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Saturday, 27 May 2017

Whats My Credit?  Credit Criteria

When businesses decide to lease purchase assets, leasing companies require excellent credit criteria to use leasing services and to get the best rates.  The following credit guidelines will give a broad overview of how credit is generally considered. It is also useful in determining an estimate of what types of leasing programs may be available to you. The following guidelines should not be considered as "industry standard" but can assist us with providing leasing quotes by estimating basic credit criteria. Under no circumstances should the following credit criteria be expected to cover the credit of all applications received. Every credit bureau and business report is completely unique and the following credit ranges are for illustration purposes only. If submitting a credit application, or inquiring for a lease quote, please note where you feel each principals credit, and the business credit, will qualify in the notes section.

A+ Credit

  1. Perfect personal and business credit with many lines of credit
  2. No Bankruptcies
  3. Low revolving debt
  4. Few credit inquiries in last 12 months
  5. No evidence of suits, liens, collections, or judgments
  6. No foreclosures or repossessions
  7. Excellent score in credit desk
  8. No slow pay activity on personal or business credit
  9. Business should be established over 2 years with strong D&B Report
  10. Strong fincncial statements may be requested for lowest rates
  11. True A +credit can apply for lowest rates available

A Credit

  1. Excellent credit with many lines of credit
  2. No Bankruptcies
  3. Low revolving debt
  4. Few credit inquiries in last 12 months
  5. No evidence of suits, liens, collections, or judgments
  6. No foreclosures or repossessions
  7. Excellent score in credit desk
  8. No slow pay activity on personal or business credit
  9. Business should be established over 2 years with strong D&B Report
  10. True A credit may qualify for best "Application Only" rates available

B Credit

  1. Good overall credit with many lines of credit
  2. No Bankruptcies
  3. Lower revolving debt, under $25,000 and under 50% credit utilization
  4. Few credit inquiries in last 12 months
  5. Evidence of suits, liens, collections, or judgments that are satisfied or under $1,000 aggregate
  6. No foreclosures or repossessions
  7. Good score in credit desk
  8. No recent slow pay activity on personal or business credit
  9. New businesses and Business over 2 years old with good business credit

C Credit

  1. Bankruptcy on credit bureau or business over 5 years old
  2. Evidence of a few slow pays to creditors
  3. Open suits, liens or judgments (less than $1,000 aggregate)
  4. No foreclosures or repossessions
  5. Revolving debt considered high, or high utilization of available credit
  6. Explainable, high credit inquiries in last 12 months
  7. Credit bureau scoring not within credit desk standards
  8. These credits are considered on a case-by-case basis. Financial statements may be required.
  9. Unfortunately, we cannot lease to businesses under 2 years old with this credit criteria.

D Credit

  1. Bankruptcy less than 5 years old
  2. History of slow pay to creditors since bankruptcy
  3. History of suits, liens, judgments or collections
  4. Foreclosure or repossession
  5. High revolving debt on credit cards (without acceptable tax returns)
  6. High credit inquiries in last 12 months
  7. Structure programs usually required if approvable and financials will be required.

If you have any credit questions, or wish to receive a copy of or your credit bureau or your D&B (Dun & Bradstreet) business report, please feel free to contact the following agencies directly for assistance.

Experian/TRW
P.O. Box 2002
Allen, TX 75013
888-397-3742

Equifax
P.O. Box 740241
Atlanta, GA 30374
800-685-1111

Trans Union
P.O. Box 1000
Chester, PA 19022
800-888-4213


Dun & Bradstreet Business Reports
Customer Service
1-800-234-3867
Disclaimer
All programs, conditions, and terms are subject to credit approval and can change at any time without notice.
Allstate Capital is not affiliated with The Allstate Corporation or any of its affiliates or subsidiaries, including the Allstate Insurance Company.
Allstate Capital does not offer tax advice.