How to Get APPROVED for Business & Personal Funding

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Estimated reading time: 18 minutes for the text on this page.

Summary

Sedric Lowery discusses effective strategies to secure business and personal funding, outlining key barriers and solutions. Highlighted obstacles include open collections, charge-offs, insufficient credit scores, and high credit utilization. He emphasizes the importance of meeting income and tax requirements, communicating with lenders, and maintaining healthy financial habits. Lowery concludes by offering an 80% scholarship on his services to help viewers secure funding.

Highlights

Open collections and charge-offs can kill your funding dreams fast! Stay on top of your accounts. 💸
You don't need a mortgage paid off to get funding, but a credit score of at least 620 is a must! 📊
Using over 50% of your credit? Bad news, it's time to pay down those balances! 🏦
Maintain a stable job or file taxes for your business to increase funding options. Work on your financial stability! 💼
Don't meet income or credit standards? Chances of approval are slim. Get your financial ducks in a row! 🦆
Serious about business funding? Lowery offers 80% off on his services for those ready to commit! 🎯

Key Takeaways

Open collections can seriously harm your chances of getting funding. Communicate with lenders to avoid collections! 📣
Charge-offs are a red flag to lenders; they indicate you might not repay future debts. Be diligent in managing your debts! 🚩
Aim for a minimum credit score of 620. If you're not there yet, work on boosting and building your credit! 📈
High credit utilization is a no-no! Keep it below 25% to improve your funding chances. 💳
Steady income and tax filings are crucial for business funding; ensure your financial records are up to date! 📑
Take advantage of Lowery's 80% scholarship offer to get professional help in securing business funding! 🎓

Overview

In his engaging video, Sedric Lowery dives into how individuals can secure both personal and business funding by tackling common barriers. He highlights that open collections and charge-offs are major hindrances and recommends proactive communication with creditors to avoid these setbacks.

Lowery stresses the importance of maintaining a good credit score, ideally above 620, and keeping credit utilization low, below 25%. He also emphasizes meeting income and tax filing requirements as essential steps in the funding process. This ensures lenders see applicants as financially stable and trustworthy partners.

To help individuals kickstart their funding journey, Lowery offers an enticing 80% scholarship on his services. This offer is aimed at those willing to take prompt action and commit to improving their financial standing. It's a call to action for viewers who are serious about achieving their financial goals.

Chapters

00:00 - 00:30: Introduction to Funding Opportunities The chapter titled 'Introduction to Funding Opportunities' begins with a motivational greeting, aimed at preparing the audience for the information to follow. The speaker's goal is to educate listeners on common barriers to obtaining funding and strategize on maximizing available funding opportunities. Towards the end, the speaker invites the audience to collaborate with their organization, offering potential financial support ranging from $50,000 to $250,000 for businesses.
00:30 - 15:00: Reasons for Funding Rejection This chapter titled 'Reasons for Funding Rejection' discusses the straightforward reasons why individuals may be denied funding. The discussion acknowledges that readers are seeking growth for their business or personal credit line. It delves into the four main reasons that typically hinder approval, providing insights on what might be causing rejections in funding applications.
02:00 - 03:00: Communication with Lenders The chapter titled 'Communication with Lenders' explores the topic of open collections. Open collections are accounts that appear on your credit report and represent outstanding debt. These debts are recent and indicate that the account has progressed from being managed by the original creditor to being handled by a collection agency. This chapter likely discusses the implications of these collections on one's credit report and the importance of effective communication with lenders to address such issues.
03:00 - 04:00: Understanding Charge Offs This chapter delves into the concept of charge offs, focusing on the negative impact they can have on an individual's financial profile. It describes how creditors may aggressively attempt to recoup funds from those who have defaulted on loans or debts. The transcript highlights that one of the key reasons people are denied funding is because of recent open collections, indicating payments have not been made on outstanding debts. This insight is crucial in understanding the underwriting process and the challenges faced by individuals with such financial histories.
04:00 - 05:00: Credit Score Requirements This chapter focuses on the importance of managing credit scores and avoiding collections. It emphasizes the significance of communication with creditors during financial hardship to prevent accounts from going to collections. The chapter advises individuals to inform creditors about their need for extra time to make payments, suggesting timelines like three or six months as examples.
05:00 - 06:30: Credit Utilization The chapter discusses the importance of communication with lenders, particularly if they have extended significant credit amounts, such as for car loans or credit cards. It emphasizes the consequences of failing to communicate, which may lead to accounts being marked in collection status. It also suggests various options to prevent this situation, including forgiveness letters and good faith letters.
06:30 - 10:30: Income Requirements and Self-employment The chapter covers critical aspects of financial management, focusing on topics like collections and charge-offs. The emphasis is on understanding how collections impact one's credit and the importance of communication to manage or avoid collections issues. It also discusses charge-offs, explaining that it's a scenario often highlighted by credit experts, where an applicant's outstanding debt is not paid and eventually written off. This information is crucial for the underwriting side, as it reflects on an applicant's financial responsibility and history.
12:00 - 14:00: Scholarship Offer for Services The chapter titled 'Scholarship Offer for Services' discusses the scenario where a debtor may not make payments on a loan if they qualify for financial assistance. It suggests that if an individual has an approved account but hasn't made any payments, it might be because they are eligible for funding that negates the need for immediate repayment. This raises questions about why a lender would approve such loans, as it appears counterintuitive. The process seems to allow individuals who qualify for assistance to delay or skip payments, posing potential waste of time and resources for the involved parties.
14:00 - 14:30: Conclusion and Call to Action This chapter emphasizes the importance of trust between a consumer and financial institutions. It addresses the impact of credit scores on financial relationships, stating that a minimum credit score of 620 is required across the board. The message is to understand and maintain your creditworthiness to foster trust and secure financial opportunities.

