We recently had a painting contractor who needed a $12,500 California Contractor License Bond. This particular contractor had a low credit score because of some personal financial problems and was having difficulty securing his license bond. In addition, the contractor had a previous bond claim, so he contacted us to see if there was anything we could do to help.
Unfortunately, this contractor is not alone. In today’s economy, many contactors have found themselves hit tough financial times. There are many factors that can lead to financial troubles like lack of work, high gas prices, foreclosure, high credit card balances, medical bills, divorce and bankruptcy. Regardless of the reason, credit is the main factor in determining whether a contractor will qualify for a surety bond.
Fortunately, the contractor contacted contractorsbond.com. We were able to analyize his particualr situation and had his bond written and in his hand withing 24 hours. We have helped hundreds of contractors with low credit scores, bankruptcies, past due child support payments and other blemishes on their credit, qualify and secure a contractor license bond. We have a variety of options to write a contractor license bond for a contractor with bad credit.
We have long standing relationships with a variety of surety companies. Because of this, our team of surety specialists have access to the markets that will get our clients approved for the surety bonds they need, regardless of credit.
Many bonding companies avoid working with contactors who have challenged credit because they don’t have access to markets that write bonds for bad credit or they don’t want to do the extra work needed to right a high risk contractor bond. We want your business and have access to many bad-credit bond programs for applicants in need of extra help getting their contractor license bond.
Surety bonds are a form of credit. Becuause of this, bonds issued to contractors with poor credit will most likely come at a higher price. We understand that it can be difficult to come up with a large bond premium, so we have several options that will allow you to finance your bad credit surety bond premium. Once we have found the right bond for you, we review our special financing options that will make it easy for you to pay for a bad credit bond.
Financing a contractor license bond can also be helpful for new or smaller contractors who might not have the cash on hand to pay their entire bond premium upfront. No matter what your credit situation, be sure to ask one of our surety specialist about bond financing options that will make getting your bond easier for you.
We are here to make the bonding process as easy stress-free as possible for you. Don’t let your poor credit keep you from getting your contractor license bond. Our team of bond specialists are standing by to help you secure your bond and get back to work. So don’t delay, click here to get your application started or call us at 866.376.2510 so we can get your bond in your hands as soon as today.