New Agency

[chefman]

I am starting a travel agency of my own and I am in need of an ARC Bond. From everything I have read about them they are hard to get and can be costly.
I have recently been through some difficulties after losing my job and I have a few collections that were medical.
What is the possibility of getting this bond with around a 550 FICO score and these collections? How much will this cost me?

[Phillies]

You are right, it can be difficult to get an ARC bond if you have less than perfect credit. It may be able to be written under a high risk program but collateral could be required. Depending upon what the bond amount is (usually $10,000 for new agencies), you might want to consider providing the Airline Reporting Corporation with an Irrevocable Letter of Credit and wait until your personal credit has improved before pursuing a bond. It is difficult to give you a price for this bond without processing your application.

[chefman]

What if I have a strong co-signer would this help? I did not want to pursure an IRLOC at this point. I do not have too much for collateral either.

[Phillies]

It's possible. ARC bonds are not easy to get for new companies. If Surety does accept a co-signer, it would need to be someone with extremely good credit who owns a home. They would need to be prepared to personally indemnify to the Surety - including their spouse. We can try if you want.