Credit Rebuilding....Help?

20 Replies

Hello Bigger Pockets Family, 

I am just now pursuing my interest in real estate investing and decided to check my credit score and whoa.... did I find some surprises!  A lot of errors. Some thing untrue and some true. I got into a horrible accident in 2011 that left me unable to pay everything but I did settle on some debts that I can see is still negatively affecting my score. It is extremely disappointing to know I basically wasted my money to still have bad credit! I have one auto loan and 1 credit card that I have been paying on time. 

By the way I Iive in Georgia if that makes any difference. 

 Any suggestions on credit repair or counseling that wont break the bank? Any websites that could assist?  

Thanks to Everyone in Advance for the help!!!!!!

There are a plethora of websites, BP for instance! where you can find answers to your questions. What is important for investing is learning as much as you can and having cash to get started. Save, borrow, sell, work hard for an investor!  

Good luck

@Janelle Scruggs  

   Welcome to BP! 

I would first like to point you to a few links that will help you find your way around BP, a couple of links to books that you may find useful, and then tackle your question directly. 

You may also want to post in the New Members area and introduce yourself, including the area you currently reside in, the avenues of investing that interest you, and the areas you would like to invest in. This will help connect you to other investors that you may be able to connect with who are not only familiar with your area, but maybe able to help you.

Start Here:

http://www.biggerpockets.com/real-estate-investing

Read everything contained on this list ( I have read many of them personally, and can vouch for their value):

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/

And this is a must read if you want to succeed at any business, ever:

The E-myth Revisited: Why Most Small Businesses Don

Creditors should never remove or correct info on someone credit report that has been reported as correct info and that would not be fair to the next creditor who looks at your report.


Joe Gore

@Purnell C

Thank you for your response.  I am new to Biggerpockets and I am definitely learning more and more each day! Its a bit overwhelming but fun at the same time!

@Tiffany Plovie

Thank you for your detailed words of advice!!!! I appreciate the fact that people can take the time to help others especially someone as lost as me.  LOL.  Any help is great to me this point.  I have been signed up to BP for a while but have just began to listen to podcasts and and read up on articles and I have already learned a ton. 

And yes I have considered being a real estate agent but I heard the pay is severely up and down.  Fear of stable income is my biggest challenge because I have a child but I know change for the good has to start somewhere.

I will definitely use your advice and hopefully you will hear soon about me acquiring my first investment property!!!  Again.....THANKS!!!!

Janelle

There are some good tips here: http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-liz-weston

@Joe Gore  Getting correct information off of my credit report was not my intentions. I have paid my bills on time for years but past obligations that I have paid off from a long time ago are still haunting my report. A lot of the information that they have reported is incorrect. One account shows that I had it since 1969. I wasn't even born yet!!!!  I have tried many times to correct these things on my own but obviously its just going to be a challenge and I need stay persistent.   

Thanks for your response.

@Janelle Scruggs  

  

As for being an agent, keep your day job! The best thing about being an agent is that you are able to work around your own schedule.

You will have to work hard, but that is true of any path you take in real estate.

I highly recommend the folks at ownthekey.com for credit cleanup. You can certainly do it on your own but with their help, it will likely happen faster and you will have a better feel for what changes to expect on your score, and when.

@Tiffany Plovie  Thanks for the advice. I know it will be a lot of work but I'm looking forward to it!

@Janelle Scruggs  

 with that attitude you will go far!

It isn't our past that defines us, it how we deal with it and the future we create going forward.

@Janelle Scruggs  A few years ago I hired a guy for around $600 that went to work on my credit with all 3 bureaus. In about 6 months he got my score from the mid 600's to over 760. I have since referred over 10 people to him, all with similar results. If you'd like his contact information, send me a PM and I'd be happy to share it. 

Credit is HUGE when it comes to investing. That was just about the best $600 I ever spent now that I think about it!

@Janelle Scruggs when it comes to credit scores, the more you know the more you can grow. You can clean your credit up by yourself by filing disputes, just caution it takes decent amount of time. I used Wells Fargo identity theft protection and submitted their dispute form for 12.99/month for 6 months, brought my score from 660 to 740 by removing incorrect info. It is time consuming but worth it. If you don't do it yourself only use referrals that you can trust like @Mehran K. 's. Also, take some time and learn about credit scores and what affects them.

Jannelle, there is a distinct advantage to having a RE license....you can make and/or save a lot of money in transactions.  As a Seller, you save the selling side of the commission.  As a Buyer, you earn either a referral fee or the entire buying side.  I made over $4,000 for the buying side on the purchase of my primary residence!  When I first started investing and getting my RE license, I worked full time for a year, then was able to work independently as an investor.  Great rewards!

@Gwen Humble   Wow thats amazing. I'm definitely going to look into that. A lot of people say you dont have to have the license but when it comes to bigger payoffs because of it....that definitely matters. Thanks for the advice

@Spenser Harding wow thanks for the tip. I will look into that program that Wells Fargo is offering. I am going to attempt to do some things myself but I'm under some time constraints so we will see how it goes.  Again.....Thanks!

Hi 

Any info on how to raise my credit score. I have been reading all the post and would like to know more. What would be the best secured credit cards to get. How many of them should I get and how long before  they start to show on my credit. Any help would be great. I have a ten year plan starting in January 2015. what is the best cards to get.

Thank you

George

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