Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
BUSINESS LOAN WITH A DISCHARGE BK CH.7

HELLO EVERYONE,

 

I AM STARTING A TRUCKING BUSINESS IN ATLANTA GEORGIA AND I WOULD LIKE TO KNOW WHAT BANKS WILL GIVE ME  BUSINESS CREDIT OR BUSINESS LOAN?  I HAVE BUSINESS PLAN ALREADY DONE.  MY BK WAS DISCHARGE 6/2012 SINCE I HAVE 4 CREDIT CARD WITH NO BALANCES.  ANY GOOD INFORMATION IS VERY HELPFUL THANKS


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


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Contributor
jonmartin
Posts: 92
Registered: ‎06-05-2009
Re: BUSINESS LOAN WITH A DISCHARGE BK CH.7

Not even worth the effort just too soon. Even if you got a loan it would be with terrible terms like CashCall for business or similar. I think I saw a offer once from them basically if you borrowed the maximum  ($20,000) you would pay back $118,000 and the end of the terms... I'm sure I don't even have to explain how ridiculous that sounds.

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Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
Re: BUSINESS LOAN WITH A DISCHARGE BK CH.7

Wow that stupid..... ok how long will i have to wait? I am also thing about doing a SBA loan as well


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


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Valued Contributor
trumpet-205
Posts: 2,299
Registered: ‎11-11-2010
Re: BUSINESS LOAN WITH A DISCHARGE BK CH.7

You need to wait for at least 2 years. Your BK is pretty fresh.

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Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
Re: BUSINESS LOAN WITH A DISCHARGE BK CH.7

Thanks well we are building the company now so we can be ready in 1 or so


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


Take the FICO Fitness Challenge
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
Re: BUSINESS LOAN WITH A DISCHARGE BK CH.7

2 years may not even be close either.. You will need scores usually in the 700's but the BK will still be a issue plus trucking is a very high risk industry. the loan will be based pretty much just off your personal credit although if you can build some serious business credit over the next couple of years it will help.