Please follow this guide for maximum funding results. 

Credit/Funding Guide Download

Mandatory Requirements For Funding

1. FUNDING AGREEMENT

Before any applications are processed, we need the signed funding agreement. If you have not done this already, search your email for ‘Pandadoc’ you should have received the agreement from ‘Impruvu Team’ if you don’t see it in your email, please reach out to your assigned funding advisor so our team can get that to you. If you have any questions, please don’t hesitate to ask your funding advisor or email us at info@impruvu.io

2. REMOVING FRAUD ALERTS & FREEZES/LOCKS

If you have Fraud Alerts or Freezes/Locks on your Credit Reports, they need to be removed RIGHT AWAY! We CANNOT process your Unsecured Funding Request until it has been CONFIRMED that ALL Fraud Alerts or Freezes/Locks on ALL Credit Bureaus (Experian, Transunion, Equifax) have been Removed!

If any of the Phone Operators at any of the Credit Reporting Agencies ask what the reason is for wanting to Remove the Fraud Alerts, just say you will be doing some very Urgent Financial matters and you need it to be removed within 24 Hours.

TransUnion: 800-916-8800

Simply call TU and state they want fraud alerts removed as all disputes have been resolved and they will be seeking new credit shortly.

Equifax: 888-766-0008

Ask to have it removed over the phone otherwise ask for their mailing address and overnight using FedEx the letter to request removal of Fraud Alert.

Experian: 888-397-3742

Call to get the mailing address and overnight a FedEx Letter to request the removal of Fraud Alert.

3. FINDING YOUR FICO 8 SCORE

Do you currently have any credit monitoring services set up where you can pull your most recent credit reports for us to review? Preferably FICO 8 scores. Please download the PDF version of your credit report and email it to your assigned funding advisor or upload to the client portal (Credit Karma, Credit Wise, Credit Sesame, Smartcredit, MyFreeScoreNow do not qualify as those monitoring services show VANTAGE 3 scoring, FICO 8 scoring models are used by the banks and lenders to determine funding eligibility).

If you do not have a valid credit monitoring service setup, Here’s what I suggest:

Go to experian.com and create a free account. You can pull your FICO8 scores from all 3 bureaus for free, once every 365 days. If you’ve done that already in the past year, It costs $20 to pull them.

On the top left of the screen click credit reports. Once you pull the scores, click ‘print report’ for all 3 bureaus. A separate webpage will pop up with your credit report. Right-click, print, and when the print screen pops, instead of printing, go to the printer selection drop-down menu and click “save as pdf”

Once you save all 3 PDFs, you can email them to your assigned funding advisor. This will need to be done from a desktop as mobile doesn’t allow it.

4. INTAKE FORM MUST BE FILLED OUT INSIDE THE CLIENT PORTAL

After filling out the funding form. A project is created in this client portal. Go to projects and you will find a task with a link to the intake form you need to fill out.

Provide all necessary information to the best of your ability so we can process your application. If you have any questions, reach out to your assigned funding advisor.

You can also upload any documents here to your file (credit report, driver’s license, business documents).

5. SETUP BUSINESS BANKING ACCOUNTS

The first thing you want to do is establish your bankability. During COVID-lending conditions, this has essentially become a requirement with several banks.

Open a business bank account with at LEAST two of these banks:
– Chase
– Bank of America
– US Bank

Opening a business checking account with these banks will GREATLY increase your funding results. Once your account is open, fund it ($500-$5000), the general rule of thumb is the more the better. You can further improve bankability by also opening merchant accounts with these banks. If your business is in a position to do so, it is recommended, but NOT REQUIRED.

Call each of your personal credit card companies and ask for a limit increase of up to 3x the amount of your total limit. Make sure they DO NOT pull a hard inquiry. Tell them you have a vacation coming up and are looking to use the card for expenses. The low interest would be very beneficial for you. If you were approved but the limit is too low, ask them to increase the limit as you cannot even use it for the purchase you had in mind.

6. START THE FUNDING SEQUENCE

Now that you’ve taken the necessary steps, you’re ready for funding. Follow up with your assigned funding advisor to begin the process.