Golden Keys Financial Solutions

Hello, fellow Social Mediators! We focus on helping aspiring and established business owners get mo

Operating as usual

01/26/2021
05/10/2020

One of our electrical contractor clients just secured $137,000 in account receivable financing!

They were looking to get more of their profits re-invested into their business, but instead were waiting up to 90 days just to get paid on work they had done!

So, we secured $137,000 in account receivable financing so now they get 80% of their funds the next day after their receivable comes in, instead of waiting months to get paid.

And they get the other 20% less their discount when the invoice is paid.

This has helped them get paid faster, increase their profit margins, and now they’re growing their business at a rapid pace!

Contact us to see how much funding you can get for your business.

03/31/2020

One of our trusted advisors

11/20/2019

You know what time it is... It's Wealth Creation Wednesday!!! Today we'll be covering the Credit Mix, which comprises 10% of your credit score.

Your credit scores take into account the “mix” of credit items you have on your report.

This part of your credit score is affected by what kinds of accounts you have and how
many of each.

The bureaus more often than not score you higher if you have an open mortgage, 3-5 credit cards, 1 auto loan, and a small
amount of other open accounts.

If you have a ton of credit cards, your scores will typically be lowered. If you have several mortgages, your scores will
be lower. Of course, these are not absolute because you can have a myriad of accounts and have a great credit score. It's all in how you play the game but any, “unhealthy” account mixes lower your scores.

The preferred number of credit cards is 3-5. This means you will actually have a higher credit score if you have
3-3 open credit cards than if you have more or less than 3-5 open.

BUT, don’t run out and cancel your cards just yet.

REMEMBER, 30% of your score is comprised of your
balances in relation to your high credit limit. So keep your cards open and focus on having 3-5 LARGE
balance cards for maximum impact.

Maintain a healthy mix of accounts and this aspect of your credit score will be golden. Remember, this is only 10% of your score!




11/14/2019

It's Wealth Creation Wednesday! Continuing the mini-series discussing the composition of the credit score with New Credit...

New Credit (or the Accumulation of new debt) accounts for 10% of your credit score. Yes, yes y'all, the credit bureaus EXPECT you to take on new credit and this aspect of your credit score is comprised of how much new debt you are applying for.

It takes into consideration how many accounts you currently have open, how long it has been since you opened a new account, and how many requests you have for new credit within a 12 month time period.

If you go out today and apply for credit, that creditor requests information from the credit bureaus. This counts as an inquiry on your report. If you have a lot of inquiries in a short period of time, your scores will be impacted.

If you apply for a mortgage today, your scores might drop 1 point. But, if you apply for a car, a mortgage, and a few credit cards this week, your scores could drop significantly.

Moral of the story... don’t apply for too much new credit in a short period. And don’t let many different creditors pull your report ESPECIALLY while applying for big purchases.




11/07/2019

It's Wealth Creation Wednesday! Part of wealth creation is understanding and dominating the credit game because it's all a game y'all! We're going to continue our mini-series discussing the composition of the credit score with Length of Credit History...

Your “time in the bureau” accounts for 15% of your credit score. The older you are, and the longer you have had credit accounts for, the higher the score.

This is why it is near impossible to get to an 800 score at a young age.

As you have more accounts throughout your life and your history grows over time, your scores will naturally increase due to this factor.

Being added as an authorized user to an account with a long pay history is another pay to increase your scores. BUT, be careful how you do this.

As our client, we show you a little more about how to do this legally and for maximum credit score increase.





11/05/2019

Business Credit and Financing Term of the Day: Vendor Credit or Trade Credit

Vendor Credit or Trade Credit is a type of credit issued by trade vendors and is typically used to help you establish initial business credit.






11/03/2019

Business Credit and Financing Term of the Day: Fix Business Credit

Fixing Business Credit has to do with disputing inaccurate accounts on your business credit reports with the business reporting agencies or creditors.





