Frequently Asked Questions For Funding

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1.What is the minimum credit score for funding? 
The minimum fico score is 700 but you must still meet all requirements.


2.How many trade lines are required for funding approval?
You must have at least 3 primary trade lines. Being an authorized user will not qualify you.


3.What are examples of good trade lines for funding?
-Credit cards from a major bank such as Chase, Bank of america, or American Express
-Mortgage
-Auto loan


4.How old does my credit history have to be in order to qualify?

Credit History has to be at least 2 years old


5.What does the credit limit on my cards have to be in order to qualify?
Credit cards must have a minimum limit of $2,500


6.How many inquiries with the credit bureaus can my profile have?
Your credit profile cannot have more than 3 inquiries per credit bureau. If you do, there could be a chance some can be removed for a fee.


7.Can my credit cards have a balance?
A balance is fine but credit card utilization must be under 30%


8.What if I have late payments on my credit profile?

Any late payments must be 2 years old.


9.What other items on my credit report will get me disqualified?
Bankruptcies, Collections or tax liens


10.Is the business funding a line of credit or credit card?
Business funding is in the form of credit cards and comes directly to the client.


11.Will I have to pay a cash advanced fee to get the money off the card?
Datona Solutions will teach you how to liquidate the cards.


12.Will the business credit cards show up on my personal credit profile?
The business credit companies Datona solutions go to will NOT show up on your personal credit profile.


13.How long does the funding process take?
Once you're qualified and we receive all necessary documents, the process takes place in 24-48 hours and you'll receive the funding within 7-10 business days.


14.How much funding will I receive? 
Funding amount is contingent upon a few factors. 
-Length of business (business can be new but the more aged, the better)
-Business must be set up per funding standards(Datona solutions does provide a service for that)
-Age of credit(Typically you will get approved for 5 times your highest credit card limit. Example: If your highest credit card is $2,500, generally you will get approved for $12,500)