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Hello, I live in Florida and I am in the process of applying for a Residential Contractors License. One of the requirements is to have a FICO score above 660. Unfortunately mine is below that. Therefore I will need an "IRREVOCABLE LETTER OF CREDIT". I think I understand the basic idea; this is the Bank guaranteeing funds to the beneficiary, in this case the construction licensing board on behalf of the purchaser, me. And, it is irrevocable or unchangeable by the purchaser, me.
My question is, how exactly do I do this? What are the usual terms etc? Obviously, I only need it because my credit score is not great so I assume that will impact things. Are their fees? One time or recurring? will this need to be 100% secured? If so, how is that done?
Michael, Spring Hill
April 29, 2017 01:47:00 PM
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In reply to Michael, Spring Hill
Thanks for contacting TD Helps today, Michael. We'll be happy to help.
Based on your questions, it sounds like you would need a Letter of Verification. We recommend visiting your local TD Bank Store during lobby hours for assistance. Take a look here: http://go.td.com/1f9DSJR to locate nearby stores and hours. If you have any additional questions, or would like to schedule an appointment with a Representative, please feel free to contact us, 24/7, at 888-751-9000.
We hope this helps, Michael. Please enjoy the rest of your day, and have a great weekend
Customer Service Team, Mount Laurel
April 29, 2017 01:48:40 PM