Posted on Friday, 2nd October 2009 by admin


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My partner and I are looking to open a retail establishment in Cedar Rapids, IA. We have a well thought-out business plan with complete market research and full numbers. I am curious as to what credit rating we should be seeking prior to applying for a business loan.

Thank you for your time and consideration when answering this question.

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Posted in Credit | Comments (3)

3 Responses to “My partner and I are looking to start a business. What is a good credit rating to get a loan?”

  1. Free Screensavers Says:
    October 3rd, 2009 at 7:52 pm

    Dolphin Hosting

    u are dealing with an unknown,
    arbitrary figure; credit ratings.
    they are practically useless.

    I suggest you try this approach–
    pretend you are not eligible to obtain
    one penny in a loan. However, you
    have dynamism, a good plan [as you said] and you are willing to do
    anything legal and ethical to get started.

    SEE if you can get in with only a security deposit and 1st mo rent,
    get all your vendors to supply you with credit and lease-purchase
    used racks for your salable products.

    I will help you for 1/2 hour for free.

    think creatively! Be creative.

    if you pretend you are without any
    cash, you will start a bit differently
    and you will have less cash to risk.

  2. RSS Feed Reader Says:
    October 6th, 2009 at 12:41 am

    Hide Folders

    Ha you get a lot of weird answers on here…

    Basically depending on what you make, what you have, what your credit is, the bank will be willing to give you a certain amount.. Don’t necessarily trust any joe schmo that says “we don’t do a credit check, or anything else, you just get money.” Because they make up everyone defaulting on their loans by raising the interest rates, which comes back and effects you.

    A credit rating of 730-750+ is usually about as good as it gets in the banks eyes… But of course the higher the better.

    If you are sub 700 and have a way to rectify it I recommend you do. There’s plenty of “how should I fix my credit” forums out there that can help you on that.

  3. Says:
    October 9th, 2009 at 7:54 am

    Small Business Web Hosting

    I do business with lenders every day. Some give money to business start-ups, some just do mortgages and some do micro-loans. The lenders who give money to business start ups will consider your loan request at a credit score of 675. This is if you want good interest rates. Lower credit scores will of course cause your interest rates to be higher. I would like to tell you more, however I would get in trouble because people would report me as spamming. If you have any questions, please feel free to email me at

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