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Bad credit authority

Discussion in 'Ask An Owner Operator' started by eae, Jul 24, 2015.

  1. Jul 24, 2015 #1
    eae

    eae Light Load Member

    70
    9
    Jul 21, 2015
    0
    Not planning on running under my own numbers anytime soon. I'm wondering if a person who has an bad credit score starys their own authority. I no credit history will send insurance through the roof but, will it make a single operation unprofitable? Again I dont plan on running under my own authority without a lot of experience. This is just something that I was wondering about.
     
    eae, Jul 24, 2015
    eae, Jul 24, 2015
    #1
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  3. Jul 24, 2015 #2
    DUNE-T

    DUNE-T Road Train Member

    6,906
    16,709
    May 10, 2015
    Detroit, MI
    0
    Brokers and shippers dont care about your credit, only insurance does. Buy a truck with cash and get rolling
     
    DUNE-T, Jul 24, 2015
    DUNE-T, Jul 24, 2015
    #2
    Cetane+ and eae Thank this.
  4. Jul 24, 2015 #3
    Straight Stacks

    Straight Stacks Paper Cha$er

    2,930
    20,768
    Jul 18, 2015
    Alabama Gulf Coast
    0
    Good credit really helps as we all know...Make sure you have a savings account with a good amount of emergency fund money saved in case something needs to be fixed on the truck you buy "with cash". I bought my truck and made sure I had $20,000 in the bank as a safety net.
     
    Straight Stacks, Jul 24, 2015
    Straight Stacks, Jul 24, 2015
    #3
  5. Jul 25, 2015 #4
    k1221n2

    k1221n2 Light Load Member

    182
    64
    Apr 10, 2014
    0
    Did you say you have bad credit or no credit ?


     
    k1221n2, Jul 25, 2015
    k1221n2, Jul 25, 2015
    #4
  7. Jul 25, 2015 #5
    eae

    eae Light Load Member

    70
    9
    Jul 21, 2015
    0
    Bad credit
     
    eae, Jul 25, 2015
    eae, Jul 25, 2015
    #5
  8. Jul 25, 2015 #6
    double yellow

    double yellow Road Train Member

    5,946
    10,066
    Aug 28, 2011
    State of Jefferson
    0
    My advice is to work towards having perfect credit in 7 years. Along the way your credit will improve from bad to fair to good...

    In addition to loans & insurance, fuel may cost you more (you may be turned down for fuel cards and others will require you to maintain a cash balance).


    You can still be profitable if you do things right, but you won't be as profitable and that'll make things harder on you when freight is slow.
     
    double yellow, Jul 25, 2015
    double yellow, Jul 25, 2015
    #6
    eae Thanks this.
  9. Jul 25, 2015 #7
    Straight Stacks

    Straight Stacks Paper Cha$er

    2,930
    20,768
    Jul 18, 2015
    Alabama Gulf Coast
    0
    Amen. Even with great credit it really is a good idea to have a business credit card, charge business related expenses and pay off each month to gain higher credit rating. When I got my truck/authority I had a credit score in the middle 700's...still use a credit card, have savings to keep that credit score climbing north!
     
    Straight Stacks, Jul 25, 2015
    Straight Stacks, Jul 25, 2015
    #7
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