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Andrew Ikeda

Credit and Lease Options

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Hello Everyone:

 

I need some advice on credit when doing a lease option. I read that an investor needs to be able to prove to the seller that they have good credit. Some how, some way, I must have gotten things mixed up because I thought that with creative r.e. investing, credit wasnt required.

In my case, I had a Sears card which was converted into a mastercard about 3 months ago. About two weeks ago, I got a discover card and am now working on building credit again (had a bankruptcy in 1994). My sister pays my balances every month and as far as I know, they have all been made on time.

As I see, there are three credit reporting agencies...should I get reports from all three or will one be satisfactory?

So how long of a credit history will suffice? Will just small purchases also be satisfactory or do I need to show rental history also? (I've been teaching english in Korea for the last 5 years now and the rent has been covered by the schools I work for).

Any and all advice would be most gratefully appreciated.

 

Sincerely,

 

Andrew

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An investor may need to show he/she has good credit. Truth is, I have been asked by only two or three homeowners for a look at my credit history. That's two or three out of maybe two hundred deals. So, it may never come up.

That aside, good credit is still something to strive for because it will certainly make your life easier when the issue does arise.

You are correct. There are three major credit reporting agencies and, yes, each can and will have different information about you. You'd be wise to view all three agencies reports and then proceed to make the necessary corrections, assuming there are errors.

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