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When to Establish a Line of Credit

Published by Summit Marketing Team on 08 Nov 2023

In this video, Jody Grunden and Dan Rutherford briefly explain when the best time to get a line of credit is. 



 Jody Grunden: When's the best time to get a line of credit? It's when things are going well, not during a recession, you know. So, for those folks that think there's a recession coming up, you better have that line of credit already in place because you're not going to get it when it happens. 

Dan Rutherford: One client I work with, uh, you know, that was one of the first things we talked about when we took them over is, you know, the most effective time to get a line of credit is when you don't need it.

They kept, you know, saying we don't, we're not gonna need a line of credit. We're not gonna need a line of credit. Finally, about a month before they needed it, they're like, yeah, we need a line of credit. Can you get that set up? And there was a large, large line of credit we had to get established.

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