My Credit is Poor

I am a new investor. I tried to apply for credit cards. I was turned down. How can I improve my credit.I need credit cards to start my real estate career.

My Credit is Poor

Dean teachings says you don't need good credit to start making money with his system. If you have income, then start your company, get the buyers and find the properties and make your first deal with some of your own downpayment.

If you want to clean your credit, it might take you at least 6 months to do it. The simplest way is to contact the credit card company or collection company and tell them you want to settle the account for 35% of what you owe in 3 to six payments. Ask them to send you a letter in the mail, outlining the arrangement and telling you they will update the credit bureaus with your account showing paid when done.

In the meantime, open a secured credit card for $500.00, charge something around $100 and pay fo it in full when payment is due. The following month, buy something for, lets say $50 and pay half of it when payment is due.
Pay every utility bill with that secured credit card in full and still maintain a small balance due.

As you pay off your balances make sure they are updated on the credit bureaus.
Within a year you will have good credit again.
It is better to use the old accounts if still with your credit card holder, to rebuild the credit, because just settling them will not create a new credit history.


Valuni's picture

you don't need credit cards to start your real estate career. Read DG's books; he tells you how to do it. Also, read some of the threads on this websiste about wholesaling. Here's a link to one of them to get you started...

wishing you success,

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bonitaj777's picture

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