My credit score is 663 with 11K in credit card debt. What can I do to secure a…

Credit and mortgage advice Forums Consumer Credit Credit Cards My credit score is 663 with 11K in credit card debt. What can I do to secure a…

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    Anonymous

    …business loan? I am looking to start an ice cream business that requires a loan of 97K. So 125K after some operating costs. My credit score is at 663 due to my 11K of credit card debt and a ding for an $8.00 power bill from 2005 that went to collections without my knowledge until I tried to apply for a loan and it came up on my report. Besides that I have no other dings on my credit. I make 38K a year at my current job. Few questions:

    1) What are my best options of getting my business loan?
    2) Is it even worth going for at this point?
    3) Should I pay off the debt first or save actual cash to put as a down on the loan?
    I have also worked for Baskin Robbins for a year to gain knowledge and be in the industry.



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