looking for the most effective way to build my credit to get a good interest rate on a fha loan. My credit is shot right now but i am in the process of rebuilding. Any and all advice is greatly appreciated. I would love to hear success stories from previous investors who started from the bottom and grinded their way up. Thank you
@Jerome Smith First place I would check out is Credit Karma. They will provide actionable advice to correct the deficiencies. I would start by making sure that you don't close any accounts and just continue to make on time payments. From there make sure that you are paying down your balances on any credit cards and your score should begin to rise.
Hope this is helpful!
I was in a similar boat about 3 years ago and spent a few months educating myself on credit laws and how to correct mistakes and negative marks. The best thing I can suggest is going to a dedicated credit forum to do so. I went to MyFico credit rebuilding forums and received a ton of help. Give it a shot. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit
I just wrote a blog article about something similar to this and coming back from the bottom. I didn't mention my credit score was in the 500's. Credit repair companies can probably offer you the best advice but I took the route of individually contacting the creditors and negotiating a payoff. Then one by one I paid them off and my score shot up immediately. If you isolate them and approach them you can get yourself a significant credit boost.
Best of luck.
I have a blog post about this, and purchasing a homepath property. I would plan for it to take you 6 months to a year for every 10k in debt. Unless you have a job that is paying more than 60k a year and low living expenses. You have to find you competitive advantage, grind and make money however you can.