FICO BOOST?

Basically all that means is,you can call a bank and ask to apply for a secured credit card meaning:you are going to give the bank a certain amount of money and that will be your credit limit ex. give the bank $200.00 and thats your available balance it's just like a checking account credit card.But, instead you get credit for using your own money.THAT IS PAYING FOR A TRADE LINE.

I understand. SO, it doesn't have to do with being on someone elses credit that has been established for years? Friend was trying to explain it to me but wasn't getting it right. lol......because they way she explained it didn't sound legal. Glad to find out it is.

You can piggyback on another person's credit, but it is only for the purpose of improving your personal fico score and will help raise it so that you my qualify for a better rate on a personal loan. Make sure that it is someone who has a much better credit rating than you.

I SEE. THAT IS LEGAL?

sorry,SUNSHINE there's a fine line between what your question was.I didn't mean to give you the wrong information.

I got two answer for the price of one....I appreciate it.

Sorry for the delay in response. Yes it is legal because you are not going to actually use their credit card, it will show on your credit and improves your credit score. You usually do this with a very good friend or family.

Establishing business credit is an essential part of starting your real estate business. You can have a high/low personal credit score but if you plan on setting up your LLC you need to build a business profile that is separate from your personal.

Its important to start as soon as you open up shop. Because it can take at least six months to establish your business credit. Why do we want business credit? Banks will be much more apt to lend to your business with a line of credit.

How can we start?

1.Make sure your phone is listed like a real business. To save money look into Telebranch. A call forwarding application.

2.Get a business credit card. Call the company and make sure they report all activity. Unlike your personal credit cards, they are not required to file reports. Therefore creating no credit history.

3. Put your cell phone and or Internet provider account on your business credit card. This is an easy way to start making payments that you already make. Thus, establishing your business credit.

4. You can also move money in and out of your business bank account from your personal checking to establish cash flow. Banks Like an active account, not a stagnant one.

Hope this info helps, I learned this at a RI Meeting,

Russell

Russell that was a great post and very good and accurate information. I did exactly that to gain the credit score I have with D&B right now. Which is a Low Risk score, so I look great as a business to creditors. Thank you very much for getting this out there.

Thank you, Russell. That was VERY helpful.

Rina

I have been told by a realtor I was working with, after waiting on her three days to show me houses that my fico score was too low, which was 650, she also wanted to make sure I had the money in the bank and approval from my lender which I did have. After explaning to me that people are looking for clients that have 680 an above scores. So I told her that she should of asked me for all this information before committing to taking me out to look for a property in the first place. This person was young in her early thirties so I told her she must not be experience or creative enough for me to deal with and that she was not postive enough for me. I refuse to go out and look with her. What can I do to get my score up, or can I still buy a property with this low score? This person almost discouraged me. Can anyone give me information to keep me pushing to my goal of obtaining property with an approval amount of 135,000 to work with in california which is not much here.

Who approved you for an amount of $135,000? Was it a bank or a broker? What I would do is talk to a realtor and tell them that you want them to pull all listings that are $135,000 or less. They will email you a link and it will have every property on the MLS available at that price range. What I would do then is look through them and pick out ones that you want to look at and narrow it down to maybe 10 or so. Then call your realtor back and take a look at them. If you are already approved for that amount then you know that if you can find a good deal on one of those you have the ability to purchase it. Let me know if you have any other questions.

Best of luck

rpatten,
I appreciate your advice and input, It really help me to push foward thank you. Oh' it was a broker who approved me for this loan.

I want to know if anyone knows the difference between thinkalittledifferent program than be a real estate Millionaire? I basically purchased be a real estate millionaire with the idea of looking for foreclousere properties. which one of the 2 is more efficient and how can i benefit from the be areal estate millionaire since i was not explained which one was the most indicated when I purchased the program?.

Ps. I do pay for the foreclosure listing website also and they have not been able to help me establish a pattern on how to get all the listings there advise was cut and paste one by one ei; about 25,000 listings.

if any one can help me please advise.

Thanks

The difference to me is that BARM is a tool to teach you how to become the real estate person you want to be. It shows you how and answers questions. The think a little different in my opinion is more of a self-help motivational tool that shows you how to use your mind and ideas more creatively to achieve what you want.

Both are positive programs and I have both. I use them in conjunction with each other as well as this site.