Bad Personal Credit - Leverage Options

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by a searcher from Georgetown University
in Waterloo, ON, Canada

5yrs ago

Bad Personal Credit - Leverage Options

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?

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reply by a lender 5yrs ago
from Northern Illinois University in Chicago, IL, USA

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.

reply by a lender 5yrs ago
from University of Missouri in St. Louis, MO, USA

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.