11/01/2019

Business Credit and Financing Term of the Day: I-Update

I-Update is a service provided by Dun & Bradstreet that allows you to update information on your D&B credit reports.





10/31/2019

Business Credit and Financing Term of the Day: D&B Rating

The D&B Rating is a credit score issued by D&B to evaluate the creditworthiness of a business considering financial data and the number of employees. The D&B Rating is an important component of your business’s Dun & Bradstreet business credit profile – a collection of scores and ratings which potential partners may review in order to help manage risk. There are two parts to the D&B Rating – the Rating Classification and the Composite Credit Appraisal.







10/29/2019

Business Credit & Financing Term of the Day: Intelliscore Plus

Intelliscore Plus is the primary business credit score offered by Experian Commercial. The score accesses more than 800 variables — resulting in an unparalleled view of your prospects and customers. You also can request consumer data on the business owner, creating a highly predictive blended score.





10/28/2019

Business Credit and Financing Term of the Day: Delinquency Scores

Delinquency Predictor Scores are scores offered by the business reporting agencies that predict the likelihood your business will go delinquent in the next 12 months. This is not to be confused with the Business Failure Score previously mentioned. The score ranges from 101 to 670, where 670 is the “best” score (it indicates the business has the lowest probability of severely late payments) and 101 is the “worst” score (indicates the business has the highest probability of paying severely late).








10/27/2019

Following up with last week's discussion about Payment History, today we'll talk about Utilization or Amounts Owed...

Percentage of Credit Used - 30%

The second-largest factor in your credit scores is the amount you owe in relation to your high credit limits. If you are carrying high credit card balances, you can actually hurt your credit scores almost as much as paying the account late every month.

This aspect of your credit score has several different factors. The first factor is your relation of balances you owe on all of your accounts in relation to the high credit limits on those accounts. Once again, this takes into consideration balances on ALL of your accounts combined. Your credit score also takes into account balances in relation to high credit limits on your individual accounts also. For example, you will be scored higher if you owe 30% or less on your credit card accounts. This means if you have a high credit limit of $1,000 you will have a higher score if you maintain a balance of $300 or less.

For revolving accounts such as credit cards, you want to keep the smallest balances while still "keeping a balance". You keep a balance according to the credit companies but you aren't truly keeping a balance. You pay off your balance 2-3 days BEFORE the statement closing date or due date, whichever comes first, then charge a SMALL AMOUNT (1%) to the card so the credit company reports utilization but you DO NOT pay interest. The sweet spot is anywhere between 1-7%, but make sure you keep your balances below 30%.

Your scores will also be lower due to higher balances on installment loans, car loans, mortgages, and other non-revolving accounts. This is why your credit scores will ALWAYS be immediately lower if you open any of these accounts new. A new car loan, for example, will lower your scores once it goes on your report. How much lower depends on your spread of other accounts. As your loans and mortgages are paid down over time, your scores will steadily increase. This is why one of the BEST things you can do for your credit is open accounts, and pay them as agreed. Don’t pay those accounts to 0 too quickly as you won’t be getting credit for that account if you have no balance and no payments due. As a matter of fact, if you plan to pay off an installment loan before it's due, we recommend paying the loan down to $1-10, so it keeps reporting on your credit until the payoff date.

Your score will be affected by now many open accounts have balances, how much of your total credit lines are being used, and how much of a balance you have on installment loans, like car loans. You can directly improve your credit scores by maintaining lower balances on your accounts or spreading balances over several different accounts.









Supplier Evaluation Risk (SER) Rating Declined? Get SER Information 10/26/2019

Supplier Evaluation Risk (SER) Rating Declined? Get SER Information

Business Credit and Financing Term of the Day: Supplier Evaluation Risk Rating

The SER rating is a credit score offered by Dun & Bradstreet that predicts the likelihood that a supplier will cease operations or become inactive.





Supplier Evaluation Risk (SER) Rating Declined? Get SER Information Learn how to check your SER Rating and other scores. Learn who can see your Dun & Bradstreet Supplier Evaluation Risk (SER) Rating. See why SER Ratings decline and how to help increase them.

