everything is falling nicely into place — until your potential employer tells you they need to do a background screening, which will include running a credit check. Your credit score isn’t where you want it to be, and suddenly you’re very concerned. Will they rescind the offer based on […]