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Thread: NJ Lottery Bond

  1. Mr. Bond
    Mr. Bond is offline Member
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    NJ Lottery Bond

    I have had a bond with the same surety company for the past 4 years and due to the drop in my credit - the surety company is non-renewing my bond. Can you write the bond for me?
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  2. Surety Wizard
    Surety Wizard is offline Senior Member
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    I am reasonably sure we have a market that could underwrite a bond for you. You can expect a premium range of 13% - 15% of the bond amount if they consent to writing a bond for you. We typically do not decline our clients even with credit issues.
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  3. lifeisgood
    lifeisgood is offline Senior Member
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    Credit Drop

    But what if my credit is in the 400's and I have several civil judgments and a bankruptcy - can you still write it for me at the 13-15% rate?
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  4. Surety Wizard
    Surety Wizard is offline Senior Member
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    Most likely we can write a bond for you. High Risk markets have been known to have premium rates up to 20%. They may also accept either a cosigner or collateral to secure a premium for you. I would expect a minimum of 13% up to possibly 20%.
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  5. h2o
    h2o is offline Senior Member
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    NJ Lottery Bond

    Have you seen any situations where someone is turned down even by the high-risk surety companies?
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  6. lifeisgood
    lifeisgood is offline Senior Member
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    High Risk Applicant Denied

    Yes, there have been instances where some applicants have been declined due to their credit. For example, a recent Bankruptcy, civil judgments or numerous open collections combined with a low score.
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  7. Bond Magician
    Bond Magician is offline Senior Member
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    NJ Lottery Bond

    Quote Originally Posted by lifeisgood
    Yes, there have been instances where some applicants have been declined due to their credit. For example, a recent Bankruptcy, civil judgments or numerous open collections combined with a low score.

    How about past due child support? Would that be a reason why an applicant would be denied?
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  8. Surety Wizard
    Surety Wizard is offline Senior Member
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    Past due child support is definitely a reason to be denied a bond. Unlike many other credit issues in a person's background you can be put in jail for not paying your child support. That would leave noone responsible for the bond.
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  9. lifeisgood
    lifeisgood is offline Senior Member
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    Past Due Child Support

    So if I get current with my child support - can you write me at the 13% rate and not the 20%?
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  10. Surety Wizard
    Surety Wizard is offline Senior Member
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    I can not guarantee what your rate would be until we have actually pulled credit and submitted it to the Surety Company for approval. I recommend you follow the link provided and apply. There is no charge or obligation to purchase the bond.
    JW Surety Bonds - Commercial Bond Applications
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