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683? well you have 100pts up on me...yeh thats a good score especially at 19 with a short history. If you want to bump your score you nned to have a card that reports to all 3 agencys.

I dont know if the cd loan thing will work right now unless you can manage a low interest rate on the loan >5.75%

you may want to up the card useage just a little , about $50 a month should be right about where the creditors like you , taht will raise the average balance on the card up to the 10% that they like to see

theres a whole formula to the FICO score thing
Credit scores are numerical indexes based on an algorithm developed by Fair Isaac Company, called a FICO score. Scores are negatively impacted by events such as late payment, incomplete or partial payments, defaults, and judgements or liens, and range from 300 to 850. The actual algorithm is a trade secret of Fair Isaac, but the following breakdown approximates the weighted values that compose your score.

35% Payment history
30% Outstanding debt
15% Length of your credit history
10% Recent inquiries on your credit report
10% Types of credit in use

The "average" credit score for "excellent" credit is 720 or better for most major lenders, such as mortgage lenders. Scores lower than 675 demand scrutiny, while scores lower than 500 will often be denied outright.

keep up the good credit, it makes life a whole lot easier

dont know what made me think of this but here goes. is there any simple way to calculate the ARV of a property thats in a run down but should be up and coming area where most of the surrounding houses are in the same disrepair? obviously nobody is going to want to try and rehab a house and sell it for say $100k in an area where all the rest of the houses on the block are only worth $30k at the moment. so how do you adjust for that when making your offfer?

I think I just discovered my answer lies within my question but WTF i'll throw it out here anyway

seems to me like someone is trying to get a mortgage and is worried about a judgment messing up the credit report......ask me how i know...

on second thought...dont ask lol

if it werent someone i have known and worked with for years I would never , ever give away all that info...I'd have nothing to stop them from going up the the address listed or calling the owner with the number i provided and just taking the deal and leaving me with nada.

I would give:
general location, sq footage, type of house, guesstimate of condition (repairs needed), tax roll info if i had it, ARV comps in the area and thats about it....they want more info? show me the money or go find a place on their own

so i hope that explains where i was coming from

Just an edit on that CD/savings/loan deal. The rates have changed alot since that was posted on the other forum. you can still do that kind of thing you just have to search for the best rates to max your return.

you can find rates on www.bankrate.com
as of right now you could get a $1000 CD from http://www.amtrustdirect.com/?wt.mc_id=bankrate12mo
yeilding 5.45% return

put the money into a savings account at HSBC 6.00% APY promo until april 30th http://www.us.hsbc.com/1/2/

problem is the loan interest rates seem to have shot through the roof
so you really really to shop for a deal, if you do it right you could end up making money and establishing credit

you can get your credit score on a number of sites experian.com, equifax.com, transunion. com

but if you are asking how to eatablish credit than you dont even have to worry about getting your score. you can establish credit pretty easily, get a credit card , i'm not sure how they rank someone with no credit history but dont do a whole bunch of applications all over. every inquiry they make will drop your credit score.

heres a list of card providers

STARTER BK CARDS: score bad

1. Household - unsecured 300 - 5 mos., score about 560 -
http://www.householdbank.com/hb/Cust...irect=HomePage
2. Cap1 - Secured and Unsecured - www.capitalone.com
3. Orchard - Secured - http://www.orchardbank.com/care/Cust...irect=HomePage
4. American Online Secured Visa - www.apbank.com/021_scc.html
5. Kay Jewelers - $2000 - www.kayjewelers.com

