Does your own personal credit score affect getting loans/finance for a newly opened ltd company?

I am 19 years old about to become 20 this November and have incorporated a new LTD company but however I have just checked my credit score Experian: 241 Call Credit: 730 Equifax: 574 And I am worried about my Experian credit score as it is very low. I didn’t really understand the world of Banking and money before and made stupid mistakes such as miss payments and so on. But nothing major such as defaults or ccjs. The main problem is I had been late with payments by a month and applied for too many loans which have been declined. I need to get some finances together to launch my new business and wanted to know what approaches I can take realistically to get these funds (about £5/6K). Any tips or advice would be greatly appreciated. Thanks in advance! How much money am i putting in? I have already invested in most of the equipment needed for the company £4,550 in total so far. Hence why i require £5/6K to complete the start up for the business. Initially the company will go into Computer Consulting and Instant Repairs for end users/contracts with 3rd parties. However in the business plan I have a 2 – 3 year expansion and launch of other servers/products which will be offered by the company.

Public Comments

1. A lot will depend on how much money you are putting up and wether there will be any security for the bank. (would a parent act as guarantor?) The type of negatives you have are likely to fade away in a short time as long as you dont continue to make late payments. Your call credit score is not that low ( i deal with their scores) You will need to prepare a good cash flow forecast and projections./business plan, get along to see your bank manager and impress him/her with your enthusiasm. The upshot is that whatever your credit score banks dont lend money easily and they will want security and/or you to match their financial stake. Good luck.
2. with no trading history for the ltd co and as a new ltd co account application a search/assessment will be done on your personal details. what's your credit rating like with your own bank? What type of business are you going into? (higher risk businesses are more difficult to finance). Do a business plan and cash flow forecast, very important. I would ignore the credit scores you've quoted as all the banks use their own internal scoring systems and then search Experian/Equifax (but only for details of defaults/CCJ/CIFAS). How much cash are you putting in? you're going to struggle to get finance if you're not putting any cash in yourself. Add these answers to your question and we can offer more advice.
3. Hi Yes, i think so that it will affect you for getting Loans.