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

Discussion in 'Off Topic [BG]' started by Rumzini, Apr 17, 2010.

  1. Rumzini


    Feb 14, 2004
    Jackson, MI
    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'?
  2. Simo98


    Jun 18, 2009
    QLD, Australia
    Get a loan from a pawn shop...

  3. PurpleGiant


    Apr 1, 2010
    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.
  4. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    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.

  5. L-A


    Jul 17, 2008
    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.
  6. I would say work on your credit for a couple years, and try again later. Weddings aren't going to quit happening.
  7. MatticusMania

    MatticusMania LANA! HE REMEMBERS ME!

    Sep 10, 2008
    Pomona, SoCal
    Find a private investor.
  8. Rumzini


    Feb 14, 2004
    Jackson, MI
    Yes unfortunate....like losing jobs and income.
  9. cassanova


    Sep 4, 2000
    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.
  10. sleepytime


    Nov 10, 2007
    Chicago, IL
    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.

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