Common Myths About Your Credit Score

1. Checking Your Credit Report Hurts Your Score Everytime

As a credit card user you may hear the invalid statement that checking your credit reports hurts your credit score and that you shouldn’t ever check. How are you supposed to know whether you are in a position to purchase a home, or get a small business loan? The key is to find a reliable company like Sprout FInancial that does the work while not harming your credit score.

Checking your credit, either by yourself or with a potential lender, is called a credit inquiry. However, when checking your fundability with Sprout FInancial, your credit score is not at all affected. 

Some inquiries can hurt a score. These are called “hard” inquiries and are commonly acquired while doing background checks and credit approvals. Hard inquiries can deduct points from your overall credit score and will remain on your credit reports. At Sprout Financial, we do all the heavy lifting to remove the inquiries which in turn raises your credit score.

You should check your credit reports several times a year. Look for errors and work to fix any that you find. If you are in need of removals, Sprout Financial is here and ready to help your credit score be good as new! 

2. Your income affects your credit score 

It doesn’t matter whether you earn $10,000 or $100,000 a year, as long as you’re making your accrued payments on time. Having a low income does not = having bad credit. 

A great way to keep your score high is to use your card only for purchases that you know you are able to pay off right away. 

3. There is only one credit score There isn’t just one formula that applies to all people in all situations. There are hundreds of scoring tactics in use in the credit marketplace today. A consumer could therefore have several different credit scores all meaning something different. Applicants most likely to get good news from lenders are those keeping all scores high and all cards paid off! It is hard to manage this on your own, so with the help of Sprout Financial, you will be likely to receive the best rates and most beneficial terms on credit accounts.

A Clever Way to Fund Your New Business

If you are in business or want to be, you probably already know the importance of a strong credit rating, and you know the value of being able to get your hands on the money you need to begin and grow your business. 

Unfortunately, accruing that money is a major roadblock for many business owners. Perhaps you’ve already had a loan application denied? You are not alone. Many owners have their financial requests turned down repeatedly. 

The key is to… work with a reliable company.

Get your hands on sufficient start-up capital and acquire additional financing for operational expenses. Companies such as Sprout Financial want to be in your corner in order to get you the funding you need to start your own business or to keep your existing business afloat. Our business funding blueprint is the key to your success. 

Sprout Financial will: 

  • Help you avoid many credit and financial mistakes
  • Make sure that your business builds strong credit scores 
  • Make sure that your business has access to funding 
  • Introduce you to our network of lenders

How Important Is My Credit Score?

Your credit score determines your luck when making life purchases such as a car, a home, or even applying for insurance. 

Sprout Financial helps our customers acquire funding even if their credit is an issue. Our primary financial products are Unsecured Lines of Credit at 0% interest and low-interest Term Loans. At the end of our process, our customers are funding ready at their max amount of funding! 

What is an ideal score?:

  • Exceptional: 800 and above
  • Very Good: 740 to 799
  • Good: 670 to 739
  • Poor: 579 and below

What does and does not affect my score? 

Does Not:

  • Your income
  • Where you live 
  • Your race
  • Your marital status 


  • Hard-inquiries
  • Un-safe credit checks  
  • Late payments
  • Amount of debt 
  • Credit longevity 

The Primary Reason Businesses Fail

It will come as no surprise that the reason small businesses fail in their primary years is under capitalization. In other words, they have insufficient credit to get the funding so critical to running and building their business. 

The reason for this? No one has taught them how to establish business credit and then how to leverage that credit to their benefit. Some companies have the adequate funds to get started, but later down the road realize it is not enough to stay growing and thriving. 

Many business owners are not aware that you absolutely must establish credit for your business that is entirely separate from your personal lines of credit. 

“The longer you delay establishing business credit, the longer you delay taking advantage of business loans.” 

-Wells Fargo 

82% of companies get denied for business funding on their own. Work with a company like Sprout FInancial. With Sprout, that percentage rate drops down to below 1%.