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Don't know where to start? Start here: "What Is A Surety Bond?"  

 

How To Get A Surety Bond With Bad Credit

By Rick Marsland on Oct 16, 2017 1:16:00 PM in

Surety Bonds 101

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bad credit surety bond

 

Credit scores are roughly classified as follows:

  • 750+ - excellent
  • 700-749 - above average
  • 675-699 - good
  • 650-674 - fair
  • 550-649 - subprime
  • 549 or lower - poor

If you have bad credit, don't worry. This doesn't mean you can't get a surety bond. Follow these steps below to get a bad credit surety bond. 

How to get a Surety Bond with Bad Credit

 

The first and only step to determining if you can get a surety bond with bad credit is to apply with a surety bond company.

This is the only way to determine if you can get a bad credit surety bond. 

To apply for a surety bond, click on your state below:

bad credit surety bond

 

 

How Much Will My Bad Credit Surety Bond Cost?

If you are approved for a bad credit surety bond, you will likely have to pay more than someone who has good credit.

Generally, those with good credit will only need to pay 1-3% of the total bond amount, while those with bad credit will need to pay a higher rate, anywhere between 4-15%.

This means that for a $10,000 surety bond:

  • Good credit: You pay $100 - $300
  • Bad credit: You pay $400 - $1,500

 

To see what you'd pay for a bad credit surety bond, get a free quote below:

 

Get a FREE Surety Bond Quote (Even With Bad Credit)

 

Why Does My Surety Bond Require a Credit Check?

Most surety bonds require a credit check. Some surety bonds do not, though.

The reason some surety bonds require a credit check is that the surety bonding company needs to see how likely you would be to repay them should a surety bond claim occur. 

Your credit score is a great indicator of how you have repaid companies in the past. 

The credit score is a soft pull. It does not adversely affect your credit score.

Your credit score is not the only thing that a surety bond company will look at, though. Underwriters of surety bonds also consider items on a credit report such as delinquent payments, tax liens, judgments, and bankruptcies. 

 

 

If you have bad credit, don't worry. This doesn't mean you can't get a surety bond. It just means you might have to pay a little more.

You can learn more about bad credit surety bond costs in our other article: How Much Does a Surety Bond Cost With Bad Credit?

 

Related links:

The Important Connection Between Your Credit Score and Surety Bond

12 Influences of Surety Bond Cost and How To Get Around Them