Business Start Up Funds (When you have baaaad credit)??

[Rumzini]

I have piss poor credit. Period. I want to start up a videographer business in my area, weddings, formals, special events, etc. I've researched several solutions and actually have a couple of things in the works...however i just don't think they are going to pan out. My hopes are not up to say the least.

In this time of support for new business lending from government does anyone have any ideas as to where I could turn? or does anyone have a spare 10 to 15k lyin'aroun'?

[Simo98]

Get a loan from a pawn shop...

[PurpleGiant]

Not sure how much personal credit factors into starting a business, but if you draw up a convincing business plan, and make an awesome pitch to a bank, they wouldn't be able to say no. Check your Michigan secretary of state website it should have useful info for starting a business.

[MJ5150]

Originally Posted by Rumzini

In this time of support for new business lending from government does anyone have any ideas as to where I could turn? or does anyone have a spare 10 to 15k lyin'aroun'?

Well....lending money to people with piss poor credit contributed to the problems we are all having now.

Perhaps you can find a partner or investor who believes in your dreams. Unless it was a series of unfortunate events that led to your poor credit rating, it doesn't appear that you have the skills to manage a $15K loan.

-Mike

[L-A]

The best has been said. Bad credit means that you already said you needed money, got some, and didn't conform to the contract's terms. "Piss poor credit" doesn't happen by itself.

It's a long road until you get a good name again.

[blendermassacre]

I would say work on your credit for a couple years, and try again later. Weddings aren't going to quit happening.

[MatticusMania]

Find a private investor.

[Rumzini]

Originally Posted by MJ5150

Well....lending money to people with piss poor credit contributed to the problems we are all having now.

Perhaps you can find a partner or investor who believes in your dreams. Unless it was a series of unfortunate events that led to your poor credit rating, it doesn't appear that you have the skills to manage a $15K loan.

-Mike

Yes unfortunate....like losing jobs and income.

[cassanova]

Originally Posted by L-A

The best has been said. Bad credit means that you already said you needed money, got some, and didn't conform to the contract's terms. "Piss poor credit" doesn't happen by itself..

Not necessarily, you can honor the contracts and still get a bad credit score if you have too much credit, the cards are near maxed out, or have a high income to debt ratio. Or so I've been told.

[sleepytime]

Originally Posted by cassanova

Not necessarily, you can honor the contracts and still get a bad credit score

if you have too much credit,
False

the cards are near maxed out,
This will lower your credit score, but not as badly as defaulting on a loan

or have a high income to debt ratio.
False (and it's actually debt to income ratio)

Or so I've been told.

The first and third items may be taken into account by a creditor when considering you for a loan or credit card, but do not affect your credit score.