credit score criteria for qualifying - Posted by So Cal Don
Posted by So Cal Don on September 07, 2003 at 01:55:26:
I’m a newcomer to this wonderful board and am busy rebuilding my credit. My business went south when CA state froze its funding and canceled 2 pending contracts after 9/11. My fault because I put all my eggs in one basket. I had to run my business and personal on credit cards. It reached 45k but is now about 14k.
My wife has good credit and we want to use hers to buy Fannie Mae properties to flip. Can we use hers alone or will they want to see mine too? We don’t know her score (we’re getting it) but it has 13 good marks and 0 bad. How bad are numerous inquiries to the score? Does salary affect the score? She is a full-time student and part-time worker.
My credit used to be well over 700, and its now about 570.
Since I own my own corp, will it help my qualifying to just start paying myself a lot, or will they go by last 2 years where I paid myself little? Are we better off putting her on the payroll?
I am a beginning investor but am very motivated. I would apprecitate any input.