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The cost of your $50,000 surety bond depends mostly on your personal credit score. Applicants with good credit usually pay premiums between 0.75% and 2.5%, which means between $375 and $1,250 per year. Applicants with bad credit, on the other hand, pay premiums in the range of 2.5% to 10%, or between $1,250 and $5,000.
As you see the $50,000 amount is not the sum required from the holder of the surety bond. Instead, this is the amount up to which a claimant on the bond can get compensated. The table below provides more estimates based on the credit score bracket you are in.
|Surety Bond Cost by Credit Score|
|Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
If you have bad credit, you might want to consider submitting additional information along with your application. Industry experience, strong financials or liquid assets can all contribute to a lower premium despite a less-than-stellar credit score. Check out our tips in our How Much Does a Surety Bond Cost? guide.
Getting a $50,000 surety bond with bad credit
Applicants with poor credit or other issues in their credit report are considered high risk, which is why certain bonding companies refuse to underwrite bad credit surety bonds.
For this reason, we have created our Bad Credit Program thanks to which 99% of applicants obtain the surety bond they need. Premiums are higher, but our surety bond experts can help you lower them as much as possible. Taking active steps to improve your credit reports can help you get a lower premium when bond renewal is due.
Most Common $50,000 Surety Bonds
There are a lot of different types of surety bonds which require a $50,000 total bond amount. Here is a list of the most popular ones:
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