Unfortunately, yes, for the large cash lines. If you have a bankruptcy or a lot of negative information on your personal credit file, the banks probably will disqualify you and we’ll have to go the other routes.
It depends on how old the bankruptcy is. If it’s over 2 years, some business credit builder programs will have some options. If it’s fairly new, you are looking at maximizing your vendor credit options first, then after a few months look to the EIN Only business credit card, where they don’t look at the personal credit at all.
You may be able to obtain 2-3 of the EIN only business credit cards only. Those are not large cash lines of credit, but for most businesses these amount of extra capital properly invested into marketing tools can really jump start a business!
The levels for the EIN only business credit cards are around $5,000 to $10,000. If you got all 3, you’re only looking at between $15,000 and $20,000 max. But that’s more than what anybody is going to be able to get if they have a bankruptcy and a 500 FICO score anywhere else, and it’s a place to start.
About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.