Why is it that its so damn difficult to get any type of loan/financing or whatever? There are so many criteria’s out there in getting any type of financial assistance. Like the other day I was talking to someone that does business credit and it looked like he would be able to assist me except for one small catch. The business I have is an online business. I sell new and used laptops on eBay. When customers buy an item from me, they can either pay with paypal or send a money order.
No thats not good enough. I can only get the business credit if I directly dealt with customers who pay with credit cards. So there goes that wonderful idea. Other financial institutions criterias are “you gotta be in business for 2 years.” What about the people who have been in business for 16 months??? I mean c’mon. It seems to me like the only way to start up a business is if the person comes from a wealthy family.
Now I’m not doing the eBay thing because “its a get rich quick scheme.” No way. I’m doing it because I love handling laptops. I love making customers happy on there and I have a bigger customer database than I would here in this small town that I live in. There are so many criterias to fulfill that there’s no room to give the little people a chance. There’s always something with credit scores. Hell I found one that actually could work with my current credit score but the only thing is I had to be in business for 2 years.
Some have told me, if you can improve your credit score we can help you. What do you think I’ve been trying to do?? Some have said maybe you should go out and get a job so you can get paycheck every week. Yeah, I’ll do that as soon as a business around here pays me more than $280 a week because thats not enough to get all my bills paid. At least with the eBay thing if I sold a laptop within 3 days I get $500 to $600 within that time slot.
Of course those who are reading this right now are thinking, if you make that much there son, why are you having so much trouble with your business? Its because I am spread too thin financially right now. I’ve racked up a few credit cards debt and I’ve got 2 mortgages. And currently I’m in the process of refinancing but it doesn’t look good. Well to me anyways.
So what I was trying to do is take out $45k loan to help fund the biz and knock out some credit card debt so I can at least have money to go towards my biz and stuff and to pay on my mortgages. So far I’ve got no leads because 1)my credit score sucks 2)I’ve had a couple of DQ’s from last year and will probably have more coming here in the next week 3)I don’t have any equity in this god forsaken old school house which I call home and 4)I haven’t been in business long. Many factors working against me.
Some have suggested bankruptcy. I look at bankruptcy and say bankruptcy=more of a PITA. Some have suggested debt consolidations where debt consolidators negotiate with creditors and blah blah blah. Eh… no way.
I read some where that foreclosure is at an all time high or something to that effect. Gee I wonder why??? Anyways, thats my rant. Will most likely have to shutdown the biz because like I said earlier, you gotta have a wealthy upbringing just to get anywhere in the good ol land of the free. The land of opportunity. :bobble
Good Morning,
SNAP OUT OF IT ! You are amongst a huge group of positive people, many who have gone through bigger challenges w/less assets.
Not to minimize your situation…I have much respect for your current travels through the desert. There are many people here who can help. Ask the lenders off line w/private info and let the fun begin ! Darin
Well I already tried that sort of:
http://www.reiclub.com/forums/index.php/topic,27332.0.html
Thats as far as it went.
I’ve gotta give this a try
Maybe because
You want to blame
Maybe you spend to much and are to close to banckruptcy for someone to want to lend any MORE money too. I wouldn’t be looking to lend my money to someone who is on the edge and instead of looking at yourself to see what to change are blaming banks and lenders for not giving you even more rope.
Hope that isn’t too harsh, but people need to get a grip on what they can do to improve their situation sometimes instead of just rant about what every one else is doing to them or not doing for them.
DB
What do you think I’m trying to change here? One loan at a low monthly payment solves 3 credit problems plus the added bonus of funds being put back into the business. Or one loan at a low monthly payment can solve all 5 credit problems with the added bonus of the remaining funds being put back into the business.
People make mistakes in their first year of being in business. And yes I’ve made a few mistakes, but I’m trying to fix that. I know being in business for yourself isn’t going to be easy. I knew that from the very beginning when I first thought about it. But there’s so much criteria to fulfill for these banks, that there’s no room for the little people. I understand the risks that the banks don’t want to take, but man bend the rules just a little bit here and help a brother out here man.
Films,
Unfortunately you have tapped out your equity in your home and don’t have access to more funds. Have you taken money out of your house before? From the previous posting it looks as if you have two liens on the home that are almost the same amount. Did you do a 50% first and 50% second? No one here is dumping on you in your time of need, but at some point you have to accept the reality that business funds are going to be hard to come by and you are gonna have to bootstrap for awhile. Until you can get that 565 FICO up to at least a 625 FICO it will be difficult for you to get access to more funds. Personal or business. I would focus all your extra money on the card with the highest interest and then move on to the next one. Once you have 12 months between you and the delinquents on your report you will have more luck. Because right now with that score you will be limited to 90% of appraised value of your home. Which is actually a lesser amount than you currently owe.
Yeah I know. I’ve been hearing that alot lately lol. Anyways I may have come up with a way better idea that will solve all of these problems I have with credit, and mortages and all this other stuff. Its more of a perminent solution but I believe it will get the job done. :biggrin
Films,
You never answered my question. How did you end up with a 50/50 mortgage? Prior cash-out or really bad lender?
( I may have come up with a way better idea that will solve all of these problems I have with credit, and mortages and all this other stuff. Its more of a perminent solution but I believe it will get the job done.)
Hope it doesn’t involve a gun and a ski mask…