Credit Score?

Discussion in 'Starting a Lawn Care Business' started by ryan41, Jan 15, 2013.

  1. ryan41

    ryan41 LawnSite Senior Member
    Messages: 326

    Hey i was wondering if anyone knows what kind of credit score you need to get financing for a loan with YARDCARD or sheffield financial. I don't have much credit being 20 (hard to get credit). I would have a co signer and i would be able to put 1,500 down on a new mower. Let me know if any was any suggestions on how to go about getting a loan or if i can?
  2. kandalawncaremgr

    kandalawncaremgr LawnSite Member
    Messages: 224

    Go with Sheffield, I got my toro thru them. 36 months at 0 %. Give them a try. Ic u have money down your ahead of the game.
  3. ryan41

    ryan41 LawnSite Senior Member
    Messages: 326

    Did you have credit?
  4. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    If you have a no credit when they run it,its called a ghost score,Since you are having a co signer they will base it on theirs and most likely will be in their name first.
  5. grassmasterswilson

    grassmasterswilson LawnSite Platinum Member
    from nc
    Messages: 4,988

    I'd apply for a credit card somewhere. Put a small amount on it each month and pay it off every month.

    That will help build a good score.
    Posted via Mobile Device
  6. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    Didn't they change the law to you have to be 21 to get a cc?
  7. ryan41

    ryan41 LawnSite Senior Member
    Messages: 326

    I have a capitol one credit card that i can only use up to $200 on lol. it hasn't really helped so much. I had my dad pull up my credit score at his work. I guess i must of missed a payment because my score was in the 500.
  8. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    Lesson learned about paying your bills on time. 7 yrs is a long time.
  9. dieselfuel

    dieselfuel LawnSite Member
    Messages: 114

    If you haven't had much credit at 20 then it might not even be a missed payment - it just takes awhile to build it up. If he was able to pull up your credit SCORE then he was also most likely to pull up your credit REPORT. Two different things. Last year after checking my and my wife's reports there were two false collections items on her report. It took about 3 months to clear them up and kept us from refinancing our house right away.
  10. TuffTurfLawnCare

    TuffTurfLawnCare LawnSite Senior Member
    Messages: 667

    When I was at my Lexmark dealer two weeks ago, we were discussing credit requirements for Shefield to get the 0% for 48 with 6 months same as cash. He looked it up in his book and it said they want a 720 for top tier financing. With my scores currently between 690 and 700, I wanted to make sure I knew where I stood. He said that I may not get the 6 months of no payments, I should be able to get the 0% with my scores.

    Having re built my credit over the past 2 years from a 498 to 700, I am very familiar with the credit rating systems, the different scores (currently 3 different ones from trans union alone) , different reports, what to do about them and I now watch my scores like a hawk. Not an expert, but I learned alot more about this topic than most people have ever thought existed. Unfourtunately, with a score around 500 you may not even be able to be on the loan even with a cosigner. At 600 I was able to get a usable credit card, at 700, I have over $30k in available credit lines not including the Amex that doesnt have a limit. Bad credit is worse than no credit. get a copy of your credit report and see what the problem is, if its an error, then it may be an easy fix and your scores will jump huge amounts when fixed.

    Do yourself a favor and learn about credit and how the scoring works. Learn about the laws (FCRA and FDCPA) and how they can help you. A great resource is the forums at myfico .com.

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