General Credit Score Questions
What would be a good credit score to shoot for? I'd appreciate a number range where you could basically get any kind of loan that you wanted with low down payment. Also, if even possible, what kind of score would you need to walk into a bank and with a signature establish a fairly large line of credit with them?
From what I have experienced lately (I am preparing to finance my first deal) a credit score of 695 or higher means that you can get some of the best terms that are available.
Anything lower than say a 650 and there will be hurdles that must be overcome or you are required to put down larger chunks to qualify for the loans.
I don't think there is any easy way to get a credit line from a bank or anywhere else without preparing a business plan or the parts of one that show your profit/loss plus assets and liabilities. If your business is less than two years old or you do not keep good records then it will be much harder to get "corporate" type loans and credit without securing them with your "personal" credit.
Hope that helps - rest assured, if you have the desire and work hard enough.... anyhting is possible.
Stormy
I do loans for investors every day and I can find decent loans for investors with 600 scores. I find 620 to be a place where many more doors begin to open up. Investors with scores say 720 and above, some will allow scores even less to go stated, Stated income/assets loans are the best for investors. And I work with stated programs all of the time
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Stormblade and DRKurth,
Thanks for the info. How much paperwork is required for a stated income loan? How far back in years do you normally have to go back showing your earnings?