Lesson Progress
0% Complete
Bridge Loans For High Utilization
If your Credit Utilization exceeds 30% it will be difficult to get approvals due to bank underwriting expectations.
if your personal cards are maxed out, you’ll need to pay them down to at-least 50% to be eligible for business credit card approvals, preferably 30%.
One option for those who don’t currently have the funds to pay down their CC Debt is to get a bridge loan. This is where the bridge loan provider will pay down all your cards to 30% for just one month.
Next month your reports and scores will update to reflect the new 30% utilization and you will now be eligible for business credit approvals.
You can now get business credit card approvals and payback the bridge loan provider + their fees.
