Turned my buddy onto this site as he is looking to go with an idea and I may join him, as it looks good on paper. I know a few of you have become close to experts on the site. Maybe you can help answer a few questions.
1) If someone has a really good credit score with FICO does that come into play somewhere for others to see or is your credit worthiness based on the site and how well you have paid back debts there?
2) What pct of people get these loans and how long of a process on average would you say this would be?
3) any other pointers/clues on making the loan process easier would be helpful.
I have a VERY close buddy who has wanted to partner up with me for a few years on something I believe in but I am not overly excitied in starting this up because of the money at the beginning. I fully believe if we attempt this completley legit and cut zero corners this would be very successfull. My problem is I am not going to throw alot of life savings into something espically after buying a home but the numbers him and I have worked out look really promising (even with the loan). We both have 700+ credit scores and understand the value of keeping them intact. Just looking into this as an option and would like to hear from some of you who seem to understand it alot better than me trying to explain it to him as I maybe missing smething.
Thanks for any extra info, it is much appreciatied.
1) If someone has a really good credit score with FICO does that come into play somewhere for others to see or is your credit worthiness based on the site and how well you have paid back debts there?
2) What pct of people get these loans and how long of a process on average would you say this would be?
3) any other pointers/clues on making the loan process easier would be helpful.
I have a VERY close buddy who has wanted to partner up with me for a few years on something I believe in but I am not overly excitied in starting this up because of the money at the beginning. I fully believe if we attempt this completley legit and cut zero corners this would be very successfull. My problem is I am not going to throw alot of life savings into something espically after buying a home but the numbers him and I have worked out look really promising (even with the loan). We both have 700+ credit scores and understand the value of keeping them intact. Just looking into this as an option and would like to hear from some of you who seem to understand it alot better than me trying to explain it to him as I maybe missing smething.
Thanks for any extra info, it is much appreciatied.