Posted on: 09th May, 2007 08:48 am
I am seriously considering opening my own business but my FICO score is only 630, what are the chances that I can get a commercial loan with this credit score?
To get a commercial loan with a score of 630 would help you get reasonably good rates, but you need to contact a few loan providers to check the kind of rates they are offering.
Hi Wuc,
Welcome to forums.
A 630 score is a moderate one as far as getting commercial loans are concerned. Commercial loans taken for business purposes require you to submit full documentation, higher cash upfront, and a good credit score. Anything above 680 would help you to qualify for the loan. The property you're financing will be considered as the collateral. And, even if you get 100% financing for home purchase, you won't be getting 100% loans for business property.
Thanks
Welcome to forums.
A 630 score is a moderate one as far as getting commercial loans are concerned. Commercial loans taken for business purposes require you to submit full documentation, higher cash upfront, and a good credit score. Anything above 680 would help you to qualify for the loan. The property you're financing will be considered as the collateral. And, even if you get 100% financing for home purchase, you won't be getting 100% loans for business property.
Thanks
"I am seriously considering opening my own business but my FICO score is only 630, what are the chances that I can get a commercial loan with this credit score?"
WUC, I would also say the same thing as others that you try to improve your score and then apply for a loan. This way you will have chances of getting good rates.
WUC, I would also say the same thing as others that you try to improve your score and then apply for a loan. This way you will have chances of getting good rates.