ForumsFinancing Tips

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
6 Replies Last post: Apr 27, 2009 11:17 AM by money4u

Need help w/financing and bad credit

Apr 23, 2009 3:38 PM

Click to view Stylista's profile Authority Stylista 7 posts since
Oct 30, 2008
I am looking to obtain a loan for a start up business. I don't have good credit so I'm afraid I won't get a loan. Is there anyway I can get a loan with not so great personal credit? Or does anyone suggest any credit repair services that I could improve my credit? Thanks so much!
Tags: Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
1. Re: Need help w/financing and bad credit Apr 23, 2009 3:47 PM
Need help w/financing, Welcome

You will need a business plan. Go to Members page and tell us more.

Do you know about SCORE?? SCORE is FREE
Report as inappropriate
Click to view phanio's profile Mogul phanio 465 posts since
Apr 7, 2009
2. Re: Need help w/financing and bad credit Apr 25, 2009 9:33 AM
You are correct - bad personal credit will only result in many loan denials and a waste of time. Your personal credit does matter. Depending on how bad - there are a few lenders that will say yes - but only for small amounts - up to $25K - as long as all your other stuff is in good order.

You can also improve your credit by consolidating your debt - even your unsecured or credit card debt. This helps in several ways - you get one single payment that is affordable. You free up your personal cash flow to help pay down this debt faster. It shows your other accounts in good standing or paid as agreed - which goes a long way in improving your score and lastly, it reduces your overall debt - which also improves credit scores.

We list lots of resources regarding consolidating debt and improving credit on our website - businessmoneytoday.com - no cost to use our site - we just provide information and resources to help people like you.

Business Money Today
Report as inappropriate
Click to view fastlaneputtp's profile Professional fastlaneputtp 4 posts since
Mar 24, 2009
3. Re: Need help w/financing and bad credit Apr 26, 2009 10:10 PM
I am also in this category. Small local banks aren't much help with this situation. I have been denied due to my credit score when i upfront tell them that my past credit is terrible but recent credit is much better. I have started going through my credit information and correcting many inaccuracies that should have been removed already. I have increased my score by 12 points so far and still no success with the banks. I am just trying to provide a much needed Entertainment Center for my community and yet noone else cares. I have also tried to find angel investors with not much luck except a company wanting to charge me $329 fee just to attemtpt to find a lender. Not sure if that is a good idea or not. This is my last hope and i wish someone would help.
Report as inappropriate
Click to view fundme's profile Mogul fundme 32 posts since
Apr 23, 2009
4. Re: Need help w/financing and bad credit Apr 27, 2009 10:09 AM
in response to: LUCKIEST
David,

how do i get in contact with you?
Report as inappropriate
Click to view money4u's profile Mogul money4u 44 posts since
Feb 10, 2009
5. Re: Need help w/financing and bad credit Apr 27, 2009 11:14 AM

Have no fear. There is a way. what is you email address?
Report as inappropriate
Click to view money4u's profile Mogul money4u 44 posts since
Feb 10, 2009
6. Re: Need help w/financing and bad credit Apr 27, 2009 11:17 AM
in response to: fastlaneputtp
Have no fear. call me - 401-942-3330
Report as inappropriate

More Like This

Most Recent Forum Posts

STOP! WHAT IS IT? NEED TO KNOW BASIS
6 hours ago

What it takes to start a business?
7 hours ago

The Truth about Cash Advance Factoring
7 hours ago

getting noticed
8 hours ago

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read