I will start this post with a few things, bear with me it will be long and detailed.
Yesterday I sent off 2 dispute letters for Transunion, and Equifax. I will eagerly await the response to see what happens.
I watched the Empowering Conversations DVD with Jeremy Roberts on credit repair. AMAZING!! I learned a few things that deffinently made it worth while for $40 a month!!!!
Okay so lets get this started. First things first YOUR CREDIT SCORE DOES NOT MATTER when it comes to getting a loan. Your credit REPORT and even MORE IMPORTANT is your character, deal, supporting documents, proffesionalism, and bank of educated choice is what gets you a loan.
It is true that the better your score and report the easier the loan process, but NOT IMPOSSIBLE.
Here is my true story deal. Whatch Deans Succes stories, search for Jake Greer and wtch my 2 minute video.
So now I will start. On october 9th,, 2009 I closed on my first buy and hold deal with a transunion credit score of 585 that I checked on September 14th. How do you ask? Well I will tell you. A little shocker right now, September 19th, 2009 I punched out of work at 7AM after having been awake for 26 hours. I met the business lending manager of a local CREDIT UNION. I came in with a business plan, supporting documents, purchase agreement for the property, and a great attitude of respect for the banker meeting me an hour before the credit union opened.
He pulled my score and report and had 2 discrepencies, first his score for me was 635, and my student loan on his report was "paying as agreed" and $175 late?
UNDERSTAND THIS RIGHT NOW, NO ONE IS PERFECT, NOT EVEN THE CREDIT REPORTING AGENCIES. We verified that the Student loan account was "paying as agreed" and not Late.
The 635 credit score? A 50 point difference? How is this possible?
The bank has their own method of computing the credit score for their use. By the way, and write this DOWN, Credit Union In House Loans do not use a credit score to determine a yes or a no for a loan. Double check with your bank or credit union regarding In house Loans.
So fast forward one hour with the Lending Manager. I have told him every possible red flag I know that I have that I think could stop the loan application process. HONESTY is the ONLY policy!!!!!
This Lending Manager was AWESOME!!! He was very respectful, never treated me with disrespect because of my score or report, and was very helpful in all of the information he provided me with regarding the loan process, application, credit reporting issues, and excellent genreal knowledge that he showed towards sound financial practices with investment properties.
In a NUTSHELL I had a 585 credit score personal, and 635 credit union score. I got the loan. If you want aymore information on this send me a PM.
So now I am onto Credit Improvement. I will make a second post with how I went about this and all the details of my report, very interesting things.
Quad City Real Estate Investors Association
Here is the proof of getting a loan to buy a deal with a 585 Credit Score.
Look me up on Facebook, put in a message when Friend Requesting or be denied. http://www.facebook.com/people/James-Greer/100000908311950