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Author Topic: Bad Credit Lenders  (Read 7248 times)

Offline House-Mouse

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Bad Credit Lenders
« on: February 27, 2004, 12:03:29 am »
I am looking for lenders that specialize in people with bad credit.  How would I find such a lender?  I have been able to find some lenders of this sort.  But, I would like to look at as many options as possible.  Every bit counts, especially when you have bad credit!  Thanks! ::)
« Last Edit: March 02, 2004, 11:18:19 am by TRandle »

Offline tedjr

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Re:Bad Credit Lenders
« Reply #1 on: March 05, 2004, 06:27:09 am »
What kind of deals are you doing? How horrible is the credit? There are dozens of ads for marginal credit lenders all over the papers and TV and i get them in the mail almost daily. A few I have seen lately are Ameriquest, Indymac Bank, Ditec, There are several more. Keep looking. Read my success story and you will se it pays to keep trying.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  
« Last Edit: March 11, 2004, 05:42:21 pm by tedjr »
Ted P. Stokely Jr

San Antonio, Texas

Offline StacyKellams

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Re:Bad Credit Lenders
« Reply #2 on: March 05, 2004, 09:30:55 am »
Ted is right. What you need the financing for makes a big difference in the answer. Do you need it for a personal residence, or investment property?

How soon do you need the financing? If you can wait 6 months or so, why not try one of those companies that specializes in cleaning up credit. They basically challenge every negative comment on your credit report. Most creditors don't respond to the challenge and the negative item is removed. I've heard these companies can improve credit in as little as 3 months.

Also, it's very important to stay on top of what's in your credit report. I check my credit every other month with a service called Privacy Guard. http://www.privacyguard.com/
Your credit is very important and you need to know what's in there and who's checking it. Privacy Guard allows you to do that. Checking your own credit does not hurt your score.

I would work on cleaning up my credit first and then worry about trying to secure financing.
www.RealEstateCourseReviews.com
"Find out which real estate investing courses will really make you money and which ones won't!"

Offline David Garcia

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Re:Bad Credit Lenders
« Reply #3 on: March 05, 2004, 05:03:55 pm »
Sub-prime lenders work with bad credit buyers. Some go as low as 500.

If you have 20% or higher  downpayment, you should be able to get a loan.




David Garcia
www.classifiedclub.com/mall2/realestatecoaching.html

Offline lincoln

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Re:Bad Credit Lenders
« Reply #4 on: March 08, 2004, 12:19:53 pm »
All of these responses are correct.
Most importantly, what exactly are you looking to do.

Every lender has different guidelines as to what they can offer for a particular type of financing.  One company may require 20% down on a new purchase with bad credit, where as with another, you can get in for very little out of your pocket. Even with bad credit.  you would be suprised.
Obviously if you are looking to purchase an investment property, a lender will frown on the fact that you are wanting to invest in a property, when you havent managed your credit in the past.

there are some lenders that want to see your collections accounts paid off, before you can get the financing, and then there are companies that only look at your credit scores, and dont look at all at any outstanding bad debts.
You probably have more options than you are aware of with financing for bad credit.

If you can give me a better idea of what you are doing, I will point you in the right direction of the lenders that will best suit your needs.


Offline virtuouslady

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Re:Bad Credit Lenders
« Reply #5 on: April 02, 2004, 08:20:16 am »
Hello,

If you have a credit score of at least 500 without any other major blemishes.  Help is available through various hard money lender.  But be prepared, your interest rate will be high.  

Good Luck,
[email protected]

 




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