How to Get APPROVED for Business & Personal Funding Transcription

00:00 - 00:30 hello guys um I hope you are having a phenomenal day I wanted to create this video so you guys can understand a couple things that w't hinder people from getting uh funding and then also as well how to maximize your funding opportunities and at the end here we're going to give you guys the opportunity to partner um with us to help you get anywhere from $50,000 to $250,000 for your business okay so um my
00:30 - 01:00 style is uh pretty pretty cut and dry straight to the point um you know you're obviously taking out some time because you know you're in a position right now where you want your business to grow you want your you know your personal credit maybe to grow or or maybe you want some personal lines of credit as well as the business so let's go ahead and get right into it let's talk about the four reasons why people don't get approved so the very first thing that we want to
01:00 - 01:30 talk about um is open collections okay open collections okay now um open collections are basically accounts um that U that are reflecting on your credit report um that's debt that you have outstanding and that's recent okay so if you have an open collection this means that this account is now not current it's moved to a a collection agency and now now they
01:30 - 02:00 are um you know now they're basically hunting you down or or trying to harass you um to get you to pay these funds okay so in the little description here um you know so on on the underwriting side they would basically just see that hey that the applicant um has not made payments on debt that has been outstanding and this is recent this is one of the number one reasons why people do not get funding is because they have open collections either that they don't
02:00 - 02:30 know about um or they try to apply for things with those open Collections and also as well your your payment history or or just even showing that you are making payments before it goes to collections um is a huge thing guys there's ways to avoid accounts going to collections one of the biggest things that I don't see people doing is communicating if you're going through hard times tell them that you need three months tell them that you need six months whatever it is but where you
02:30 - 03:00 don't communicate with these lenders that have you know given you you know $110,000 for a car $30,000 for a car or your mak's credit cards or or whatever guys they have no choice but to take that account um you know in in a collection status right there's um uh forgiveness letters that you can do I mean there there's um uh good faith letters that you can do like there's so many things you can do to avoid void
03:00 - 03:30 going to collections but you have to communicate okay all right uh number two charge offs you guys are you know definitely familiar with this um um is something that you know a lot of credit gurus and experts and stuff talks about but on the underwriting side um they basically see that the applicant has an outstanding debt where no payments uh were made um at all and the debt was uh written off okay if the applicant has an outstanding
03:30 - 04:00 debt based on not making um payment they may uh they may not make payments on the loan if they qualify for funding okay that's simple right if you have a account that you didn't make any payments on but you got approved why would the lender go and approve you because they can give you a loan and if you qualify you could not make payments on it now you w was everybody's time but
04:00 - 04:30 now you've hurt you've hurt that business or financial institution okay very simple I don't have to go into that you know really in depth it's just all about trust okay um now minimum credit score minimum credit history okay your credit score needs to be at at least a620 across the board across across the board okay now with that being said that doesn't mean that you know um
04:30 - 05:00 you know you have to have you know a mortgage paid off and you know big accounts and oh in order for me to get approv for $50,000 I already got to have $50,000 uh dollars worth of credit history on my credit that's paid off that's not what that means guys right but we need you at least at a 620 and if you're not at 620 get with me ASAP so we can help you um not only boost your credit but help you build your credit as well maybe remove a couple items from your credit whether it be student loans charge offs ctions or delinquencies okay
05:00 - 05:30 now um if the applicant does not have um good enough credit history um it will show on your credit profile um and then it affects their um judgment on will on you making the overall payments um on on you know whatever amount of funding that you're looking for okay all right number four high credit utilization um one thing that I see in the in the world today is that people like to over leverage themselves right
05:30 - 06:00 they're like oh well you know I'll just you know put all these things on this $10,000 credit card credit card gets maxed out then they go try to apply for another one then another one then another one then another one and what they're doing is is is is your you're you're practicing bad financial uh habits right that that that's fi that's Financial immaturity right why in the world if you have a credit card that's maxed out or at 50% that you can't pay off why would you
06:00 - 06:30 then go and get more funding and put yourself in even a deeper hole and the majority of the times these are individuals that are not good with money in the first place okay um now with that being said if you have a utilization higher than 50% it's over with there's nothing that we can do for you I wouldn't even recommend that you put an application there's some people that have a Stellar credit score right your credit score is at 700 but your utilization is at 555 % you're not going
06:30 - 07:00 to get approved for anything right like that's just not that's just not how how how it works like you have to have that utilization down I would say at least within uh below 25% below 25% is is The Sweet Spot okay um and how it looks to the lenders right is that the applicant has used too much of their credit um making it uh likely for them to default uh or Miss payments on um on
