Posted by keith hutson on August 22, 2003 at 21:55:09:

Yes, I just went through this with a mortgage lender, a cross between a standard lender and hard lender. They will finance but you have to jump through hoops. Even if the score is a little better they still want explanations sometimes even wanting to see if you can get some of the items fixed first.
Keith Hutson


Posted by Tony on August 21, 2003 at 24:20:09:

I know that everyone that has bad credit will be blessed to read this. It?s helped me more than I can say in one posting. And I?m posting it on this forum because it will not only get out to a lot of people but also it open a lot of door?s for a lot of people that would normally be shut tight.
For some reason no ones talking about this, and as a matter of fact I cant find it any were on the web. It?s a funny thing how I found out about it. See I?ve had horrible credit from being very irresponsible as a young adult. And Evan though I messed up young it still continued to hurt me as I got older and Evan more so as when I became married. I don?t have to say that we didn?t have the best start. Anybody that has horrible credit knows how hard it is to even get a descent apartment or anything decent fore that matter. But anyway I began the process of cleaning out the skeletons in my credit file. And had great success doing so. But I started to loose patients with a few negatives that were just not coming off. And I was worried that our car was going to give up the ghost before those bad remarks were removed. So my reinvestigation came back for the last time and they were still there so I had no choice but to go to my credit union and ask fore a loan and pray they said yes. But here?s were the magic comes in, 2 days before I went to the bank I had my Equifax report reinvestigated. So the bank pulls my credit and guess what happened to my surprise, yep! not one negative remark. I didn?t understand it at first, but the more I thought about it the more it started to make sense. And it was confirmed when A few months had past by I was listening to one of my favorite talk radio show host Clark Howard. He had a top gun from one of the major credit bureau on and they said that when an item is in dispute that its completely taken off of your file fore a period of time (around 25 days).
So heres the conclusion to this. I?m not saying its right or wrong, if you choose to use this smoke and mirrors technique it?s a question you have to ask yourself. Is it illegal? Absolutely not, but is it right is up fore debate. But ill tell you what?s not right, these bureau’s taking our most private information and selling it as a profit. And sometimes that most private info may or may not be yours. And one more thing, ever sense I?ve figured out this credit game I?ve never had a bank say no. Email me and I?ll and tell you how I took that fico score and put it on steroids. And don?t worry, I?m not selling any thing I?m just like you guys, I?ll share every thing I know because I don?t wont anybody to be were I was.

Re: BAD CREDIT,THAN READ THIS!! - Posted by Clair-MO

Posted by Clair-MO on August 25, 2003 at 17:34:13:

Tony, What works for you might work for others but who knows unless someone tries it. I have bad credit but it doesn’t stop me from buying and selling properties. I heard this slogan somewhere I don’t recall where it was but it went something like this “Try it! You might like it!!!” What works for one person might not work for another person if that person doesn’t try it. Get my point, folks. No need revert to name calling because you don’t agree with someone also no need to take what is said in this forum as a personal attack against you, my friend. Right here are many good investors in this forum who have helped many beginners in their real estate investing careers. I know you were only trying to be of help to those of us who have bad credit and I personally appreciate what you wrote and consider it a temporary help to restore or improving your credit standing. Thank you for posting your comments, Tony!

Re: BAD CREDIT,THAN READ THIS!! - Posted by BobJ (Md)

Posted by BobJ (Md) on August 22, 2003 at 15:28:28:

From one who’s been there: Two things are needed to clean up your credit score. (1) Pay your old debts and then (2) time will increase your score. You must also be careful about taking on new debt so that you don’t re-dig the same hole you just climbed out of.

Also, you should fight to get any incorrect stuff removed. Sometimes, simply contesting the classification or coding of a debt can get it changed, and that will cause the score to go up. For example, a debt shown as a write-off is worse than a collection, which is worse than a slow pay. Even if you pay the stupid thing off, the way it’s coded can have adverse impacts on your score.

If you get the garbage off and pay the debts you owe, your score will start to improve in a couple or three months. It’ll get a lot better in two years, and then will keep going up from there. Some credit-repair “gurus” (i.e. people who want your money) point out that you can increase your credit score (albeit temporarily) by contesting everything - even the correct entries. I don’t buy that because the lenders can see that it’s contested. If the lister doesn’t respond within 30 days, by law they have to remove the entry. That can help to increase your score, but don’t count on it happening. I would think that showing a bunch of contested-and-verified entries would be more of a red flag than just paying the debt and telling the lender that you’re in the process of cleaning up your act.

BobJ (Md)


Posted by Gib on August 21, 2003 at 18:49:45:

Disputing negative items on your credit report will temporarily boost your scores, but the disputed items will still show up on your report. If you use a score based lender this helps, but if you are trying to get a mortgage it won’t do you much good.


Re: BAD CREDIT,THAN READ THIS!! - Posted by Jorge

Posted by Jorge on August 21, 2003 at 01:06:36:

ok, Just tell us all here “how you took your fico score and put it on steroids” so that we can all learn, instead of doing it via email… who knows maybe they might put it in the articles forum or something… but let us know…


Re: BAD CREDIT,THAN READ THIS!! - Posted by carl

Posted by carl on August 23, 2003 at 09:53:18:

Who say’s that it goes off you report while you dispute it, your on crack. It stays there. Don’t beieve me dispute some tradelines then pull your report.The most it will say is “in dispute” but I"ve never seen that wording

Re: BAD CREDIT,THAN READ THIS!! - Posted by Tony

Posted by Tony on August 21, 2003 at 23:46:13:

Unfortunately Gib doesn?t know what?s he?s talking about. He probably means well, but still doesn?t know what he?s saying. Not only can you get a mortgage but what ever else you so desire. Because A mortgage company will pull your credit the same as Visa, MasterCard or a insurance company. As long as your score and your income to debt ratio allows it you?ll have what ever you ask for as long as they can?t see what?s really inside that rats nest we call our credit file. But don?t take my word for it, try it yourself. God bless,

You poor misguided… - Posted by Gib

Posted by Gib on August 22, 2003 at 18:03:46:

You sir are full of crap. A manual pull of a credit report will show all entries. According to the FCRA all items disputed must be marked so. Try getting a mortgage with an open collection (disputed or not) on your credit report.

Just because your scores are temporarily inflated while disputes are going on will not stop an underwriter from seeing the negative entries.