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| *Loan,banking and credit>>>business credit |
Business loans from the Bank.. Do you have to be personally credit worthy? |
to be successful in getting one or just have a very good business plan. I have no county court judgements and have never been declared bankrupt but I am paying back a overdaft owed to Halifax. I was working about 3 years ago and became ill and had to leave work. The moment I left my job Halifax demanded their overdaft back in one go. I couldn;t pay it back in one go so arranged to pay it back monthly. I have noticed since this time that it has been difficult for me to get credit. I did not know therefore whether a business loan was checked against my own credit rating.. if so then I'm stuffed! hi i have opend a business account in november and i have very bad credit and i got a business account with barclays so you should have no probs getin one from them they only look at your history in the last 12 mounths you should be sound there It depends on the bank... some banks won't give you a loan, no matter how great the idea, if you have a low credit score. Try going to the SBA if you're a U.S. citizen. It is held against you but a good idea, and a good business plan can help you overcome your personal credit score. Since most small businesses are not limited liability, your credentials matter a great deal, along with your assets. But if you have a lot of assets you can put down, the bank may lean towards giving you a loan. Just make sure your business doesn't fail. Also on a side note, most small businesses fail because of the lack of capital. If you're having trouble getting loans from the bank go to the small business bureau of the government for help or try to get investors to put up cash. As a banker Legally We wont answer that question with out seeing your credit. But if You are not credit worthy why would the business you own and run be any different? Therefore you are a greater risk and would have to sign as a personal guarantor. Though SBA may mitigate and protect against some loss there is still a chance that the Bank would take a loss. Now for best results on trying to find out if your plan will work have a good business plan written up, include estimates, be complete. I make no guarantees but your credit may not be as bad as you think. Good Luck Banker If the business is in your name it's credit would certainly reflect your own and vice versa. Check your credit report at annualcreditreport.com (the only one I've found is truly free). If you are paying as agreed, it should indicate that on your report Any discrepancies should be investigated (the bureau you select will do this when asked in writing. Best wishes, in health and credit! I imagine that this is YOUR business and is not just a DBA but you have incorporated such as an LLC. If you are asking if you are trying to apply for a personal loan and do they check your business rating the answer would be No. If you are trying to apply for a Business loan, they might check your personal credit if you don't have a lot of history on business yet. |
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