What must my income
be to qualify?
The most successful applicants are those that personally earn
between $200K and $350K per year. Your income is also relative to the
amount of credit that you request in terms of your debt to income ratio
which must make sense, ideally below 55%. This means that your
debt obligations should not be more than 55% of your personal income.
How much income
should my business be achieving in order to qualify?
Any
reasonable amount of business income will qualify for a line of credit
but the limits on the lines are usually calculated as a % of income.
Therefore a business with a low income will only qualify for small lines
of credit. Most lenders will approve a limit of between 20% to 30% of
your annual business income. This is why we apply to more than one
lender so that collectively, the lines that you qualify for will amount
to a significant amount / limit.
If I have bad
credit but I have a partner in the business that has good credit, can my
partner apply instead of me?
The
answer to this question is usually yes, although some lenders will
require that your partner has the majority ownership of your business.
Depending on your situation, we will make application to lenders that,
in our experience, your partner will be most successful with.
To receive
recommendations about what to do
to increase your FICO credit score and improve your personal credit
profile so that you will be more successful when applying, please check
out our excellent
Personal Credit Profile Building Service.
What
happens if I am not approved for the amount / limit that I need?
If we
are initially unsuccessful in obtaining all the financing that you
require, then we will continue to apply after waiting three months and
then spreading your applications over a few months until we succeed in
obtaining all the financing that you require.