On May 9, 2022, I had a consultation with a prospective client. He was interested in going through our business credit card program. Unfortunately, his credit scores were not high enough to qualify.
He told me about how his business is growing fast and he can get a very high return if he had additional capital to invest. I can sympathize with his situation. Most of the clients that we serve are in the same boat as this client. On 5/9/22, he had an average credit score of 637.
Here’s a snapshot of the report:
The account in question:
I had a sneaking suspicion that the client’s score was artificially low because he was over the limit on his AmEx card by only $20. It turns out the client had just opened the card and used it for some business expenses. He used the entire amount because it had a 0% intro rate and then accidentally went over the limit on the last purchase he made.
Below is the snapshot:
As you can see, the Amex has been paid down:
The client is going through our business credit program now and we’ve already gotten him approved for $78,000!
On our last status call, he choked up and told me about how this funding is going to completely transform his business. He’s going to buy inventory in bulk at a lower cost AND he’s going to be able to sell confidently now since he KNOWS he has enough inventory on hand to fulfill order quickly. It’s like unlocking a money flywheel!
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