Posted by John Corey on May 19, 2006 at 05:27:41:
A person with a bad credit score is assumed to be someone who can not be trusted to keep their bills up to date. This is a judgment that comes from the individuals track records. Hence a pretty strong indicator about the future for many folks.
So, stop trying to obtain a loan. At least stop long enough to think about ways to control property without obtaining a loan in your name.
Search for articles and posts on ‘subject-to’, ‘lease/option’, ‘hard money’, ‘options’ and ‘seller financing’. All three will let you make a bet on the properties future value without actually approaching a traditional lender. You can also partner with someone who supplies the funding (either they have cash or they can obtain a loan).
Getting back to obtaining a loan with bad credit. You do not need great credit. Hence there might be lenders that will work with you now. Or you can find a way to pay off some of the bills and raise your credit score.