Bad Personal Credit - Leverage Options

by a searcher from Georgetown University

3 years ago

Due to a failed startup I had funded through credit, I am sitting on a pretty low score.

Any ideas what this will mean for leverage? If there is no PG, will a lender pull personal credit?

0 likes
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6 comments

lender from University of Missouri - Columbia

The big question is what is pushing the low score and how low the score is. Each bank has different metrics. For instance, tax liens and significant late pays are an issue. BKs are another obstacle. Late pays can be dealt with as can things like medical collections. We don’t focus as much on the score as we do the credit details.

3 years ago | like reply | 1 like

lender from Northern Illinois University

Quick note from the SBA side - As a sole operator (and PG) the headwind will be very strong. and worth considering a partner that doesn't have the same credit challenge.

3 years ago | like reply | 0 likes

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