If I have a 740 and my roommate has a 640, will we be approved? We%26#039;ll need both of our incomes to qualify.
That%26#039;s fine. There is no score limit. It%26#039;s just having good credit. No deliquencies or huge outstanding loans.
Credit scores aren%26#039;t generally checked for rentals. You%26#039;re more likely to need references and proof of income.
This is what I do for a living.
And the real answer is you do not even have to have a score.
I have lenders that will approve people with no scores as long as they have been on their job and at their residence for over 1-year and have no derogatory credit and $1,000.00 for a down payment.
Now if you are wondering about getting the best rate? Chrysler requires a 680 score to get their best rates.
What price range car are you looking at? and do you have a down payment?
You may be able to qualify if your CS is as low as the low 600%26#039;s, but you%26#039;ll need a down payment. Keep in mind interest rates rise in proportion to your credit score.
if you pay at least 20% down on a car thats at least 10k then a credit score of 520 or better is all you need
you will of course be charge an outrageous amount of interest but thats the price you pay for beginning credit. once you have that paid off then your credit will be established and your interest rates will plummet and you will be able to buy any car you want
Through credit repair......with any luck maybe you can reach 800! Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters閳ユ敄his is the key閳?.people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
Wow, that%26#039;s a great score. Congrats. You can%26#039;t remove them. Negative items stay on your report for seven years, then they are removed automatically.
go to the credit agency that has the negative items on them and dispute them. they will let the companies know that you have a problem with the negative items on your report and let you know my mail or email if successful
You can%26#039;t. You%26#039;ll have to wait for them to expire.
Also, if you get some joker named STUDLY answering your questions, you%26#039;d be better off blocking the idiot. He blows people off, judges them and answer a lot of questions incorrectly just to get top contributor status.
You can write to the credit bureaus that have the negative items and dispute them or you can do it on line. They have 30-days to prove that the items are true or they must remove them.
If the items are true, they will not be removed for 7-years.
I need to know this for renting purposes.
It depends on the landlord. Generally at least 620 at the nicer places...
I have rented loads of houses and apartments, and NEVER has a landlord looked up my credit score!
Generally 550 or better. lower then 600 is considered only %26quot;fair%26quot; but they usually will accept that with a security dep. of soem sort if not more then is required. It also depends where you are renting from...
Landlords are not really looking at your credit score, but on your payment history, especially if you are applying to a high-end apartment. If you have a history of paying late or not paying at all or many collections on your credi (especially from previous landlords or utilities)t, then this could be a big gamble for the landlord to take.
Marks such as those on your credit score can be a indicator that you will not pay your rent on time either. Before you fill out the rental application and pay the fee, pull up your own credit report and see whats on there. If you have anything within the last 3 years that is delinquent, not paid, any bankruptcies-7 or 13, or collection activity against you, then you should be prepared to explain on the application why those are on there and state that you are willing to perhaps pay a bigger security deposit. Listing your credit delinquencies on the application shows that you are aware of your credit and you are working on the past due accounts. Otherwise, you might also have to accept having your application rejected altogether.
GL-
MA
ask for his total income
see how much money he has on his credit cards
or morgate
or carloan
he / she should be making 2 times X rent extra after paying credit cards so that he will pay rent on regular basis.
At least 550, but what they are really looking at is your payment history. If you have a history of paying things late, collections from other property management companies or judgments they may require a large deposit.
help please.
between minimum 1 year to 2.5 years
There is no set time. It may never reach 800.
Just keep paying your bills on time and it will go up.
that might be tough. but if you increase your income and decrease your debt obligations, you could make it sooner than you think.
point: better to have 1 $200 debt account, than 2 $100 debt accounts.
The day you make your last payment on a $600,000 house loan and actually own it,m then your score should be 830.
Credit scores are a very complex statistical model of credit use ratios, credit limits, payment history, the number of accounts, how long accounts have been open, and types of accounts. There is no set time but there are a number of strategies you can use besides the obvious of just paying on time..
For example:
If you have several credit card accounts and you carry a balance keep the balances as low as possible as a ratio compared to the limits. Utilization ratios make a difference. Do not combine all the accounts into one and close all the other accounts. 1 account with a $3000 balance and $4000 credit limit is a 75% utilization rate. On the other hand 3 accounts with a $1000 balance each and a $4000 limit each is a lower, much more favorable 25% utilization rate. If a company raises your limit, be happy but disciplined, if you dont spend more you improve your utilization ratio.
Avoid having numerous department store type accounts, too many of them will keep your score low. If you dont have any now, having 1 wouldnt hurt. But if its only say a $300 limit, pay it off each month or keep the balance less than $100.
Other suggestions I would make would be based specifically on what accounts you currently have and how long you have them. If you close any accounts keep the ones you%26#039;ve had the longest.
Hope this helps somewhat
Actually depending on how many open tradelines you have, you can get your fico score up close to 800.
