If you personally have bad credit (currently in chapter 13 bankruptcy payment plan), if you create an LLC can you get financing under your LLC?
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If you personally have bad credit (currently in chapter 13 bankruptcy payment plan), if you create an LLC can you get financing under your LLC?
I don't think you'll be able to do it with a LLC but I know a lot of people that go through NCH but there expensive I hear also. Give them a call just to hear them out www.nchinc.com. Also I do credit repair and our company had a case with a lady that done a chapter 13 with a 60 month term. We told her the bankruptcy will show twice on her report but there's a possibility we can get the first one off so she can get a home loan. She didn't care because she wanted to own a home so she tried us and it worked we got the first bankruptcy off and her credit up to part to get the loan. Now we told her that the bankruptcy will show when her term is over with but she didn't care because she got what she wanted!
Deanna,
because many investors did cash out refinances with LLCs before the real estate collapse, and then forfeited on their loans with no recourse to their personal credits, banks stopped doing loans to LLCs.
If you plan on creating a LLC for the sole purpose of getting credit, just like your personal credit, you will have to build your LLC's credit, which may take years; and when you apply for credit, creditors will ask for your social security # as well.
Valerie
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