Credit and New Investor
Hi,
I am a new investor. I have a LLC I just started. I am currently buying a house as an owner occupied. My mid credit score is 575. I have inquires from 2001 on my report and things I am disputing. Almost a year ago I paid off all accounts on my credit except 2 medical bills that total 250.00. I am in the process of paying these off. My question is...Is it possible to buy real estate as investments with a low credit score and little money? How do you get a better score if you have paid everything and the score doesn't change? 
I've tried letter,phone calls..etc. Any suggestions?
Email me at Mortgagefast@hotmail.com
I can help you out and give you some advice and a direction to go.
Carl
E-mail Carl, but I would say that if you are going to by O/O you should try to get an FHA they only require 3% down and you can have the seller or a family member gift that to you. Also, they dont have a min credit score they just want to see that you have a clean record for the last 12 months. Collections need to be paid off but you are doing that. For investment property that is a total nother story. Your best bet is to by it o/o FHA, for investment you are looking at a min of 10% but more like 20%-30% because of your credit score and a PPP with most. That is not a good deal if you can o/o for 3% down.
Good luck
Good for you trying to rebuild your credit rather than blaming others and trying to get accurate records erased. If you want to raise your score, the best way I know is to get new credit and pay as agreed. If you can't get the home loan, try depositing $300, $500, or whatever you can scrape up into a LOCAL bank and ask to put that amount up as collateral for a loan. Then make the payments as agreed. Then add to that amount and borrow more. This will increase your number of trade lines, improve your scores, and most importantly, build confidence and trust with a lender who has the keys to the vault and can help you as your credit improves to bigger and better things.
[addsig]
Ok first things first you should not have paid the collection accounts without a written agreement that states that you will pay the amount owed only if they remove the negitive items from your credit history. Make sure you get that IN WRITING!! If they say they cant do that they are lying. Believe me they want your money bad. They will do it eventually! The problem with a paid collection is that it is almost just as bad as a paid collection. It hardly does anything to your FICO score at all. The accounts you allready paid off should immediately be disputed to all Credit reporting agencies Transunion, Equifax, and Experian. Any other questions please let me know at rowland333@hotmail.com I was a credit repair specialist for 10 years.