FICO Score And Transferring Property To LLC
I used to have a FICO score in the mid 700s but Im currently at 630 because I bought 3 properties ( 2 SF & 1 duplex) in the past 4 months. I already owned 3 properties ( 2 multi and my primary) when my score was in the mid 700s.
My mortgage broker is telling me that my score will rebound in a few months but I dont think it will be back in the 700s any time soon specially when I have another duplex under contract.
To solve all my credit whoes ( not that it will prevent me from buying but Im definitely not getting the best financing deals) Im considering transferring a couple of the properties to an LLC that I created.
Does anyone know if after the transfer to the LLC, these properties will no longer show on my credit report? Do you have a suggestion for this situation?
Simply deeding properties to an LLC will not change the mortgages from showing on your credit. If only it was that easy. Buying 2 or 3 duplexes should not drop your score that bad, I would wonder if your broker is giving your file out to multiple lenders and having your credit run too many times or something.
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