Re: Business Loans after Chapter 7?

Anonymous · ‎04-21-2019

Hey all!

I wanted to specifically ask, does anyone have any experience obtaining a business loan after Chapter 7? A little background, I was discharged with my Chapter 7 in January 2017. I primarily filed because I was in graduate school and unable to work full-time during the program. I graduated in December 2018, and recently started working in my field in March. My current credit scores are in the 650's, primarily being held down by about 50% utilization. I'm currently working to pay them off as quickly as possible.

I'm looking to open a business, and will need about 25,000 to 30,000 to get everything rolling. Anyone applied for and successfully gotten a business loan after bankruptucy? Thoughts on getting a personal loan to quickly pay off credit cards so my score can rise?

Thanks in advance!

lphillips · ‎04-23-2019

Depending what field you are in as a healthcare provide wirth a similiar situation I was able to get a $30k business loan with BHG..... no reflection on personal credit reports what so ever

BK 7 Discharged Jan 2015

Chapter 7 Discharge: January 2015
Current Scores: FICO: EX: 659 TU: 640 EQ: 640
Virgin American Visa (AU) ($4K); NFCU CashRewards ($2.3k); NFCU nRewards ($5K); NFCU CLOC ($5K); Capital One ($1.5k);
Gardening until April 2017