Review your credit history. ” a significant consideration for a loan provider to create that loan could be the ‘character’ regarding the debtor, ” Anderson states. “Lenders wish to loan cash to individuals who have a good history for spending their responsibilities as agreed. ” The “Fair Isaac credit rating” (FICO) is just one measure used to judge character. Credit ratings can start around 300-850, which is important which you have reasonably high rating to manage to secure a SBA loan. Though some SBA loans might be made out of FICO ratings below 700, possible borrowers with ratings in the high 700s or 800s are greeted with respect by loan providers. You are able to review your credit file — 100% free — from all three credit-reporting organizations — Experian, Equifax and TransUnion — when each year to guarantee that they’re accurate. You have to be prepared as the bank shall pull the credit history for you. If you learn errors in your credit reports, do something to fix those mistakes and bring the emails, letters, along with other communication with you to your bank whenever trying to get that loan. “when you attend the financial institution, you are able to state, ‘It’s an error.