Most current information available, BHG Financial continues to offer loans to sole proprietorships. BHG Financial provides business loans that can be utilized by various business structures, including sole proprietorships, to meet a range of financial needs such as debt consolidation, business expansion, or covering operational expenses. Their business loans typically range from $20,000 to $250,000, with well-qualified borrowers potentially eligible for up to $500,000, and they offer flexible repayment terms of up to 12 years. BHG Financial does not explicitly exclude sole proprietorships from their lending options and, in fact, markets their services to small business owners and professionals, a category that often includes sole proprietors. They emphasize a streamlined application process with no impact on personal credit during the initial inquiry and tailor loan solutions based on an applicant's credit profile and income, which aligns with the needs of many sole proprietors who may rely on personal creditworthiness for funding. Courtesy of my friend @Winston Sam

**Why the 30% Credit Utilization Myth Holds You Back (Maximize Your Points Instead)** **Overview:** It's a common belief that maintaining a credit utilization rate below 30% is sufficient for a good credit score. However, the reality is that credit scoring models reward lower utilization rates far more significantly. In fact, aiming for a utilization rate of just 1-3% can propel your score to new heights. **Credit Utilization's Impact on Your Score:** | Utilization % | Score Impact | Point Effect | |---------------|-----------------------|---------------------| | 1-3% | Maximum Score Boost | +15 to +20 pts | | 4-7% | High Score Increase | +10 to +15 pts | | 8-29% | Neutral Effect | 0 to -5 pts | | 30-49% | Score Drop Begins | -20 to -40 pts | | 50% + | Severe Score Drop | -40 to -100 pts | **Key Insight:** Maintaining your credit utilization between 1-7% instead of the often-cited 30% could yield an additional 20-40 points on your credit score! **Individual Card Utilization Thresholds:** It's essential to remember that credit scoring models impose separate penalties based on utilization for individual credit cards, regardless of your overall utilization rate. Here's how it breaks down: - **28.9% Threshold:** Crossing this line triggers a 10-point reduction in your score, applied to any individual card exceeding this percentage. This penalty occurs irrespective of the utilization rates of your other cards. - **48.9% Threshold:** If any single card exceeds this threshold, it results in a 25-point score reduction. Stay informed and optimize your credit strategy with Credit Connector!