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Mister Info

Advice

  • (24 Contributions,
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Can you use land instead of money for a downpayment for a mortgage?

I have a friend that is looking to purchase a commercial building in NJ for $1.2 million. He is trying to see if he can leverage 30 acres of undeveloped land that he owns in NC which was recently appraised at around $450k. He has great credit FICO of 750+, six figure or close to it income and the land in unencumbered. He is trying to do it with no money out of his pocket by using the land as the downpayment. If anyone knows of a way this can be done please contact me asap. Thanks

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How quickly can a credit score be improved? 4 months, 6 months, a year?

Answer

All the answers contributed are spot on. How fast it can happen is the million dollar question :) It totally depends on a multitude of variables and no (2) situations are the same. I've been fortunate enough to always have good credit but my sister was in another boat not long ago. She was able to raise her score from the low 500's to upper 600's in 4-5 months using this credit repair company [content removed by moderator for being self-promotional]Most credit repair activities you can do yourself if you're a very organized and diligent individual. But if you know your weaknesses lie in those areas simply fork over a couple hundred bucks and let the pro's help you get to where you need to be. Credit is just too important to sit back and play with.

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Bad Credit Solutions...

Answer

Being that you are relatively close to the mark your best bet is to simply work on repairing your credit yourself, if you are diligent enough, organized and have the time and energy to research and execute. If not then I recommend you hire a credit repair professional to do it for you. I've been fortunate enough to have good credit but my sister was in the same predicament not long ago. She used this company [content removed by moderator for being self-promotional] and was able to raise her score from 550 to over 670 in about 4-5 months.

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I have a good credit score of 780 and my wife doesn't have any credit score

Response

Sounds like you have a solid enough credit profile and income to qualify for the new loan on your own. Another option if you have enough time (approximately 3-5 months) is have your spouse build a solid credit profile. You can do this quickly using the methods outlined below.1.) The #1 easiest and fastest way to increase her score is to add her onto all your credit cards as an authorized user. She will likely see the largest jumps in her score occur from this2.) Have her apply for a secured credit card. 3.) Go out and make purchases on the card but make sure the total balance on the card always stays below 30% of the total credit limit.4.) Make sure you pay monthly payments on the card, not the full balance on time and consistently.5.) Go apply for store charge cards like target, banana republic, macy's etc.. Pay all on time using the same formula as above6.) After her score gets into the high 500's apply for a bad credit, high interest unsecured card. After doing this you'll likely be able to get her above a 620 and be in position to move forward with the joint account loan. If all this seems a bit intimidating then I recommend getting the help of a reputable credit repair professional. My sister used this company [content removed by moderator for being self-promotional]  last year who helped her implement similar strategies and was able to get her score from the low 500's to the upper 600's within months.

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Is there any lenders that will consider lending to someone with a credit score below 620?

Answer

As mentioned by others within this post, it's possible to get a loan with a score slightly south of a 620 but the requirements are ridiculously stringent. So I'll repeat my age old advice. I recommend cleaning up your credit before applying for any loan. So many people make the mistake of dedicating so much time and energy into finding someone that will approve a loan for their current bad credit situation instead of using the same time, energy to simply raising their scores. It's easier than you think when using a reputable credit repair agency. My sister worked with a great company [content removed by moderator for being self-promotional] who helped raise her score from the low 5's to the upper 6's within months. The expense required to clean up your scores with a reputable company usually falls in the $500 - $800  while the expense of a bad credit loan interest rates will cost you 10's of THOUSANDS of dollars. You do the math.

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I have bad credit I need a loan my score is 587 who can help

Answer

Most mortgage lenders will require a minimum of a 620 fico score. And you are not very far away from the mark. I'll repeat my advice from another post here. I recommend cleaning up your credit before applying for any loan. So many people make the mistake of dedicating so much time and energy into finding someone that will approve a loan for their current bad credit situation instead of using the same time, energy to simply raising their scores. It's easier than you think when using a reputable credit repair agency. My sister worked with a great company [content removed by moderator for being self-promotional] who helped raise her score from the low 5's to the upper 6's within 4-5 months. The expense required to clean up your scores is usually $500 - $800  while the expense of a bad credit loan interest rates will cost you 10's of THOUSANDS of dollars. You do the math.

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Can I get a loan with a 600 beacon score?

Answer

It's possible as mentioned by other members in this post but depends on a whole lot of variables so I'll repeat my comments from a previous post. At the end of the day I recommend cleaning up your credit before applying for a bad credit mortgage loan. So many people make the mistake of dedicating so much time and energy into finding someone that will approve a loan for their current bad credit situation instead of using the same time, energy to simply raising their scores. It's easier than you think when using a reputable credit repair agency. My sister worked with a great company [self-promotional post, removed by moderator] who helped raise her score from the low 5's to the upper 6's within 4-5 months. The expense required to clean up your scores is usually $500 - $800  while the expense of a bad credit loan interest rates will cost you 10's of THOUSANDS of dollars. You do the math.

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I have bad credit... I am interested in a nice condo that is bank owned for $49k. is there hope?

Answer

It depends on how bad your credit is. You'll need at minimum of a 620 to get a mortgage nowadays but I'll repeat my remarks from another posting. At the end of the day I recommend cleaning up your credit before applying for a mortgage. So many people make the mistake of dedicating so much time and energy into finding someone that will approve a loan for their current bad credit situation instead of using the same time, energy to simply raising their scores. It's easier than you think when using a reputable credit repair agency. My sister worked with a great company [self-promotional post, removed by moderator] who helped raise her score from the low 5's to the upper 6's within 4-5 months. The expense required to clean up your scores is usually $500 - $800  while the expense of a bad credit loan interest rates will cost you 10's of THOUSANDS of dollars. You do the math.

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Save $ for more down or use it to pay down credit cards? Score now is 705. Will higher matter much?

Answer

This is a tough question and I don't think anybody on here can give you 100% accurate advice without having more details. The fluctuation in fico scores are dependent on sooo many variables. But some additional info that would help give you more pinpointed advice would include1.) The balances on the credit cards 2.) The credit limit on each of the credit cards3.) The interest rates on the credit cardsThe bad news is that the higher your fico score the harder it is to get large sweeping upward jumps. Secondly if you are using more than 30% of the total credit limit on those cards then it may be hard to see upward movement without paying them down. But the good news is that if your issue is really boiling down to a credit to debt ratio, then the key to your problems may to simply add more credit lines to your report which will raise your score without having to pay any more money against the outstanding credit card balances. My sister worked with this company [self-promotional post, removed by moderator] and they did an outstanding job getting her over $50k of primary revolving credit lines on her report which shot her scores through the roof. You have a tricky situation so a bit of research, lots of calculations and high level strategy will be required to help you make the best financial decision.

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