6 MOS - 1 YEAR REBUILDING CREDIT: score low 600s
1. Cap1 - unsecured gold 500 - www.capitalone.com
2. Orchard - unsecured $500 -
http://www.orchardbank.com/care/Cust...irect=HomePage
3. Target Guest Card- unsecured 200 - http://www.target.com/common/financi...y_online.jhtml
4. First Premier - $200 - www.credit-cards-s.com/premier.asp
5. Providian Platinum - www.providian.com
6. Citifinancial Mortgage - 6 mths post - 9% - www.citifinancial.com
7. First National Bank of Marin - 6 mths post - low 600's - $300 unsecured - www.fnbmarin.com

a word of advice from someone who trashed thier credit and is still paying for it. Be careful with credit cards, the best advice i can give is use em as a 30 day intrest free loan, meaning..charge a small amount and pay it off before the next statement. it's so easy to think "ahh i'll just put that on my card...oh well just add this too...oh i guess i can use a new stereo....well i need a new xbox ..."
next thing you know you have your card maxed and cant pay off the balance an the interest and late fees kick in and you start robbin peter to pay paul, it's a vicious cycle...TRUST ME I know ...I filed chaper 7 bankruptcy in 2003

also dont be late on your payment, that will KILL your credit score in a hurry and 1 good doesnt make up for 1 bad on a credit score....it will take alot of good remarks to make up for your one bad.

heres a nifty little trick to borrow money, build credit AND make some money too....this wasnt my idea but another forum member on a credit forum.

"build credit WITHOUT a credit check AND you can build up your savings account balances as well. And if you do it right - you can MAKE money - instead of paying interest, you'll be EARNING interest.

This idea involves the use of secured loans. Basically, you need to start with some money. Think of it like getting a secured credit card - but without the high rate of interest or annual fees.

Step 1: Set up a CD account to borrow against. DCU (https://www.dcu.org/personal_banking/cd_menu-index.html)
offers CD's as low as $500. As of February 25th, 2005, their CD rate for a 12 month term CD is 2.32%.

Step 2: Take out a loan against the CD. This doesn't involve a credit check AND the loan activity IS REPORTED! The interest rate you pay is 2.5% above the CD rate.

Key question: Can I EARN MORE than 2.5% on this money?
[b]
Step 3:[/b] Put the borrowed money in a high-yielding savings account. I suggest INGDirect. As of February 25, 2005 their interest rate on their no-minimum balance, no fee savings account is 2.6%. That's .1% over what you are PAYING!

Step 4: Use THIS money to repay your secured loan. I personally suggest paying it down 50% for the first payment, then equal payments for another 5 months (6 months total repayment period).

To summarize: Your CD still earns money: 2.32%. You borrow the money for an additional 2.5% on top of the CD rate. You invest the borrowed funds in an ING Direct savings account at 2.6% and MAKE money!

Why did I choose DCU for this program? 2 reasons: 1) the borrowing rate is only 2.5% over the CD rate. (Patelco actually does it for 2.25%) 2) this is more powerful - You can always add to the CD balance at any time as long as you contribute $100 or more and your CD term is 12 months or less. This allows you to save more aggressively. This also means that it's easier to re-borrow the money at higher balances.

Keep in mind that you are only using the borrowed money to repay back this loan. If your ongoing cashflow still has room for additional savings, you can still contribute to your CD every month for $100+. This allows you to grow your emergency funds and other savings needs.

I plan to do this plan for loans of $1k, $2.5k, $5k, all up to about $15k and to only keep a loan for 6 months at a time. "

ahh ya know i think i skipped over that when i was writing it out. I'm sure i can think of alot of positives. i'll keep working on it, thanks for the tips

Thanks, I worked on a plan some more last night. more detailed using a slightly different method taht I had seen posted by "esnuts".

1. Goals
have at least $300k in personal IRA or savings account
make at least $200k per year from investments
own a minimum of 5 rental properties
flip at least 5 properties per year with a $20k plus profit margin
own my own home, paid for
freedom from the daily grind

2. Time Frame
5 years ...april 2012

3. if goal is not achieved
I will have to continue working dead end manual labor job
I will continue to make my company execs rich while I remain poor
I will have to continue to struggle to make ends meet
I wont be able to provide my family with things they want
I will continue having to deal with my clueless boss
I wont be able to buy toys (cars, motorcycles, boat) for myself

4. How I will achieve my goal
be very diligent about repairing credit
pay down or refinance high interest debt
Focus on raising capital via bird dogging/wholesaling property
take a course on business account
network,network,network

5. reasons for previous roadblocks
wasn't financially educated
lack of focus
fear of loss
not keeping good records
antisocial

6. avoiding previous roadblocks
remain focused on goals
get organized - learn recordkeeping
lose the fear of failure...I have nothing to lose and everything to gain
learn to deal with people , work on communication skills

better?
I know it's far from perfect but i think it's a step up from the previous plan
I just really have to deal with a few key issues, organization/recordkeeping, dealing with people, and staying focused
I'm one of those people who have piles of papers stacked all over my desk, I call it organized chaos.

