I hope to start a business later this year and need to round up sources of capital to cover initial manufacturing costs. My personal credit used to be good but has tanked to the low 500s in recent months due to a series of unfortunate events. I hope that when my current crisis is over I'll be able to goodwill my way out of some of the derogs and get back up to the high 500s. There is a slim chance I could hit low 600s. Is there any hope I could get a business credit card with sucky scores? What about a big old capital loan? Thanks for any advice! Poochie
It won't be easy. Just about all business lenders look at your personal report. This is especially true with a startup. Taking on a partner with good credit would be one way to do it.
Thanks! I found a great resource on building a good business credit rating through bank balances, etc, so I'm going to open a DB number and start slow. Hopefully I'll be able to get an Office Depot account or something and that will help too. Poochie
