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Post by pennypincher on Sept 2, 2008 11:41:56 GMT -5
What type of personal credit rating or score do i need to qualify for business credit? I have no idea how much money I can qualify for either.
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Post by Brett on Sept 3, 2008 18:04:22 GMT -5
pennypincher, liabilitygame2009 posted this up in the aged company section, hope it helps.
I have built up several aged companies myself. Lenders are typically looking for credit scores above 700. There is no credit requirement in order to purchase an aged company. The main factor is of course the age. Make sure you get a company that is at least 3 years old. Many lenders will input your application into an automated underwriting system, if the company has been registered for less than 3 years, it will decline the app. I purchased 3 of my companies from 1800company.com, they have a huge inventory. As far as money to be expected, depending on the lenders you go to, you can secure several smaller lines of credit (cumulative = $200,000.00). Best of luck with your business credit endeavors.
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Post by richestanywhere on Sept 8, 2008 18:01:57 GMT -5
thanks for these posts
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Post by efawirapaqoq on Oct 24, 2019 17:11:42 GMT -5
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