What actions will hurt the score:
~ Missing payments (regardless of $ amounts...it will take 24 months to restore credit with one late pay)
~ Credit cards at capacity (maxing out cards)
~ Closing credit cards out (this lowers available capacity)
~ Shopping for credit excessively
~ Opening up numerous trade accounts in a short time period
~ Having more revolving loans in relation to installment loans
~ Borrowing from finance companies
What Improves the score:
~ Pay down credit cards
~ Do not close credit cards because capacity will decrease
~ Continue to make payments on time (older late pays will become less significant with time)
~ Slow down on opening new accounts
~ Acquire a solid credit of history with years of experience
~ Move revolving debt into installment debt
I help people restore their credit and educate them on increasing their fico scores. It%26#039;s not magic and doesn%26#039;t happen overnight. But, it doesn%26#039;t have to take as long as most people seem to think.
You can email me if you like, and I%26#039;d be happy to speak with you!
Good luck to you!
Raising a fund of 800 will not be a problem when the market is filled with bad credit loan lenders. They offer good interests and you may find them online.
http://loan-guides.net
So heres the skinny i make about $34k a year, my FICO is at 610 as of this morning, and i have no money for a down payment so would need 100% financing... I am looking to invest into multi unit properties, the properties i am looking to purchase are 3-4 units and are no more then $125k per building...
Here are my questions... Are there banks that will finance me? and if so where because i am not having any luck finding them...
I would like to start investing and buying a place every 4-6 months or so, is it possible to get into investing into multi unit buildings if you have no money down? Say i have bought my forst building with no money down, will i be able to get financed for a second, thirds, fourth, etc with no money down?
Also does it make sence to start a LLC or some kind of small business and buy the buildings using the business instead of my personal info? what are the advantages/disadvantages?
Thanks!!
Not likely. Non owner occupied investment properties usually require 20% or more down. And that 610 FICO isn%26#039;t very attractive either.
There are probably %26quot;fringe%26quot; lenders who will take you on, but the interest rates are going to be VERY high. Do a detailed cash flow analysis on the property and financing and see if it will generate enough $$$ each month to cover the payments and other expenses, i.e. taxes, insurance, utilities, maintenance %26amp; repairs, and vacancy costs.
An LLC without a credit history (D%26amp;B rating) will need a personal guarantor. Same concept as a cosigner -- and that will be you. Your credit worthiness will decide, not the LLC%26#039;s, and 610 isn%26#039;t the territory that investment banks are looking for.
Probably the only realistic way in at this point is to search out properties with assumable mortgages that the owner wants out of for the mortgage balance alone. Most of the time properties such as this are in rough condition and won%26#039;t generate enough cash flow to sustain themselves -- that%26#039;s why the owner wants out. But you could get lucky and run into a landlord why just wants out for other reasons -- health, bad tenants, whatever -- and be able to pull a viable deal together.
if you have over a 580 credit score many places will give you 100% financing on a mortgage........credit score is only half the battle.....your monthly debt ratio is the other half. you need to have a monthly debt ratio normally under 50% you only need to use the debt that appears on your credit report. like car loans, other loans, mortgage payments...things like that. add all of those up and if they are less than half of your gross monthly pay you are in business. if you buying investment properties, you probably won%26#039;t find someone to do 100% financing, maybe 90% is the best you will find......so you may need 10% down.......also even if you did 100% financing, you still need to have money for closing costs which can not be financed.........you can also ask the seller to assist you in paying closing costs which is a huge help.........hope this helps
Right now you are in over your head. Multis in your price range nee a LOT of work. Can you afford that? The best way to generate income is with 4 Units per bldg. or more. More than 4 Units is considered Commercial nad the requirements for Comm. loans are different esp. since you have no experience with rentals. Find a GOOD advisor and pick their brains. Someone who has done this successfully. Not some jerk just guessing.
sure you can .The interest rates will be in the higher fives and lower sixes .write to me at kishaloy_bhowmick@yahoo.com and i will provide you the detailed information.
Your credit score is good one!!!!!!!
regards,
kish
little know company called NACA - www.naca.com - they will fix your credit and give you debt counseling for free and then set you up a with a good loan and good interest rate - and they offer up to a 100% financing. I%26#039;ve heard about it from other people and they were very happy with it - but it depends on where you live if the program if offered. - check it out! :) Good luck.
Doe%26#039;s any one know if its posible to negotiate debt with debt holders so that a debt can be completely cleared up.
Most creditors are willing to work out a payment plan with you rather than reposess or foreclose. It is cheaper for them to work it out with you, then to foreclose. Smaller companies are harder to deal with since they will generally pass it on to a collection agency since they may not have the resources to work out a payment plan. Whatever you do, do not ignore them. It reflects better on you if you go to them first, and they are usually more willing to work things out if they know what is coming, and they have programs for most situations, such as deferring interest on a mortgage loan, or lowering the minimum payment.
Sure. You can always negotiate debt, but do it directly with the company you owe money to. This way you can give them an offer and they can choose to settle for that amount.
