Even if you have a great business idea, a strong character and relevant work experience, you are not likely to get any money from big banks if your credit score is not above the 600 to 650 range. Some spend more money on college debt than they pay for groceries, utilities, or in some cases, even rent.
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When Richard Branson started Virgin Records (now the Virgin Group conglomerate), he did what most entrepreneurs do: He used his personal savings, borrowed from relatives and patched together enough funding to pay his bills during the difficult months.
Many of you reading this can prevent escalated collections from Midland in the courts, and anyone already in the courts will want to know how best to navigate things from here.
There will be many a reader just looking for why Midland Funding is appearing on your credit reports.
This is because consolidation in the banking industry has driven banks to automate their credit decision processes and minimize the labor involved in getting to know credit applicants face to face.
If you have a great business idea but poor credit history (such as a credit score below 650), you will not get any money from banks.By extending the repayment term, you can significantly reduce the amount of money you’re required to pay each month.I recently spoke with a woman who had just been sued by Midland Funding LLC for a debt they bought from Citi bank.Today, this is no longer true for most large, well-known financial institutions.They care little about three of the four Cs-and instead tend to focus purely on credit history in making lending decisions to small-business applicants.The amount she is being sued for is a few thousand dollars.