Usually, when a person needs a bail bond, their friends or family members meet with a bondsman and post a portion of cash that will cover the bail. A typical bail bond isn’t something that most people think requires a good credit score to obtain.
While this is true in most bail bond transactions, there are three instances where it will help your cause to have good credit when getting a pal out of a bind.
1. Payment Arrangements Are Accepted by the Bondsman
It’s a well-known statistic that around half of bail bond customers have less than $1,000 in savings. So it’s no surprise that when the call for a bond arises, some customers don’t have the cash on hand to pay the fee.
In these cases, a bondsman may allow a customer to pay the fee over a set period of time. When an arrangement like this is proposed, the bail bond company may pull up the customer’s credit report to examine their handling of payments past.
With a decent credit score, a bondsman may be ready to approve this type of deal. However, even with damaged credit, the company will make efforts to help you meet at an agreement that is comfortable for both parties.
2. A Personal Loan is Taken Out for the Bond
Sometimes a person seeking a bail bond knows they don’t have the cash in their account, so they see a personal loan as a viable option. If the personal loan comes from a financial institution like a bank or credit union, your credit score will be a deciding factor in the matter. The risk with this route is that like all loans, your bail could be denied for poor credit or be forced to pay mile-high interest rates.
3. You Are a Co-Signer on a Bail Bond
Finally, if you are co-signing a bail bond with another individual because they couldn’t be approved for financial services, then your credit definitely counts. Remember, as a co-signer, your score will be checked and you will be liable for payment if the other applicant defaults on the payment, which leaves a hefty ding in your credit score.
How Can Bail Bonds Affect Your Credit?
The actual securing of a bond will not have an impact on your credit score. However, there are instances after a commercial bond is obtained that can leave a tainted mark on a report. Bail can impact your credit if:
- It is put on a credit card and not paid off
- You took out a personal loan for the bond and defaulted on your payments
Need Bail, Fast? DFW Bail Bonds has Locations Near You!
If you or a loved one end up in a situation where a bail bond is needed, go with a bondsman you can trust. DFW Bail Bonds is a company that has offices across the Dallas-Fort Worth area that are open 24/7. Reach out to us today to secure a bail bond that gets you out from behind bars.