credit score

Discussion in 'Business Operations' started by Oscapes, May 27, 2005.

  1. Oscapes

    Oscapes LawnSite Member
    from OHIO
    Messages: 60

    What's good minimum credit score? I am going to take a loan out to buy some new equipment, but I am unsure what is a good score. What's the lowest score that some of you were able to get a loan with?
  2. pagefault

    pagefault LawnSite Senior Member
    Messages: 492

  3. txlawnking

    txlawnking LawnSite Bronze Member
    Messages: 1,905

    The 600's are borderline/marginal, anything over 700 is pretty good, 740 + is considered excellent, generally.

    However, what lenders are really looking at is your past credit HISTORY, in other words, they want to asses your risk. If they look back and see lots of stuff like; acount in good standing, paid on time every time, that will usually do the trick..
    However, if they look at your report and it is 15 pages of defaults, close outs, sent to collection, judgements, liens, foreclosures, etc., You'll usually be declined or be forced to pay terrible interest rates..
    Also, you may have better luck with Sheffield, or other lenders that OPE dealers use than at a bank, because the loan is usually secured by the collateral: the equipment.

    Good luck, I hope this helped..
  4. marko

    marko LawnSite Senior Member
    Messages: 963

    Personel or business? I have a new company w/ no history, so everything has been done personally, then transfered to the company. If you are over 700, you are OK and should get the better rates.
  5. Toy2

    Toy2 LawnSite Bronze Member
    Messages: 1,924

    807 will get you what you want, and don't want.... :)
  6. promower

    promower LawnSite Bronze Member
    Messages: 1,233

    I use to have pretty bad credit, chances are if your credit is marginal low 600's you will either need a co-signer, be approved for 1/3 or less what your asking for (which in most cases is useless), or denied. 675+ I would say is considered around average, maybe a little low but usually good enough.
  7. Howard Roark

    Howard Roark LawnSite Senior Member
    from Texas
    Messages: 805

    500 needs work
    600 needs fine tuning
    700 you're good
    800 you're God
  8. KillaWhale

    KillaWhale LawnSite Member
    Messages: 62

    Howard's guidelines are pretty much right. You want to maintain a 650+. 700 and you are gravy and anything above 700 is all about interest rate. If you are above 800, you in the .5% of 1% of the us.
  9. willretire@40

    willretire@40 LawnSite Bronze Member
    from VA
    Messages: 1,389

    look for someone that uses advantage finance they give you equipment loans if you are in the high 500's. if you need a number for them just let me know and i will find it for you.

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