I just hope that people aren’t seeing this as a quick fix. They are going to end up in the same spot again.I see people telling everyone how to get loans that they don’t qualify for. There is a reason that they don’t qualify and they are asking for future credit problems because most of them are dealing with this because no one has taught them how to manage or budget.They will continue to make the same wrong decisions when it comes to there credit. I don’t believe this about everyone with credit trouble but alot of people read these forums.I guess it depends on the person and their long term goal as to what they decide is best for them. I was only trying to help.
I agree, maybe I am just a nice guy and am too concerned about my clients.
The Foreclosure numbers just continue to climb at a staggering rate. The housing bubble continues to grow.
“We have dogs and cats living together, it’s mass hysteria!”
Everybody thinks that they can stretch their budget just a little further.
The programs that you are describing here are fine if they are used for the right purpose. If a client is trying to hide something or beat the system,then it is wrong. >:(
People just need to wake up and smell the coffee. Stop expecting something for nothing. Go back to the adage that we get what we deserve.
Make a budget and stay within it. If it means that we drive our old car another year or two, oh well.
O.K. I am done preaching. Boy do I feel better.
In my opinion your credit score has little to do with personal budgeting and especially qualifying for loans beyond your means. I wholeheartedly agree that some loan programs are ridiculous but that is both the lender and consumers fault. If youre going to take a loan that doesnt pay down principle (I/O) to get in a home well beyond your means, I think it is foolish.
However, repairing your credit score through legitimate means is completely inbounds and is the sign of a responsible person.
I said upfront, if you have collections, you need to pay them and then request they be removed from your file. If your credit to debt ratio is 90%, you cannot dispute these facts. There is no way around it. Your card balances are what they are and will be reflected in your score. What you CAN DO is get rid of errors which completely litter most credit reports.
A gimmick like “rent my credit” is just that, what me and several others did was take back our credit files from 3 largely mysterious agencies that basically control your quality of life. Im not trying to be dramatic either, you tell me how smooth life is with a 550 FICO versus a 725 FICO - believe me, you are at the mercy of ripoff type interest rates and plenty of denials.
Don’t take me wrong. I agree that consumers should monitor their credit and correct errant information.
What I disagree with is the notion that some debts will just be forgiven due to
Guess what? hte big agencies just don;t seem to have the time to respond within the 30 days required period so they just ignore the credit agency request and it gets removed
Hello, Mdhaas has hit the nail on the head. Bankruptcy laws have been changed because of all the “credit cheating” that has been going on. Schools don’t teach money management, and they should. Parents don’t know how to manage money, so they can’t teach their kids. Something has to change! I’m glad that their are people here in the posts that care about other people. My soapbox is done.
How do you figure that your score has nothing to do with personal budgeting? Your score is based on how responsable you are with your debt. When you go to get a loan they base it on your score and your debt to income. So indeed your score does matter a great deal. Maybe I misunderstood what you were trying to say because I don’t follow. ???
Yeah, to get something removed by basically a technicality is just that, a technicality. In my own experience, nothing was removed because of a 30 day expiration. Everything was removed because of error or because I settled an old collection and negotiated the removal.
I wouldnt worry about it, there isnt a whole movement of loophole cases that magically raised their credit scores by 100 points because of 30 day dispute limits. Id say its an exception more than a rule. By the way, if you cant check a persons claim within 30 days, then whos fault is it really? It either means the creditor ignored it or that they couldnt find proof enough to respond. In either case I say let the consumer win.
I disputed a 30 day from 2002 in which I paid my CC company over the phone and got a conf code. My next statement didnt show the payment as ever going through. I was told “the rep never submitted payment” - I disputed this 2 times and got denied on both occasions, even providing the conf code. So it isnt always just cut and dry that you will get deletions, even when youre right.
I didnt say your score has NOTHING to do with your personal budgeting, I just dont think they go hand in hand like they really should.
There are very responsible people who are never late with bills that have mediocre or even low credit scores. If you have a lot of credit out, it lowers your score. Then there are people who pay off all their bills and close all their accounts, thinking theyre helping themselves, and they end up killing their credit to debt.
One time I took some bad advice to pay off all my “smaller” CC debts and close those accounts. This person said to "keep your Visa open, thats a “good debt”
The problem was that my Visa had a $5800 limit and it was at $5780. So I pay off 4 or 5 smaller limit cards with my tax return a few years back and close the accounts. I was never late with that higher limit Visa, but when I went to apply for an auto loan, they wanted a Co-signer!!! Even though I had already bought and paid off a car years earlier on my own!!!
