What Small Business Lenders Have to Tell You When You Apply for Credit

When Nav surveyed small business owners we discovered that nearly a quarter of those turned down for business financing said they don’t even know why they were turned down. If lending is such a highly regulated industry, how is that possible? There’s a simple explanation. The laws that give consumers detailed information when they are turned down for loans don’t always apply to business loans, and as a result, entrepreneurs are sometimes wondering why they didn’t get the financing they Read More

Why You Shouldn’t Use a Business Debit Card…Use This Instead

I’m a business owner and lawyer, and I’ve helped a lot of business owners with credit issues. So when business owners ask me whether they should use a debit or credit card, I have a pretty strong opinion about it. Ditch your business debit card and use a credit card instead. That’s not legal advice; it’s just common sense, and here is why. When it comes to liability for fraudulent card purchases, there are two federal laws you need to Read More

How to Build Business Credit if You’re a New U.S. Immigrant

During a conversation with a business woman at a recent small business conference, I realized that starting a business in the U.S. is significantly different than starting one in other countries. The business woman who I spoke with was from Canada and was asking for information on how to open a U.S. location for a business she was already operating in Canada. She was concerned about building business credit because she believed she had to have business credit to start Read More

Why are My Credit Scores Different?

Understand why your credit scores can vary. We get the “why are my credit scores different” question a lot. And for good reason: it can be confusing. You check with Nav and see your scores, but then your lender says your score is different. It usually goes a little like this: “I see my credit scores with Nav and my highest is a 734. But, I applied for a loan and the lender said my score was a 657, a difference of 77 points! I know Read More