Anyone have any experience or ideas to fix my own credit?

[Sofa King]

stop buying stupid shit you don't need.

[El Jefe]

Originally Posted by Sofa King

stop buying stupid shit you don't need.

Taking your mom out to dinner is out of the question, I don't care how much it costs.

[Hootie]

Originally Posted by kcchiefsfanGoJC

Taking your mom out to dinner is out of the question, I don't care how much it costs.

he doesn't care...you're a virgin

[MOhillbilly]

pay with cash.

[Hog's Gone Fishin]

Here's a little trick I'll share.

I bought 8 rental properties at different times over about 7 years that the previous owner financed 20% with a balloon payment at the end of 5 years.

When the balloon payment came due and I did not have the cash to pay it ,I would write a check on a 0% CC offer that I received. I get them almost weekly in the mail. That gave me another year or 18 months to pay it off without any interest.

My goal was always to let the tenants rent pay for the property without any cash outlay from my pocket.

[Saul Good]

Originally Posted by Hog Farmer

Here's a little trick I'll share.

I bought 8 rental properties at different times over about 7 years that the previous owner financed 20% with a balloon payment at the end of 5 years.

When the balloon payment came due and I did not have the cash to pay it ,I would write a check on a 0% CC offer that I received. I get them almost weekly in the mail. That gave me another year or 18 months to pay it off without any interest.

My goal was always to let the tenants rent pay for the property without any cash outlay from my pocket.

I hope that works out for you. Someone I used to work closely with lost a 7 figure net worth at age 35 doing almost the exact same thing on section 8 properties. What is worse is that he mentored a friend of mine. That friend left a high paying job to go into real estate the same way. He went broke, too.

It can work, but they were putting a lot of eggs in the baskets of renters. Almost by definition, renters are not the most reliable people from a cash flow standpoint.

[Hog's Gone Fishin]

Originally Posted by Saul Good

I hope that works out for you. Someone I used to work closely with lost a 7 figure net worth at age 35 doing almost the exact same thing on section 8 properties. What is worse is that he mentored a friend of mine. That friend left a high paying job to go into real estate the same way. He went broke, too.

It can work, but they were putting a lot of eggs in the baskets of renters. Almost by definition, renters are not the most reliable people from a cash flow standpoint.

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

[trndobrd]

Originally Posted by Hog Farmer

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

So real estate is your primary source of income and the 'hog jerking' thing is just a passion?

[Kerberos]

Originally Posted by Hog Farmer

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

Originally Posted by Hog Farmer

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

I'm glad you clarified this. I thought you were renting out Hog sperm and was thinking to myself. WTF?

[ROYC75]

Originally Posted by ChiefsNow

I would like to repair my credit , but don't want to get scammed . Any clues?

Follow the Fed's rule, print more money and get China to buy the debt.

or

Use the Dave Ramsey rule !

[Saul Good]

First and foremost, you do not need to borrow money to improve your credit.

Pay your bills on time for a year and pay off any outstanding debt. If you can do that, your credit will be good enough to qualify you for whatever you need.

***Disclaimer: If you are trying to purchase a resort hotel or put a land contract on a major shopping center in Manhattan, you may need to do a little more. If this is the case, CP may not be the best counsel.

[chiefsnorth]

Do NOT use one of those services that say they can fix your credit. most of them rely on disputing everything on your report which you can do for yourself, free. But by and large they are scams. This system is engineered to be watertight. They way to have good credit is to manage your finances prudently and spend less than you earn. If you have racked up years of debt it might take years to pay off. There isnt any quick fix unless you can boost your income. You your choices might be to remain in debt he'll or spend time in debt purgatory... One is a lot better than the other because there is light at the end of the tunnel.

[DJ's left nut]

Originally Posted by chiefsnorth

Do NOT use one of those services that say they can fix your credit. most of them rely on disputing everything on your report which you can do for yourself, free. But by and large they are scams. This system is engineered to be watertight. They way to have good credit is to manage your finances prudently and spend less than you earn. If you have racked up years of debt it might take years to pay off. There isnt any quick fix unless you can boost your income. You your choices might be to remain in debt he'll or spend time in debt purgatory... One is a lot better than the other because there is light at the end of the tunnel.

THIS!!!!

Credit Counseling Services are amazingly useless.

We have them come stumbling through our office on occasion to represent some of our defendants and I'll flat tell them to pound sand. They don't have any sort of ability to keep a judgment from being taken against you and they generally aren't bright enough to advise you how to avoid it.

It comes down to them negotiating the same payment terms that you could do, but charging you a shitload of money to do it.

Never ever engage a CCS. For every one decent one, there are dozens that are either incompetent or fly by night operations that will leave you far worse than you started.

[Bill Lundberg]

Most people with bad credit have bad credit because they don't pay their damn bills and they have collections, chargeoffs, bankruptcy, foreclosure littering their credit report.

If that is you and they are real bills that you owe - you can't just pay someone to "fix" your credit, any company that tells you they can is likely lying. The only way to fix it is to start paying derogatory things off, have good open and active accounts that are paid on time and a long period of time for those things to drop off (5-7 years).

[Simply Red]

There are programs out there.