I'm really bad with recordkeeping..I ran or did run I should say.... a custom computer building/repair business the thing that caused me to lose interest was the record/taxkeeping end of it. I hate to have to put out the cash for an accountant but I may have to.

Dealing with people, well this one has always been an issue, I dont have any tolerance for "intellectually impaired" people, after working an airline ticket counter for 12 yrs I have pretty much put the majority of the public in that category, I think i have pretty much seen and heard it all. I'm going to really have to work on getting over this issue

Focus, yeh I have one of those minds like Marvin-the student, I need to be learning new things all day everyday or I get very bored and move onto other things. It even makes me crazy, I get really fired up about one thing for a few weeks. I'll work on that one thing nonstop, day and night and then i'll just get bored with it and move on.

for instance, right now i'm rebuilding/chopping my harley, taking guitar lessons online, moderating the guitar site messageboard, learning to train my pitbull , studying the feasibility of constructing a supercross track in my area, and of course learing the in's and out of real estate and thats just in this month alone. The focus part is going to be a difficult one for me

Mike, thanks for the tips, I'll work on it some more starting with 5 yrs out and working backwards. my biggest problem is coming up with some concrete realistic figures.

R2, thanks for your tips too. my debt isnt really that bad, my total is right around $32k. $20k of that is federal student loans which i have just applied for a consolidation loan on. my car payment is the real killer, since i had filed chapter 7 in 2003 my interest rate on the car is 18% , i owe about $8500 on the car and tried to refinance it at a lower rate but with my low credit score (580) nobody wants to touch it.

I dont own a single credit card and made alot of mistakes in the past but i've also learned from them, now i'm trying to repair the damage and get some money working for me instead of the other way around

I'm trying to write a plan of where I want to be in the next 5 yrs and how i'm going to get there. Problem is, I'm realizing writing a plan is not as easy as it sounds. I have an idea of where I would like to be but coming up with actual numbers is making it really tough. I have seen all the "I made 30k in 20mins" posts and i'm not doubting anyone that says they did but until I see the cash in my hand it's not a realistic expectation to me, especially since thats what I make in a year.

for instance, I started with :

6months - repair credit and pay down debt , bird dog property for investors, purchase a personal home and stop paying rent, learn to wholesale property and equally divide proceeds between paying off debt ,saving for down payment on rehab or rental and personal savings account

1yr - locate property for rental investment or rehab/flip, continue to wholesale and equally divide rehab proceeds between paying off debt, reinvestment in other rental or rehab and personal savings.

2 yr - own at least 2 or 3 rental units with good positive cash flow, continue to rehab and wholesale pay down personal mortgage and reinvest in rental/rehab units. acquire and hold vacant land in outlying area of the city for future development

3yr -acquire 1-3 more rental units, continue rehab and wholesale
and divide proceeds between rehab/rentals, paying off personal mortgage and adding to personal savings

4yr continue to add rental units, continue rehab and wholesale
and divide proceeds between rehab/rentals, paying off personal mortgage and adding to personal savings, buy and hold vacant waterfront land in outlying areas for future development.

I just cant even think of any numbers to add to the plan since i just have no clue what to expect as a realistic return. The reason i am also concentrated on acquiring land in outlying areas is that I live in one of the fastest growing cities in the US, largest in sq miles and it just keeps growing in a huge radius.

it wont be long till someone will want my vacant lots. I'm kinda torn on that though, I really, really, REALLY hate the tacky little cookie cutter subdivisions and i'm not sure what I would say if someone approached me with an offer to develop land that I owned. I think I would rather build a new dragstrip/dirt track/motocross track instead of having to look at another strip mall or subdivision.

anyway, hows my plan look so far?