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Credit Score in Brooklyn : Real Estate Advice

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Activity 12
Tue Nov 24, 2015
Roei PAZ answered:
unfortunately no. but i know that you can use a insurance company that will cover you up as your Guarantor for a premium.
0 votes 4 answers Share Flag
Tue Nov 24, 2015
Bill Burress answered:
Seek the advice of a credit repair specialist. Do not go it alone. The algorithms used by the credit agencies are too complex and forever moving. Loan officers don't always have the answers either because they are typically not paid to do credit repair. Logic does not always prevail when trying to establish credit. For instance paying off old collections, closing credit card you aren't using or paying off some old judgments all may actually lower your credit scores. Seek the advice from professionals who assist in helping people improve their credit every day. ... more
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Thu Jan 23, 2014
Trevor Curran answered:
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140


*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
1 vote 9 answers Share Flag
Mon Dec 16, 2013
Jessica Bateman answered:
Depends on what your definition of bad is.. FHA allows lenders to lend to borrowers with a 580 or higher credit score. I would recommend The Lenders Network, they will not only be able to match you with a lender that best fits your situation. They do work with lenders that offer loans with low credit scores too so I think that would be the place to start! Hope this helps! ... more
0 votes 3 answers Share Flag
Thu Oct 3, 2013
Kathryn Lilly answered:
Hello;
I have heard many people say that they have bad credit & a low credit score and then when their credit is run it is for minor issues, or that they do not have any credit.
Many landlords want to run a tenants credit for other reasons other than if you have good credit, many people have great credit but they are living pay check to pay check because they a living on a tight rope above their means, they owe so much money, that they could not afford the rent.
First do not try renting an apartment to the full amount that you feel you can afford with your "big raise". Start saving and pay off your credit issues. Landlords want tenants that can comfortably afford to pay their rent, not live above it. Show that you are working on your credit issues, pay off the nickel & dime cell phone charges that take more time to dispute than the time is worth etc.
If you have major issues on your credit report like unpaid child support, non paying student loans etc. Many landlords will see that as a character flaw....
The best thing to do at this stage, be realistic with yourself, be honest to potential landlords and do not look at rents above your means to get your bills under control.
Good luck.
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
... more
0 votes 7 answers Share Flag
Tue May 28, 2013
Trevor Curran answered:
Good morning pipjlowe,

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
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Wed Sep 19, 2012
Trevor Curran answered:
From the Federal Trade Commission website (linked below for the full article):

"You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:

“Credit problems? No problem!”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

The Federal Trade Commission (FTC) says do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.

Recognizing a Credit Repair Scam
Everyday, companies target consumers who have poor credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. The truth is, these companies can’t deliver an improved credit report for you using the tactics they promote. It’s illegal: No one can remove accurate negative information from your credit report. So after you pay them hundreds or thousands of dollars in fees, you’re left with the same credit report and someone else has your money.

If you see a credit repair offer, here’s how to tell if the company behind it is up to no good:

The company wants you to pay for credit repair services before they provide any services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
The company doesn’t tell you your rights and what you can do for yourself for free.
The company recommends that you do not contact any of the three major national credit reporting companies directly.
The company tells you they can get rid of most or all the negative credit information in your credit report, even if that information is accurate and current.
The company suggests that you try to invent a “new” credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number.
The company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness.
If you follow illegal advice and commit fraud, you may find yourself in legal hot water, too: It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. You could be charged and prosecuted for mail or wire fraud if you use the mail, telephone, or Internet to apply for credit and provide false information.

Your Rights Regarding Credit Repair
No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):

You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to."


Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Mon Aug 6, 2012
Trevor Curran answered:
Good morning Gary,

Each of the three credit reporting bureaus---Trans-Union, Equifax and Experian---use the FICO scoring system in slightly different ways from each other.

Maximum scores are rarely ever reached by consumers. And all this talk on the internet of aspiring to achieve such a goal is---IMHO---a lot of hot air. What counts is a decent credit history. If a consumer has 3 to 5 accounts open and active for at least 2-5 years, owes less than 50% of available "revolving" credit, pays on time and has not outstanding derogatory accounts (collection accounts, chargeoffs, judgments, etc), that consumer will have an excellent credit score.

If you're thinking of buying a home, first step is to get Prequalified by your Local Mortgage Banker. Your Mortgage Banker will review your Income, Assets, and Credit---including a free FICO score credit report---to determine which programs and maximum loan amounts you'd qualify for.

MyFICO.com is the best source for accurate information on the mysteries of the credit scoring "Secret Family Recipe."

Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Tue Jun 12, 2012
Trevor Curran answered:
I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website http://www.consumer-action.org/.


Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w…


Trevor Curran
NMLS #40140
... more
0 votes 2 answers Share Flag
Sat Oct 10, 2009
Vicky Chrisner answered:
Wed Apr 15, 2009
Carissa answered:
Thank you all, I did look at it and the one we pull is the 682 and a little lower for the other two but the information is the same on even the lowest one from teh broker. This wasn't a case of blending, this was a report that literally reads
transunion: 611
Equifax: 598
experian: 581

But when WE pull it those same companies show 100 points higher.

Odd odd odd.

I guess the broker was saying to me that even experion and the others give him a different score based on different math BECAUSE he is a broker and that when a consumer pulls it it's the same level as a car loan or something...but when a bank or broker pulls, it's lowered....
but thanks!
... more
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