10/25/2019

Business Credit and Financing Term of the Day: Business Failure Score 😳

Each of the three major reporting agencies offers a type of Business Failure Score that depicts your business’s risk of failing in the next 12 months. According to D&B, the Failure Score is a multidimensional score comprising three components: a percentile of 1 to 100, a class of 1 to 5, and the score itself, which ranges from 1,001 to 1,875, with the lowest score representing the highest level of risk that a business will fail in the next 12 months.







10/23/2019

Business and Financing Term of the Day: Business Credit Risk Score

The Business Credit Risk Score is the primary business credit score offered by Equifax Commercial.






10/23/2019

Business Credit and Financing Term of the Day: Business Identification Numbers

Business Identification Numbers are numbers such as BIN from Experian and DUNS from D&B that the business reporting agencies assign to each business with their database.





10/22/2019

Business Credit and Financing Term of the Day: Bank Rating

The Bank Rating is an internal credit score used by major banks to determine if you should be approved for credit and financing. For example, many banks that you have longstanding relationships with will approve (or deny) extending you credit based on their own rating, therefore, a hard inquiry is not required.





10/21/2019

Today we'll discuss an LLC...

A Limited Liability Company (LLC) is a form of business whose owners enjoy limited liability, but which is not a corporation. A limited liability company is a flexible form of
enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners. LLCs do not need to be organized for profit.

In certain US states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but required to form a very similar entity called a Professional Limited Liability Company (PLLC).

A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation.

The primary characteristic an LLC shares with a corporation is limited liability and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.

This is my basic understanding of an LLC and its benefits. However, I recommend consulting a CPA or Tax Attorney for a more in-depth understanding. If you're looking for a CPA, I can make a recommendation, or two 🙂





10/21/2019

Business Credit Term of the Day: LexisNexis Report

A LexisNexis report is an extremely detailed consumer report used by sources including law enforcement, insurance providers, government agencies, and more.






10/21/2019

Business Credit and Financing Term of the Day: High-Risk Industries

Lenders and credit issuers keep internal lists of “high risk” industries that face more scrutiny when getting financing. Some include:

• Agriculture or forest products
• Auto, recreational vehicle or boat sales
• Courier services
• Computer and software-related services
• Dry cleaners

Feel free to contact us for a full list!





10/21/2019

Business Credit and Financing Term of the Day: Virtual Address

Use a virtual address for your business to receive mail without needing to pay the expense of renting or leasing an actual office.





10/21/2019

Business Credit and Financing Post of the Week:

Many business owners think they have items reporting on their business credit reports that really aren’t reporting. But over 90% of trade vendors don’t report to the business credit reporting agencies (we only work with vendors that report!). So chances are good that the negative information you think is on your report might not even be there.







10/20/2019

Today, let's breakdown the credit score starting with Payment History...

Payment History - 35%

Your payment history is the largest aspect of your credit score, as you might expect.

In total, your payment history accounts for 35% of your total score.

This aspect of your total score calculation is based on your prior payment history with your creditors. Late payments, defaulted accounts, bankruptcies, and all other NEGATIVE information on your credit report have the greatest effect.

The more recent the late payment, the greater the damage is to your credit score. If you go late on your mortgage this month, the Mortgage Industry Option scoring model could drop your scores over 120 points.

That is with only ONE 30 day late payment!

REMEMBER, the scoring model is based on your potential to go 90 days late on an account within the next 2 years. ANY recent late payments are a BIG reflection that you will default, and your credit score plummets as a result.

Your creditor cannot report you late unless you are 30 days late. BUT, they will claim they need 10 days to process your payment also. So don’t think just because you mailed your payment on the 25th day that they will not report you late.

Altogether, your entire history of payment counts for 35% of your total scores. The more positive accounts you have and the less negative means a MUCH higher credit score.











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6650 Rivers Avenue
North Charleston, SC
29406

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