There are also people with children in college, there are medical bill collection problems because of insurance infighting and disputes. You have 100 different scenarios when honest debt paying people get crappy credit situations.
Now I understand what you are saying. Thank you for the extra info on your thoughts. You go back to what I was saying as far as people not being educated on how credit works. I have a degree in finance and it kills me to know all these people are using hear say to fix their credit problems.
The public really is poorly educated about credit, its getting better but its still way short. Another sad case was a work colleague who went car shopping. He shopped around for cars at several dealerships and eventually settled on his purchase. Few weeks later he goes to a jeweler to get his now wifes engagement ring and cant get approved for credit. He thought it was just them being asses. Goes to another and gets a approval for well short of the ring cost. The people make calls etc to get more credit but to no avail. He asks what the deal was, he pays his bills etc etc. They tell him “too many inquiries”
Turns out the auto dealerships accounted for 125 different inquiries. Here he thinks hes being a responsible buyer, he lets all of them get to the point of pulling him for approval and he got absolutely crushed by them!
That is the kind of things I am talking about. The first question when someone pulls your credit should always be “will this count as one inquiry on my credit”. I hate to see people go through this when the information is available if they just ask.
It looks to me that sofreeinc is an affiliate of rentmycredit.com and is promoting this website for selfish gain.
Shame on you. This forum is for actually helping others, not promoting illegal practices that will in the end only hinder one from making progress.
For everyone else, the creditboards offer useful information on getting your credit back in order. I read the forum often and have used a lot of the information with good results.
I must say that i am a real estate investor as well as an affiliate of this program. Although i have used this program myself. When i was rebuilding my credit after paying off delinquencies. I couldnt get credit anywhere. I found out about this program from another investor and immediatly signed up. In 3 months my credit score had been increased significantly. When i went to refinance my next property after rehabbing it. I had no problems at all. So you see the reason i even posted this service on this board in the first place was to make you aware of a service that could significantly help your business and overall increase your bottom line. If you are generally pessimistic because of the mis-dealings that many other investors have committed in the past, that fine. Although you dont have to accuse me of being a scammer.
Like i said it worked for me. If you dont want to use or learn more about the service do so without trying to destroy my character.
I appreciate everyone who even took the time to read the post and wish you all the best of success in your real estate ventures.
P.S The reason why i am even an affiliate is because once you become an affiliate and sign up for the service you get a 50% discount. I actually dont have time to sit on the internet and try to promote this service for profit. Why, when i have $5-50k deals in the pipline from wholesaling to rehabbing. You so affraid of being scammed that you miss an opportunity that could possibly work for you.
F.E.A.R (False Evidence Appearing Real)
Not afraid of being scammed. As you can see, I am too smart for that. However, I do not knowingly commit or promote illegal activities. And advising someone to start a new credit file is illegal.
This site that you are an affiliate of does promote such activity and according to your previous post you have participated. For those without credit and those wishing to establish business credit the legal way this “may” work for them. I advise that everyone make sure that you do your “due dillegence”. The penalty for commiting such a crime is too weighty. But then there are those who probably think they will never get caught.
I do not wish to destroy your character. If anything it is not what I said that would destroy your character it is what YOU DID NOT SAY, that would. Sofreeinc, I will willingly read and put to use any advice that you put on this forum as long as it is not illegal.
All i can say is the methods used to help one acquire a new credit file are not illegal. The co-signing on loans for those who cant get credit is not illegal as well. I see that many of you did not read the information in its entirety or even sign up to get detailed information sent to you about the procedure. But it doesnt matter anyway. Just keep doing what works for you.
I’ve had clients that started a new credit file by changing their SS#. There are reasons for which you can make this request…like religious : a 666 in the original SS# and other reasons like it. It doesn’t work very well though, and can bite you in the end. If there are any items that are liens or judgements, they’ll just show up in a judgement search that’s required as part of your title binder prior to closing, at which point, you have no contingency protection, and you’ll lose your downpayment if you can’t close. A possible lawsuit for damages may follow. You may not get that far though since the credit reports I run pick up the changed SS# based on name/address. Even if it does work, keep in mind that conventional mortgage programs generally require 3 to 5 tradelines that are older than 12 months, so you won’t be doing much of anything for a while. Do the credit repair yourself and negotiate collections for less than the full balance with the promise of deletion. Get it in writing before you pay too! Good luck!