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Author Topic: FICO SCORE IS SUPER LOW!!!!  (Read 7918 times)

Offline BLL

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #15 on: August 03, 2008, 04:09:59 pm »
There are services that will report payments to the credit bureaus on a monthly basis.

Offline phlemboy

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #16 on: August 03, 2008, 06:49:39 pm »
I think jbaldwin was talking about improving in other ares in addition to the lease option. I improved my credit score from 585 to 680 on about 2 yrs. It takes a while, but it's a good idea to try to get some new "good" credit. I think each lender will look at every situation diferently. When I talked with my local loan officer (underwriter) he said I'd need to demonstrate on time payments for 2 yrs. He advised me to keep records of EVERYTHING from phone bills to rent.
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline GRIDcorp

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #17 on: August 04, 2008, 10:10:48 pm »
Here is what I have done:

     First I am self employed and have a 475 crdit score. I am a contracter and spent a number of years screwing up am working noe to repair credit.

     I have read and studied everything i can get my hands on and have begun to build my network of support people. I have worked for a number of people who have alot of money and most importantly have done good quality work for them. I also rehab properties for an investor so I can show a before and after shot of a $20,000 rehab. I mention to everyone that I can put together turn key rental units with 50-70% equity, so they can rent them or flip them.

     Currently I have two people commited to purchasing property to flip, one will be providing $35,000 to do a unit with and will profit an estimated $10,000 + on the deal. So in 90 days I will show him 25% on his money which is 100% in a year. Very nice for both of us. Also, his investment is secured by the real estate and there is no chance that he will not get his $35K back.

     I have a plan developed that will in the next 12-18 months free me of using their money unless  want to and repair my credit. This will allow me to finance my own pojects or leverage all of our resources for a bigger deal.

     Work the numbers find the deals and use all your resources to pertner up with someone.

     Also you could look for my post in the rehabbing section.

Offline jolllyroger

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #18 on: August 06, 2008, 07:25:11 pm »
Holy Smoke

I hate to say it guys but i feel I must.

I could teach a blind dog to buy a house if it was broke unemployed just filed bankruptcy after a foreclosure and it ws living under a bridge with the lowest credit score for each bereau.

One bit of good advice in there Lease Options

Did I hear pure options?

Did I hear private money?

It's like this for your question.......YES IT CAN BE DONE

NO MONEY DOWN is in my opinion easier that conv financing its quicker for sure.
Factoring in the time value of money I like using private money because it speeds up the process so that I can use THE TIME VALUE OF MONEY to best effect. Private money also makes for quicker escrows which secure lower prices just like it does when you say I'll buy your home cash.

My whole point is

problem no money no credit

Solution = Options, Lease Options, private money

Personally I don't like the Idea of cashflow properties....
There are so many other ways to make more cashflow without all the management issues.

Thanks for reading
Brice Cook
« Last Edit: August 06, 2008, 09:08:44 pm by christopher w »

Offline gigo

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #19 on: August 07, 2008, 01:39:45 pm »
I'm curious, why would anybody want to lend you money if you have none of your own and have terrible credit (which, of course, means you have failed to pay people back in the past)?  I don't mean this question to be rude, but I'm trying to see what the pros would be to the private lender.  I see some out there who will give you an HML loan @ 15% interest WITH a minimum FICO of 620, so I can only imagine what somebody with completely hacked credit would pay in interest.  I think that is why people are saying you need to repair your credit first.  I personally have excellent credit and am hoping to use that to my advantage.  :bobble

Offline phlemboy

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #20 on: August 07, 2008, 03:51:16 pm »
I think with a FICO of 475, that wil be very tough for any lender to approve. But if you find the right situation (lease option, owner financing), you can get a deal done. But if I were a seller and a buyer with a low credit score wanted me to do an owner finance, I'd pass. That because an eviction is probaby less time & money than a foreclosure. If a lease option term is long enough for the buyer to get his credit repaired (  3- 5 yrs.), the buyer can get  good terms with a lender because the option fee, rent cedits and possible appreciation will result in a low LTV. The owner would feel secure because if the buyer defaults on payment, they typically forfiet all the money they invested.  That's how I understand the way it works anyway.
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline GRIDcorp

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Re: FICO SCORE IS SUPER LOW!!!!
« Reply #21 on: August 07, 2008, 09:19:09 pm »
No but the se Option will allow him to take over control of the asset. Then it is all up to him, however he'll end up an opportunity to make money which can then be used to secure lines of credit or invest in another property. I don't think t was meant as a way to increase score but as a way to get into the game and make it happen.

 




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