If youre making such a large profit but get turned down by banks, then something is wrong, imo. Most banks that offer business accounts can overlook personal credit history if your business is doing extremely well. Have you thought about applying for a loan from another bank?
Also, if you do not mind me asking, why is your credit score poor? Could you also provide your business name that is currently registered?
Hi ThatRandom8543,
Yes, I've tried with the bank I've got the Business account with and also tried my personal back which is Barclays. Both were turned down due to credit rating which I wouldn't say is really bad, no missed payments.
I've got an amigo loan from 3 years ago which my Mother is a guarantor on so I could build my credit rating its currently got £538.87 left to pay at £200.09 per month. Apart from that Loan I do not currently have any other credit lines. I've got the usual BT Phone Line/Broadband, Phone Contract but that is paid monthly on time.
The only reason I can think my credit score is low is lack of credit, and when I was a teenager in college 14 years ago Phones4U use to give cash back on mobile phone contracts so I use to take one our per week and never pay them. Learnt from that mistake and paid them off when I finished college and started working full time. I also wasn't on the Electoll Roll at my currently address which I changed before Christmas which should show on my next credit report.
The funny thing is I've applied for a mortgage and been accepted, which will be complete at the end of Feb which was my last resort of security as I've only applied for 63% equity but with it being passed the deadline of the 29th I couldn't afford to wait that long, as I will need to install the spray booth before the Vehicles are delivered next week.
Yes my Business name is ABC CAR CARE CENTRE LTD company house number; 10544504.