lacashman 0 Report post Posted July 3, 2004 Small local banks can be great sources for funds on non conforming deals. But they only lend in very small areas and have limited funds. Most big banks try to stay with conforming stuff. This way the computer says that it ok and no one has to put their own butt on the line. Big buracrase at its finest. Mid size banks are often flexible but lend in a larger area. Flexible ones are hard to find since they normally don't advertise that they do the odd ball stuff. I know of one bank like this that is basiclly a hard money lender. I just about fell over when I found out that they were a bank. So don't give up on banks just besure to check behind the closed door marked do not enter. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted July 3, 2004 What would you say is the lowest credit score a person could go into a bank and ask for a loan to purchase real estate?Oh, my kids hate me for this but it is Saturday and I am at work. the lowest credit score to walk in a bank well it depends do you handle rejection well. You can walk in with 000 and ask . sorry you got some good answers so, what the heck I thought I would lighten the mood. Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted July 5, 2004 Hey Tony Buddy, Did you know that there are lenders out there that do 'no scores'?? It may not be as bad as you think! Countrywide and Webster Bank have no score programs. They will use cancelled rent checks, cell phone bills, car payments, gas cards, dept. store cards, etc and build a credit score. I've been told it's between 640 and 680 if there are no late payments or derogatory history on these. I did this for one of my former clients. From what I've seen so far, it is better to have no score than to have low scores. With no score, they are willing to trust you when you get started but with low 500 and 400 FICO scores, your history to them. Lacashman, maybe you know of banks that will do this? Tony, you could inquire at your local bank...it never hurts to ask. Just a thought. Andrew Share this post Link to post Share on other sites
mlantz7 0 Report post Posted July 5, 2004 I have a question on this. My credit has been great except for a loan I cosigned for someone that was 30days late about 5 times. This obviously hurt my score. It has been current for 5 months now, so my score has started rising again. What I am wondering is how much this will affect my possibility of new loans/rates. My current score is 630 and rising. Thanks, Mike (UT) Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted July 5, 2004 Hi Mike, First off, I should mention that I will do some more research into this as I dont really know off-hand. My first thought is to ask you whether the late payments have been brought up to current. It appears that it has. Next, assuming it has been taken care of, can you verify this with a paper source? i.e. a receipt or letter from the creditor? Are you still a cosigner on this note? Is there any way you can get off of it? If you can prove that the late payment has been settled you should be able to increase that score. A 630 is not bad and you can still get some decent rates and terms with that score, even 100% financing. Of course, a 680+ would be better but at least your in the target range for lenders. Hope this helps. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted July 6, 2004 Tony, you could inquire at your local bank...it never hurts to ask. Just a thought.Andrew,I was just being a smart a$$, my mid score is 756....so I am golden....But I did pull out a couple of old credit cards blue off the dust (Sears and JC Pennies) and cancelled them. Does this help your score, I had heard it raised it like 3-5 points? JCP was so old it didn't have a phone number on it. Anyway, it was easier to get them, then it was to cancel them Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted July 7, 2004 Tony, Indeed you are a smart a$$!! I was wondering where all that oil was going and why the gas prices were going up.....now I know! That's a good question: Cancelling or closing an account should raise it by at least 10 points. I'm currently working with a couple trying to go from a 672 to 680 score and we are doing this by having them show proof of a $300 credit card payment that was included in a BK a few yrs ago. I'll let you know when I find out more about this. Andrew Share this post Link to post Share on other sites
Golflover 0 Report post Posted July 9, 2004 Andrew, I just checked my credit and I had two drop from my report that i put in for a dispute. Will that raise my score and by how much? Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted July 17, 2004 Golflover, My sincerest apologies for getting back to you on this one. I just realized this when I read 'grannygurus' latest post. To your question, I dont really know because it depends on how long the dispute has been going on and also how much was being disputed. My educated guess is that it should go up at least a minimum of 20 points and a maximum of 50 but again, please understand that I'm taking a guess here. After the 10th of August, you could try pulling your own reports online and seeing if the scores were raised. I've been told that the scores are updated around the first part of the month and as a general rule, on or after the 10th of each month is a good time to pull a credit report. Keep us posted on how this turns out as I would be interested in knowing myself. Best to you, Andrew Share this post Link to post Share on other sites
lacashman 0 Report post Posted July 17, 2004 Andrew, I knew of one lender who had a great "no score" program. I will have to look and see if I still have the info on them. I used it for immigrants who were legal but had no score. It had LTV's up to 100% but the rates were better with 10% down. If I remember correctly rates were not bad usually 1/2 to 3/4% higher deepending upon LTV. So yes this was a lot better than less than perfect credit. Share this post Link to post Share on other sites
Golflover 0 Report post Posted July 19, 2004 Andrew, You wont believe this!!! Those two that were taken off of my credit report are now back on!!! What the @#%#??? This is the 2nd or 3rd time they have been added and deleted in the past month. Now, heres the kicker...i found out that two other older ones have been deleted. This is insane that they can add or delete stuff to your report at the drop of a hat. Does anyone else know what other action i can take to get this deleted once and for all? I put in another dispute, but experian wouldnt let it go through saying they have already checked on it Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted July 19, 2004 Hey Golflover, I have heard of such things but never knew anything until now with your situation. If you are applying for a loan, I would suggest submitting letters from the creditors dismissing or forgiving the debt or credit issues to both lender and bureaus. Photo copy them - one for lender, one for your records and one for each of the three bureaus. Keep good records of all the notices and letters you sent. Keep pursuing the bureaus to get this taken care of. I dont know what to say about them re-issuing the disputes/issues. Perhaps you can send in a copy of their letter with one of yours showing that the issue has been corrected and firmly but politely asking it to be removed. Keep pursuing the lenders and the credit bureaus. If you have proof in writing from the creditors, then getting them removed should not be a problem. I dont know what else to say at this moment other than to be relentless in your pursuit of cleaner credit. Best to you and let us know if we can help in some way. Andrew Share this post Link to post Share on other sites
