Lines of credit
How to qualify for a business line of credit
Credible Lending Editorial · Updated · 6 min read
The short answer
To qualify for a business line of credit with Credible Lending, you generally need at least one year in business, $10,000 or more in monthly revenue and a personal credit score of 625 or higher. Lenders also review your bank statements for consistent deposits and manageable existing debt.
What do lenders look at?
Every lender weighs the same four things, even if they describe them differently: how long you've been operating, how much revenue flows through the business, how you've handled credit before and how much debt you already carry.
| Factor | Minimum | What strengthens it |
|---|---|---|
| Time in business | 1 year | 2+ years of consistent operation |
| Monthly revenue | $10,000 | Steady or growing deposits month over month |
| Personal credit | 625 FICO | 680+ and no recent delinquencies |
| Existing debt | Manageable payments | Few or no other daily or weekly advances |
How do I prepare my application?
- Download your last four months of business bank statements as PDFs.
- Have your EIN, business address and legal structure handy.
- Know roughly what you'd use the line for and how much you'd draw in a typical month.
- List any existing loans or advances with their payment amounts.
A complete application is the single biggest factor in decision speed. When statements and business details arrive together, most decisions come back within four to six hours.
Does applying affect my credit score?
No. Credible Lending uses a soft credit inquiry to review your application, which doesn't affect your score. A hard inquiry only happens if you choose to accept an offer and move to funding.
Don't meet every requirement? Apply anyway. Your advisor reviews the whole business, and can tell you what you qualify for today and what to work on.
How is my credit limit set?
Limits are based mainly on revenue and cash flow. As a rough guide, many businesses qualify for a limit between one and one-and-a-half times their average monthly revenue, adjusted for credit and existing obligations. Limits can increase over time based on payment history.