If the business folds, the bank will contact you for repayment. Therefore, your credit rating will matter because banks will always assess the risk when handing out loans.You may find useful info here:http://familyfinancialhelpusa.com/catego��
The money that you have can only be spread so far and if you are overextended, that means someone won t get paid. A debt to income ratio is an important tool used by creditors to judge whether you can afford more debt and your creditworthiness.If you have a lot of unsecured debt, such as credit cards with high balances, that will mean you also have a high balance to limit ratio whichcould also scare creditors away.Even though it s a business loan, you are still relying on your credit and your ability to repay to get it. That s the criteria your creditors will useto make their decision.
Doesn t matter. If the business goes under the bank is going to look to you for repayment. If you can t support the loan, the odds are against you.Clean your own house (lower that debt) and try again.Good luck.
