CREDIT

I hear that adding an suthorized user can increase credit scores quickly. If you know someone with an american express or someone with good credit and has credit cards they can add you as an authorized user. There is no risk to the person adding you, because you will not have access to the credit card, but will in fact have good credit from their history.

I found a good article at: http://articles.moneycentral.msn.com/Banking/YourCreditRating/BeefUpYour...

Sometimes when I know my pay period does not coincide with my credit card payment due date, I call ahead and prepay to the upcoming pay period with direct withdrawal from my checking account and that works perfectly. In doing so I avoid the late charges, and the coustomer rep. do appreciate.

Sandra

I've never owned or had a credit card in my6 possession and I'm trying to apply for a credit card to establish some credit, but I have been getting denied by numerous credit card dealers. They say I have none or too little credit history. I also found out that I owe a phone company a couple of hundred bucks but never had a phone in my name. Its not much to pay, but I'm confused where that came from. Whats the best credit card that you think I can best acquire without having to pay a deposit?

It is easy to acquire a credit card from chase. Also if your have a bank account, they should be able to offer you a credit card. Concerning the money owing to the phone company, you may have to contact at least one of the credit bureaus and inform them of the situation. They will ask you to write a letter with the details. They in turn will do some investigation and get back to you later with the results. Based on their findings, they will inform the other credit bureaus. Hope everything works out and the debt is removed from your credit report.

Sandra

I am reposting this for anyone that may need it

Is it possible to still buy homes without using any of your own money even if you have bad credit?

Absolutely.. Have you read Deans book? You should read his book. It mentions several strategies for buying properties with no money and no credit.

Yes, I just started reading his book yesterday and it's very interesting and motivating to start. I am happy there is a forum here because I'm going to be asking a lot of questions.

how can i get llc credit line because my credit is not good

I would suggest you start by getting your Corp (LLC) papers filed, then open a business checking account under the business at a small community bank. Borrow money off the amount you deposited as a secured loan. You're doing this to build a line of credit with the bank AND to build rapport with the bank manager. Do this with several small banks. In the meantime you can look for probates through a court or county newspaper in your area, they are filed publically under Notice to Creditors. Get the name of the beneficiary or lawyer, contact them and let them know that you can help them by buying the property and relieving them of that responsibility. Hope this helps, let me know if you need anything else!

You have a great evening

Warm regards,

Paul T. La Moy

The following information is found on www.realtor.org. I like #6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score. ...So often buyers will apply for a loan and then go buy a truck or something that hurts their credit, killing all chance. It is wise to warn buyers of this..

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Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.

Can anyone give me some ideas on how I could possibly obtain financing for RE investing? I am new to this and Deans teachings. Just came out of a long marriage and my credit is shot. However, I am working on restoring my credit but this will take time. Time that I do not want to have to waite for in order to get started in investing. I am excited and want to keep the learning and momentum going. Any input will be greatly appreciated. Thanks, Bill

don't run from your debt! Cause you can't! Negotiate credit cards, auto loans, misc. loans, past due rents (previous landlords) and even your home loan. Check the collectors that you're getting letters from, make sure they are legit. You can call the lender or credit card company you had a card with and find out who (collector) is handling your account, if the they have sent it out of house to a collection agency to collect the debt. If the debt is 7 years old, don't dispute unless it's not yours (identity fraud) because you will make a old debt that was probably discharge by the lender/CC a new debt all over again even though it appears on your credit card. If you've had family members use your identity to obtain a cell phone, land line phone or whatever else without your permission, it's thief, plain and simple. Have them pay those debts (even if you have to take them to small claims court).

I have Bad Credit but one thing I do know its not Impossible to get Bad marks Or History off your Credit I did this once with my Cellphone which I paid off in Full which was $500.00 .

1. Pay the debt off in Full & ask the creditor(s) for papers that state you've paid in Full.

2. gather all paperwork including your Banking statement & a Copy of the Check or Money that you sent to the creditor.

3. write A Letter to all 3 Major Credit Agents explaining what your wanting & why & include this letter with your Packet which should be in 3 Folders for each Agency .

4. Once you've got all your Papers & Documents needed , make copies of all paperwork ,put them in 3 Folders for 3 Different Agencies . & mail them off to your Credit Agencies.

5. Keep your Original documents & Letter as your Back up just in case it gets lost in the mail or something you'll have Back up.

6. with my Cellphone it only toke them 6 months to mail me a letter stating that they had token the T-Mobile cellphone debt off my credit & sent me A credit report showing my new History & that it was token off .

I havn't done my Bigger debts "Credit Cards" like this yet but once I have I'll try this again with the Bigger debts & see if it works once again.

This proves that you can get your own Bad Credit marks off yourself & not fool around with Fake, Scams online that say they can do it for you Cause they are lying , Plus It cost me nothing for A few Dollars to mail my Documents & letters by FedEx to the Agencies .

I've been thinking about helping others with getting their credit back straight without been burned by scammers.

If your asking is this easy it can be if The Creditors are welling to help you & send you Official statements that you've paid them in full , & most likely you'll have no issues at getting A Offlicial Statement letter .