For contractors with bad credit, the cost of a WA Contractor Bond can soar to ridiculous levels. But it doesn’t have to be this way. You can get a WA Contractor Bond for a reasonable rate regardless of your credit history if you shop your bond with the right companies.
What is the Approximate* Cost of a Washington Contractor Bond With Bad Credit?
In most cases, surety bond costs vary based on your credit history. Here are the rates you can expect if you have bad credit (score lower than 650)…
$12,000 General Contractor Surety Bond Cost for those with bad credit can still acquire a bond rate as low as a $50/1,000. So for a $12,000 bond this means you will pay around $600 in premium for your surety bond.
The Range? $240-1,200.
$6,000 Specialty Contractor Surety Bond Cost for those with bad credit are able to get a bond rate of $50/1,000 which means you only pay $300 in premium for your specialty contractor surety bond.
The range? $140-600.
$4,000 Electrical Contractor Surety Bond Cost for those with bad credit can range between $100-400 depending on the surety companies determination.
*When you are seeking to get licensed and bonded it is important to keep in mind that not all credit scores are equal, some have a larger ranges and some scores are for commercial insurance applications whereas the consumer report might not reflect the same risk model used. Not all surety companies underwrite solely off the credit score so items such as public records, collections, or child support can also affect overall cost and eligibility. This means the score that you have may not be identical to the score that a surety company references as they make their underwriting determinations.