Multiple Business lines of credit.?

September 24, 2009 1 Comment

I have a very high credit score (770) and want to secure as much business line of credit as possible. I would take a million if they would give it. Problem is of course gross income. I don’t mind being personally responsible but is it legal to apply for say 5 50k lines of credit on the same day and get them within the next week or so.

You can only apply for one SBA backed line of credit. That is what the line of credit is. It is backed by the SBA and you can only apply for one every 6 months. I would say that your best bet with a credit score like that is to try to ask for as much as you can. I do know someone who was approved for $200,000 and they was a start up. Not only did they have the high credit score but she also showed them that she had at least $200,00 in business lined up and she proved this to them. They could’nt resist and she got a $200,000 line of credit. So my advice is to ask for a large amount, bring the business plan to them and show them you have the business already to cover the line of credit. Also you can try www.prosper.com and you can borrow money from there and with your score you can get a great rate.
Good Luck!

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One Response to “Multiple Business lines of credit.?”

  1. Anesia B September 24, 2009 at 9:55 pm

    You can only apply for one SBA backed line of credit. That is what the line of credit is. It is backed by the SBA and you can only apply for one every 6 months. I would say that your best bet with a credit score like that is to try to ask for as much as you can. I do know someone who was approved for $200,000 and they was a start up. Not only did they have the high credit score but she also showed them that she had at least $200,00 in business lined up and she proved this to them. They could’nt resist and she got a $200,000 line of credit. So my advice is to ask for a large amount, bring the business plan to them and show them you have the business already to cover the line of credit. Also you can try http://www.prosper.com and you can borrow money from there and with your score you can get a great rate.
    Good Luck!
    References :