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publius



Joined: 13 Jan 2009
publius's page
Posts: 17



686 Magic Points

Subject: Business loan
 
Posted on Tue Apr 13, 2010 8:53 pm  

How much does you personal credit score affect your ability to acquire a business loan?
NightStar



Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Tue Apr 13, 2010 10:18 pm  

If you are a sole proprietor, the creditor will want a personal guarantee and they will pull a personal credit report on the owner of the Business.

Once you establish your business they will start adding data to your Business Credit Report. But if you default on the Business debt, they will update the Business report, as well as adding a negative account listing to your personal credit report.

You need to have a strong personal credit history in order to be considered for a business loan. I am currently in a business class, and I was learning about various types of investors. From Angle Investors, Capital Ventures, to Incubators, and Accelerators. You might try to look these terms up and see if something else looks appealing for your needs.
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: credit score and business loan
 
Posted on Wed Apr 14, 2010 6:45 am  

Hi Publius,

Just as your score affects Your qualifying ability for a personal loan, in the same way your score can determine whether or not you can qualify for a business loan. However, if you are applying for the business loan with others, then their credit will also be considered. If they have a good credit, you may qualify for the loan.

Thanks,

Aaron
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