Bad Credit Agency

How can I get a small business loan if I have bad credit?

I need to get a better FICO score, but how can do that the fastest way?

Public Comments

1. One great way to improve your FICO score is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks. More information about this method and other ways to improve your credit ratings can be found on the following website: http://fixingyourcredit.blogspot.com/ __________________
2. I agree with InfoDoc. Also, while you are working on improving your credit score, use the time to write a business plan. You will need a good business plan to secure the loan. Most lenders won't provide financial assistance unless they have some idea of how you are going to repay the loan. The Small Business Administration has a number of good publications one how to go about doing a business plan and setting up a small business on their website at www.sba.gov Also, you might be able to qualify for a loan guarantee through the SBA which makes it much easier to get the financing.
3. One way of getting a loan with bad credit is through hard money loans. Look up local leders who do hard money loans. Most hard money lenders wont even look at a score or report. But they are short term loans usually ranging anywhere from 3-12 months
4. A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information. Good luck, Ilya Bodner Small Business Owner Initial Underwriting Group
5. HI ,my names is Joy Rose.i saw your question in yahoo answer .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i have bad credit is this man that gave me{ $60,000] without anyupfront fees.you can get to him via Email james.wood8483@yahoo.com. tell him joy rose referred you to him who he gave a loan to.Goodluck thanks,from joyrose
6. i am , anais willy am from venezuela i saw your profile in .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i lose my job this man that gave me{ $120,000] .you can contact him via E-mail: susfasaloanfirm@yahoo.com tell him anais willy referred you to him who he gave a loan to.few weeks a go thanks,from anais willy.
7. You can use credit repair agency to fix it - for example this one - http://freecreditreport.sinfree.net - They can clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.