When you need a contractor bond, but you have bad credit, how does that affect you? Can you even get a contractor bond when you have bad credit? What do you do to find these things out? These are all common questions that face the contractor that finds himself in the unenviable position of having bad credit for the first time. If this sounds like you, then you have to find the answer as fast as you can. This tough economy makes for short timelines when it comes to things that affect your revenue. Let’s start with the first part.
How does your newly acquired bad credit affect your ability to get a contractor bond?You have bad credit, and you need a contractor bond, so your first step is to find a good surety bond company that sells high risk surety bonds. If they do, then they will probably sell high risk contractor bonds, too. You have no worries in that case. The trick is finding a surety bond company you can trust. If you can’t trust your surety bond company to do what they say they will do, what do you do then? Once you do, you are home free.
As far as your credit affecting your bond, you will find that it really doesn’t. Once a surety bond company decides to stand behind you, you are golden.