Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 155
Registered: ‎04-04-2011
0

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

RED_Knives,

 

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
Highlighted
Valued Member
Posts: 92
Registered: ‎02-11-2014
0

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: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
Take the myFICO Fitness Challenge

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.