BiggerPockets

I fix up properties and sell them or keep them depending on what's best for me and my family at the time. I, more than often, have a partner to split the headaches with and most of the time things go well. On my current venture, we bought out all of the prepays and got a not so good start out loan that we were going to use for about 2 or 3 months until the home was complete. Then with all of the new upgrades, i refinance into fixed loan and usually keep in the equity for a better rate.

Days before going to docs, my partner missed a mortgage pmt on one of his other properties and dropped his FICO down to 590. He's spoken with a couple of credit repair guys or credit counselors but does anyone have any quick fix ideas?

PS... If that did work, and the score did go back up... the bad news is that the account would still show a 30 day late... it just would not impact the score since it was removed from the scoring model until the dispute is resolved.

Again... don't know if this is accurate... Any credit experts care to comment?

Admittedly I'm not that up on how the FICO score works, but I've got to ask the following; If one late dropped him to 590, how bad was his score before that happened?

Doesn't sound like it would have been that good.

all cash

We started out with the " beg for forgiveness" attempt. We got all of the way to the top before they told us that a late means late so there is nothing they can do.

My partner had a 660 to start, which isn't great but was the min FICO for the loan program. The 1 x 30 dropped him 70 pts.

I guess that we'll have to fix it the old fashion way. I just hope it doesn't take all year.

[POST REMOVED BY ADMIN - User did not ask for your credit company's sales pitch, but requested helpful tips. Please save the ads for the classifieds]

I am going to tell you this with complete and honest words. You are going to have to lie. Whatever the scenarios that happened for the payment to be late, your friend or your friend's wife/significant other that is on the note is going to have to call the company and tell them that your payment was late due to financial hardship. "Something" else came up and it made your budget get into disarray and it took some time to recover. If through the life of the loan, he has never been late, then he can add to that argument that he has never been late before and this hardship posed an extreme circumstance. Also argue that the negative mark poses a negative mark that would prevent a favorable refinance option later down the road.
All else fails, send a signed contract with your next payment with language that states, "As per our conversation with one of your counselors" and have in their that all negative remarks will be removed from your credit reports. Also, more importantly, add in the contract "by accepting this payment, you agree to the terms stated in the contract." Keep a copy. Get a copy of the receipt/voided check, and send this to whatever credit report has the negative marks. This information should be removed within 30 days.