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slickman212

Best SIC codes for Biz credit?

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SIC Codes, of type/line of business are pretty important when it comes to getting BLOCs.

You may be outright denied, even with a perfect 800 ficos, and good business files if they don't like what you do.

 

On the other hand, bankers may be trying to knock down your door to try to get you to borrow money from them if they have a quota to fill for a particular

boutique industry, even with lower tier scores, and maybe a thin business file (Keep it within reason)

 

Trying to identify those boutique industries is a particular task for this thread, and I'd like to hear various feedback on this subject.

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SIC Codes, of type/line of business are pretty important when it comes to getting BLOCs.

You may be outright denied, even with a perfect 800 ficos, and good business files if they don't like what you do.

 

On the other hand, bankers may be trying to knock down your door to try to get you to borrow money from them if they have a quota to fill for a particular

boutique industry, even with lower tier scores, and maybe a thin business file (Keep it within reason)

 

Trying to identify those boutique industries is a particular task for this thread, and I'd like to hear various feedback on this subject.

I have one of those biz that you are talking about. They don't like real estate or phone card companies. So I went to the secretary of state and changed what the biz does to wholesaler. That gave me the BLOC that I was looking for.

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Anyone have additional input on this?

 

Currently there are a few industries that are carefully watched: long haul trucking, non-franchised restaurants, logging, mortgage brokers and adult entertainment.

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lol. Adult entertainment is practically the only sector that does well, even better than government tips :lol:

Agree110% record year this year ;):blush2:

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lol. Adult entertainment is practically the only sector that does well, even better than government tips :lol:

Agree110% record year this year ;):blush2:

 

Good Luck getting a loan from a bank if you are a strip club, adult book store or a porn production company. The only guy that I was actually able to get financing for manufactured vibrators and his sic code had something to do with "plastic mold manufacturing".

 

Typically the risk formula includes the sic code, geographic location (nobody wants to go to alaska or hawaii to repo the equipment or knock on your door), time in business (if you have less than 3 years, dont bother unless you have an amazing business plan, excellent personal credit as well as great cash reserves/personal financial statement), collateral that you are financing (a used excavator will always get picked over brand new computers) as well as personal credit.

 

Let me know if you want me to cover anything specific in details.

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I agree with you leaseadvice, no bank wants to finance a strip club, but they are a HIGHLY profitable CASH business.

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I agree with you leaseadvice, no bank wants to finance a strip club, but they are a HIGHLY profitable CASH business.

Better then street drug's LOL and very nice eye candy

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Posted (edited)

I need to bump this back up.

 

Apparantley Computer related technology companies are deemed high risk. 

 

Is there any way around this? I thought for sure a field like tech would be low risk but apparantley I got a letter from synchrony that this field is deemed high risk of default

Edited by CreditGuy03

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