07:00 - 07:30 um that that line of credit or that debt okay now moving forward here's a couple other reasons why um you know some of you guys you know may be getting declined um and we're just going to break this down you know pretty pretty smooth and simple I hope you guys have been following along um but let's get down into like the income okay client um gets declined because they do not meet the W2 3month employment requirements okay this is super simple guys why in the world are
07:30 - 08:00 you trying to get lines of credit when you don't have a stable job why are you trying to get lines of credit if you don't have a stable business why are you trying to get lines of credit when you don't even file your taxes for your business or for yourself like you like like where like I always ask people like where's your like where's your head at and what I did notice is that sometimes people just don't know they don't know what they
08:00 - 08:30 don't know they don't know that hey in order for me to play in this you know Financial Monopoly game I need to make sure that I'm filing my taxes and filing my financials properly but I'm here to tell you guys today if you do not do that this is public information there's there this is data that's attached to your social and if you have not ever filed anything ever it's going to be very difficult for you to get funding
08:30 - 09:00 okay so all right let's continue on okay client does not meet the minimum 2-year uh requirement for self-employment okay so you need to have at least two years of tax returns um or taxes filed excuse me if you are going to use your self-employment say that you're an entrepreneur and go get lines of credit with financial institutions now that doesn't mean that you know we can't
09:00 - 09:30 leverage you know your personal credit or anything like that um but these these these larger Banks um and even sometimes these Boutique Banks they want to see Financial proof that you like actually are making money they want to see Financial proof that you are even financially sound to file your taxes that says so much about a person's character and where they're at business-wise by them simply filing their taxes I've I had a a
09:30 - 10:00 client credit was great everything was fine bank statements you know they had those and everything but they didn't have their CR uh excuse me they didn't have their taxes filed so they looked immature to businesses uh um uh institutions bu excuse me business funding institutions they look childish to you know you know you know these credit unions and stuff because it's like hey if you are an individual that is calling yourself a professional why do you not have your
10:00 - 10:30 taxes filed why do you not meet the two-year self-employment requirement within your first year to a year and a half nine times out of 10 if you're self if you're self-employed you're not really making any money so why would you go and why would you go and try to apply for some credit oh I'm going just use this $330,000 credit card and I'm invest it all into my business and never look back guys I've seen that story a thousand times don't get caught in that trap that's not how it works nine times that you don't you're not having any success
10:30 - 11:00 is because you're you're failure to execute and you're and and you procrastinating not your lines of credit and how much money you have okay um moving on client does not need the requirement at least 35k uh a year annually that's pretty simple and then um you know the obvious one is you know uh clients don't meet credit minimum requirements okay now this I I said these two like you know like back to
11:00 - 11:30 back because they kind of go in they kind of go with each other right like if you don't meet the requirements income wise you're not going to meet the requirements credit wise nine times out of 10 okay so if you can't even make $330,000 a year right like right now you do not need to be even touching or looking at getting any kind of funding at all we need to get you making money we need you to get a stable job we need you if you're self-employed to sell a a higher ticket profit
11:30 - 12:00 okay now with that being said these are a couple things that I've noticed just doing this for many many years and these are things that people are not paying attention to when they go to apply for lines of credit for their business or their personal and these are the reasons why people are getting denied so if you guys need help if you guys need a resource a team an individual like myself I'm willing to to do something special for you if you made it to the
12:00 - 12:30 end of this video end of this training I want to go ahead and bless you guys with a scholarship right we're going to give you guys we're going to give you guys a a a scholarship where we are going to give you guys an 80% scholarship for our services that means 80% off we'll cover it you guys cover the
12:30 - 13:00 20% you guys cover 20% of what it takes this is really investment into yourself this is really you taking taking a chance not only on yourself but making a commitment if you can commit 20% of what it takes to get yourself anywhere from 35 50 100 200,000 $250,000 for your business go ahead and get with myself or get with someone for my team
13:00 - 13:30 right now guys we only want to work with executors please do not waste my time watching this video and then coming back and just you know and just bsing around right it this it it it that that mindset does not work here okay so if you guys want to be a Toyota fine stay in the Toyota Lane if you guys want to be you know you know the rollsroyce of funding the rollsroyce Ro of of of credit and finance if you guys
13:30 - 14:00 want to partner with other individuals that are the rolls-royces of these uh uh of these Financial hacks and and and approvals and and financial literacy guys shoot me a message right now all right guys I'm only one to work with executors and I believe if you made it to the end of this video that's you so go ahead and make the best decision
14:00 - 14:30 of your life and shoot me a message God bless I cannot wait to see your approvals coming through