NJ Lottery Bond

[Mr. 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?

[Surety Wizard]

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.

[lifeisgood]

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?

[Surety Wizard]

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%.

[h2o]

Have you seen any situations where someone is turned down even by the high-risk surety companies?

[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.

[Bond Magician]

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?

[Surety Wizard]

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.

[lifeisgood]

So if I get current with my child support - can you write me at the 13% rate and not the 20%?

[Surety Wizard]

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