Regular Contributor
Posts: 155
Registered: ‎04-04-2011

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa



There are a few sources I know of that offer financing for startup businesses. However, these sources are involved in secured equipment programs meaning that the funds would not go to you, they would go to the vendors who would be installing your trade fixtures and other business equipment (furnitures, computers, software, etc).


I am not sure of the nature of your business, but if you are using most of the funds for purchasing hard assets, then this might work for you. The other posts are correct though that you are looking at about 25% APR for a startup (anything under 2 years time in business from the date you legally established). This is a hard rate and will not change based on your credit score. There are cheaper programs if you can prove home ownershp with greater than 20% equity, but the rate will still be in the teens.


If any of this might be of help to you in learning more about, PM me and we can discuss.

Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800

Take the FICO Fitness Challenge
Valued Member
Posts: 78
Registered: ‎02-11-2014

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

why do they make it so hard to start a business. its already pretty difficult.

Starting Score: 651
Current Score: 720
Goal Score: 800

Credit Cards and Credit Limits: BarclayRe 3000,BarclayFin 3000, AMEX 2000, Discover 5250, Cap OnePlat 1500, Cap OneQuiSil 1500, BestBuy 3000, ChaseSla1000, ChaseAmaz 2500, PaypalCre 1758, Target RED 500, TOTAL 25008 OldestAc1.2 years
Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+