All Forum Posts by: Scott Williams

I don't think there is a quick easy path to large lines of credit. There wouldn't be much point in paying our bills on time if there was.

You can start a business with an ein number and gradually build credit just like you would for personal, but it will take time.

Maybe find some partners with cash/good credit.

There are also some good forums that can help teach you how to get negatives removed from your report and find new positive credit lines to improve your personal scores.

I just had a fairly low offer accepted on an reo and my realtor did say he felt getting it off the books by year end was a factor.

It certainly can't hurt to try, as long as the number of reo's keeps growing they at least have incentive to bargain.

Thanks crosswind, that is great.

I have read about short sales but never seen a nice list of the steps like that, much easier to understand.

Couple questions, does the bank at some point want to qualify you as a buyer, and what do they look for?

Thanks, Scott

Maybe you could add a few payment points so that he is less ahead of you in the beginning and not as behind at the end.

Is he licensed/insured and has references? If so your 2.2k is not worth his reputation and if he is dishonest he could take your 1k, start the job and probably still take advantage of you.

Some people do take advantage of contractors, he is probably thinking if its hard to get a deposit how hard will it be to finish and get paid at the end(with alot less leverage after the job is finished).

as far as getting the damn people out to even look at it and contractors needing work...I can't speak for other contractors but I have noticed an increase in the small misconception that contractors work for work over the last few years.

Myself, I work for money. I don't need work, I need money. If someone waves money in front of me I look like the dog in that old bacon bits commercial, and I will be at their beck and call :).

Some good info but people should check out some of the online credit forums before spending a bunch of cash paying someone else to fix your credit.

Its not rocket science and there are alot of very talented people out there helping others for free.

Also aren't "Seasoned Tradelines" being neutered in the next edition of Fico?

Having an older business would be great, but there will be costs associated with keeping it open and not using it.

Alot can change in five years..also your personal credit will be very important when you start looking for business credit.

You could just work on your personal credit, do some reading and get some more lines showing on your report. And more available credit.

There are also some nice quasi business cards available..they look at your personal credit to decide what to give you but do not report to your personal credit reports.

Chase professional and Barclay's Bank Atlantic are a couple of good examples.

Like Mike said go to creditboards.com..its a great site and has helped me a ton.

I bought my house a couple years ago as a forclosure with a reconstruction loan, atm considering equity it has had a great roi.

Hopefully it will sell at a nice profit in a few years, I would consider it an investment.

Was also a good learning experience and trial run, a different type of investment so to speak.

I have been trying to learn about this as well.

Seems to be one of those things you basically just need to go out and beat the bushes to find..each persons credit/finances are different and available products vary by location.

Any opinions on wether its better to develop a business entity's credit for this purpose, or simply keep your personal credit good and when you get a few properties with equity approach your local institutions?

Hard to believe a 20 year labor warranty..most shingles will be lucky to last that long these days.