Charles NoonanPresident, Landbank University · Real Estate Developer & Instructor

TOP 3 BUSINESS FUNDING MYTHS 😳#entrepreneur #businessfunding #podcast #bankloan #funding #ytshorts

18 Nov 2024 · 1 min

Watch on YouTube

1:27

Short YouTube clip by Charles Noonan addressing business funding myths, emphasizing that personal guarantees and personal credit scores are primary routes to quick funding. Advises repairing credit (hire help or DIY), disputing charge-offs/collections and contacting creditors to reverse recent late payments; claims removing recent negatives can raise scores ~50–100 points and that a single 30-day late can lower scores ~50–60 points.

Chapters

Clear up some of the funding myths that are out there where you think people can have a chance and can get money. When we're talking about funding, we talking about PG funding, right? Personal guaranteeing. That's the best and fastest way to get funding. Having a good personal credit score to get funding. If you don't have a good personal credit score, you got charged off collections, bankruptcies, get your credit fixed. You could hire us, you could hire a credit repair team, or you could do it yourself. But you can get funded if you work on it the best way you could work on it. If we get a charge off or collection off, your score will jump up 50 to 100 points. Because any negative within the last two years is going to hurt your profile the most. Most banks and lending institutions do a two year look back as far as how much your credit profile is going to be affected. So even a late payment, if you get a late payment, you can have a 750, 800 credit score. You get one 30 day late today, your score could tank about 50 points, 60 points. So you want to make sure your profile is clear. So if you get a 30 day late, a 60 day late, you need to get that removed because that will drastically impede your chances of getting funded. Sometimes you can actually call up. If it's a new late payment, I suggest call up the creditor or debtor right away and try to talk to them, tell them it's a mistake. Xyz. Especially if you have a long standing relationship, sometimes they can reverse it sometime. So that's number one. If they don't reverse it, then you have to dispute it. We do a lot of consumer law disputing as far as getting things off your report.