Fired by lease dispatcher

I don't blame you for not wanting to work over the winter. Are you sure you want to own a truck and be responsible for the expenses while the truck is sitting during the winter?

 

Invest part of the 20k to bring up your credit score

 

Pay off debt huh, who does that

 

Qualty Leasing have walk away leases and a long list of companies to lease on to. Should start an LLC first though. That way, if you are sued your business will be protected but your personal assets, as the driver, will not.

 

Most banks wont touch you until your at least 650. 590 is actually pretty low. A good credit score starts at 700ish. Anything less and expect to be raped over the coals with interest and/or down payments.

Its not hard to establish. I prefer cash for most everything,.. even large purchases,.. $25k+. Revolving credit has worked for me. I pay my repairs, PM's, Tires and other odds n ends with credit cards. Then immediately pay off what I owe within 30 - 60 days. Lets say of the 3 cards I have with $10k - $25k limits,.. you must keep the credit utilization at a bare minimum. Maxing out cards or owing high debt per card lowers your score. Making payments on time every time is also key. You dont need high limits to have good credit. I never had any limits over $5k until 3 yrs ago and I always had 780+ Fico scores.

Also,.. this is in no way trying to insult you. But $20k is a drop in the bucket in this business. You want to be able to own a truck out right if at all possible,.. and still have $25 - $30k at minimum to cover expenses. Back in 2015 I had a series of events that not only caused loss of revenue for an extended period,.. but completely depleted the $33k I had set aside to cover emergencies.

Lesson learned: What ever you think is a good nest egg or start up capitol,.. triple it.

Hurst

 

The llc is liable for debts and liabilities while the owners and managers are not.

 

Oh! What about the driver?

 

There is truth in this.... If the debt is a few years old, often they will settle for 20-30% of what you originally owed.