Business Funding Question · FundFlowMastery Starter

Business Funding Question

Hello Family,

I was working with another credit repair/funding partner. Here is the background. I have a good credit mix with close to $1,000,000 in debt (2 mortgages, etc.) with no late payments or derogatory items. However, because I used my personal credit to invest in real estate, my credit utilization is high, resulting in a FICO score of 656 on Experian and around 558 on TransUnion. This score is keeping me from getting a personal loan.

The strategy was to use my wife's credit, with a FICO score of 714 (her file is thin - about 1.5 years = $20,000 total credit line), and we brought her utilization down to 10% to get a personal loan on her profile. The funder went to LightStream and asked for $40,000 and inflated the annual salary to over $100,000, etc. Got denied based on the length of the profile.

We asked since there was a denial for personal - can we use our LLC [that is 4 years old and capturing around $5,000 in revenue monthly from 2 rental properties] with her profile? I understand that it will not be maximum funding, but we could get an amount based on her profile. They said that this was not possible to use her as a guarantee and then I use my guarantee later. Which, I know is not correct.

Are there any banks we should try to get funding from on her thin file, given that she's a 50% owner of the business?

Thanks,

Gordon

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Business Funding Question