How Hard Would It Be...
Due to lack of financial education I have made plenty of mistakes when I was younger, and paying for it dearly now.
My credit score is a terrible 570 and I am wondering if there is a chance of me getting a loan for a property I am interested in.
I am 30 years old and owner of a 2 year old sucessful business in the Personal Computer Entertainment industry. I have about $70,000 worth of computer equipment I can use as collateral.
Is there anybody out there that might be able to help me? Please see my profile for my contact information.
Thank you.
hi fugazi!
this seems to be an affliction to many of us, whether past or present....
1. Have you tried the Lenders link above? I got a response next day...(admittedly, my score is mid 600 though)
2. Have you tried the Credit Repair / Debt Payoff / Living Below Your Means forum?? I know there is a lot of help for resolving credit issues....
3. try Equifax...(to repair your credit)
I know "fixing" your credit is a pain... But, in this day & age, an ABSOLUTE necessity... So, you should start now!!! Run, don't walk...
In the meantime, wouldn't hurt to try a few lenders... Oh! Maybe try the "hard money" links throughout this site...
Wish you the best!!
Sorry... Just found the Article by Rocky -> All you ever wanted to know about FICO... Good Article!
www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=334[ Edited by jchester on Date 08/23/2003 ]
Hi Fugazi, how are you?
I am a Mortgage Loan Consultant and new Investor in San Jose, CA (so if you live in CA I can definitely help you).
Okay, so a 570 score is no great thing but it also isn't the end of the world. You can get financing and you may not have to go hard money - there are still plenty of 'sub-prime' loan programs out there for Borrowers with scores as low as 500.
What Jchester said is true - building your credit is something you will want to do - and one of the ways you can do that is to find a Broker who knows sub-prime lending guidelines and programs, get a loan, make all of your payments on time for at least 1 year (preferrably 2) and your scores will inevitably rise.
Hope that helps. If you live in CA, contact me (see my profile) if you still need help.