How to get a bonded for construction work with low credit score.?
My business partner and I are trying to get bonded for a bid we have coming up. Both of our wives have less than desirable credit scores. All of the companies are aking for our spousal information. Has anyone ever had this problem? If so how did you get around it. What company did you use?
Public Comments
- You'll have to find SOMEONE to guarantee the bond. I've written lots of bonds - if you're flat out not credit worthy, and you don't have any assets, you need a guarantor. When I've done it, it's been a parent - but that PARENT needs to have assets, or be otherwise able to cover the bond, if you default. Bonds aren't like insurance. The insurance company has to be pretty darned sure you're not going to use it, to give you one. That's why commercial projects REQUIRE them.
