Credit Reports and Scores: What You Need To Know
Credit reports and scores hold an important role in financing equipment. From the home, you live in, to the vehicle you drive if you finance anything your credit will be reviewed. Even if you make all your payments on time, you may have a low credit score.
What is a credit score?
A credit score is a number associated to you or your business based on some different criteria. There are a number bureaus and data points that report on your credit score but two important are:
- Payment History – How good are you at paying on time?
- Revolving available balance – How much as a percentage you have drawn on your revolving lines of credit?
Why is a Credit Score Important?
Financing transactions can be difficult to complete when a customer has a low credit score but certainly not impossible. A knowledgeable financing company can share the results of a credit report with their client and may suggest holding off financing until the client has taken steps to improve their credit. This is to benefit the client and save them money in the long run rather than risk each compounding the low credit score with more debt or financial strain. Preferred financing programs will typically have minimum required credit scores and your lender will be able to share with you what those are.
If you have identified the heavy equipment you need, Trinity Capital can provide a soft credit pull to help identify the financing program that best achieves your goals. A soft pull will not impact your credit score since it is not a full report. This information is handled with the utmost sensitivity and anyone who chooses to do business with Trinity Capital can be sure their information is secure.
To learn more, you can give us a call at 833-659-2203 or visit us at mytrinitycapital.com to apply today!