After Applying For Covid 19 SBA/PPP Loans etc. Credit Score Dropped. Is it Reversable?
Hi Terry
My son is a young one-man company/sole proprietor. So far no answers of approval from the various Federal/State & Local Covid 19 loan/financial assistance he has applied for. To his surprise, his credit score dropped 83 points down to 656.
Did not expect that these type of applications would have had such an effect.
What is the best/fastest way for him to have the credit pulls removed or anything possible to bring his credit back up to normal. Who should he contact to get it reversed?
Thanks for your time
Terry Says
Honestly, that is the last thing he should be worried about right now. The issue is survival of his business. Credit scores depend on algorithms and just having his credit report checked in the process of applying for a loan could definitely impact his credit score. BUT, he is not alone! Credit scores are relatively meaningless now — and the “scale” will move dramatically as more people either default on existing loans, or are late with payments. Just hope he can keep his business alive. That’s the top priority. If he survives, for sure his score will automatically rise again.
