How to Get Approved for a Surety Bond with Bad Credit
December 15, 20244 min readBy Can Do Surety Bonds
Having bad credit doesn't mean you can't get a surety bond. While your credit score affects your premium, there are options available for almost everyone.
Need help confirming the right bond? Share the bond type, amount or obligee if known, deadline, and contact details. We'll confirm the exact requirement and follow up after review; timing varies by bond type and application.
Request a quoteSurety companies view your credit score as an indicator of financial responsibility. Higher credit scores typically mean lower premiums (1-3% of bond amount), while lower credit scores may result in higher premiums (5-15%).
Strategies for getting approved include: working with a specialized agency like Can Do Surety Bonds, providing additional documentation such as profit and loss statements and bank statements, considering collateral for larger bonds, and starting with smaller bonds to establish a track record.
With a credit score below 600, expect premiums of 5-15% of the bond amount and possible personal financial statement requirements.
At Can Do Surety Bonds, we work with applicants across the credit spectrum. We've helped many contractors get bonded who were denied elsewhere. Call (609) 491-7404 for a free quote.