dealer bond

Do any bond compaines look at the business credit vs personal credit?

[Surety Guy]

Sureties will underwrite commercial bonds based soley on business financials only for large accounts. A dealer bond would not be considered a larger bond. For this particular bond class sureties will look at the following:

-Personal credit of owner(s)
-Personal Finacials of the owner(s)
-Business Financials

All three would have to meet the requirements of the program for approval.

If you meet the requirements you can apply under a standard market at: Dealer Surety Bond Applications

If any one of the three are not up to par, you will have to apply under a High Risk/Bad Credit Surety Bond Program


Let me know if you have any further questions I can clarify for you!

[vballboarder]

I know this is ambiguous and "depends on a lot of things" but for a $100,000 dealer bond,

What if:

1- my credit score is good, around 700+

2- My personal finances are ok, very little debt, just school loans and a small car loan. I don't own a home, just rent.

3- The business is a start up with no financials yet.

Would this be in the high risk category or standard market category?


Also, what if I'm the business owner and the one who needs the bond. Can I get a co-signer that has excellent credit and personal and business financials?

Thanks

[Surety Guy]

I am sorry, but you would not qualify for that bond with any of our 16 bonding companies. You would have a chance if you had home ownership.

There may be an agency that can write the bond for you with a co-signer, but we do not do bonds with co-signers.

[servingbonds]

EDIT: NO ADVERTISING

Originally Posted by vballboarder

I know this is ambiguous and "depends on a lot of things" but for a $100,000 dealer bond,

What if:

1- my credit score is good, around 700+

2- My personal finances are ok, very little debt, just school loans and a small car loan. I don't own a home, just rent.

3- The business is a start up with no financials yet.

Would this be in the high risk category or standard market category?


Also, what if I'm the business owner and the one who needs the bond. Can I get a co-signer that has excellent credit and personal and business financials?

Thanks