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Everything posted by theGman

  1. re-writing in a bit. formatting didnt work.
  2. thanks mendelssohn! - any ideas on how to get the negative (charge-off) removed from discover and paid settlement from bofa? - i could get a joint card with amex/delta right away and then ask them to back date the account to way-back-when. - i have an offer for a card from credit one but their fees stink.
  3. My CK score is now at 685 and has hit a plateau. I have only one current credit card, its about 12 yrs old, with a balance of 300 and limit of 4800. Three quick questions: 1. Average age on accounts is 8 yrs. I could call Amex and remind them of an account I used to have some 15 to 20 years ago. Will that help? 2. I have two inquiries from last year. How do I get rid of them? 3. I have two negatives. A charge-off from Discover which was last reported on March 2012. And a settlement with BofA last reported in Sep 2011. Any advice will be greatly appreciated!
  4. ya, the thing of being hands off is that it eats too much of the margin unless you buy (and can afford) a much bigger business and the manager expense is not felt so much.
  5. thank you, all! very much. all the searching led me to a online discussion (not sure i can post a thread from another forum on this one). anyway, some combination of a good cap rate and cash on cash return allows one to get into a good investment in real estate. and these good investments are not necessarily the pretty looking or new buildings either. when it comes to restaurants, i don't have the guts for it. haha. i would try a franchise like a Subway but good information like this forum seems hard to come by. i called a couple of business brokers but he was all about me qualifying a
  6. really? does that mean student loans also weigh down the fico score? creditkarma doesn't seem to think so.
  7. ya. i am looking at either purchasing property (4plex) for renting it out or getting a laundromat or a franchise (7-11 or subway). All of these seem like they are not too hard to learn and also not too risky. for any of them, i think if one can buy at a discount, know how to improve its value, and get a second note at a favorable interest, then those are three ways to profit. overall, i think maybe a business will let out more cash year to year but a 4plex will build more equity. over a ten year period, the real estate might be safer because changes in business conditions can maybe happen
  8. thank you both. point taken. i have to learn no matter which way i go. what if we were looking purely from the numbers perspective? from what i know, and there's a lot to learn, the real estate option seems better only because it seems more passive and safe while generating cash returns. franchises seem like a rip off with their 10% annual take of gross revenue. and, laundromats when bought with the real estate could make sense although perhaps limited in how much you can grow. i think the advantage in buying a business maybe a 2nd note that the seller carries making it more leveraged and
  9. OK. I hope this is not seriously off-topic. I am building my credit back to 720 and have sufficient resources. As I was considering getting a 4plex, I am also wondering if it might not be better to buy a laundromat or a franchise (subway, 7-11) or a laundromat? I have googled all night and found forums dedicated to each area but no place that compares these types of investments. I was hoping that one of you may be able to point to the right forum, person, book, whatever? Thank you!
  10. thank you very much, dallasloanguy! i notice that you are a mortgage broker so here's one more for you. i have cash and soon the 720. is there a way around the income requirement? i was thinking of buying a fourplex with positive cash flow. thanks!
  11. hello creditboarders, my score is slowly moving towards a 720. once i get there, will having a discover chargeoff from 6/2012 and a bofA settlement from 1/2011 impact my ability to get a mortgage? (assume i have the 720, 20% down, and income history/dti). thanks!
  12. thanks rebuilding 2010. sorry about the confusion. i realize its a soft pull. however, i am not sure how credit reports handle employer names and dates. so if i claim to be unemployed and later claim this period, say on a credit application, as one where i was self-employed, could it create a problem? its kind of a gray area for me. i mainly just want the free reports you get from being unemployed. thanks!
  13. Ok. So what if I later report this period as self-employed. Which is the truth. Business is dry right now and I am considering a job hunt instead.
  14. Hello Creditboarders, If you are unemployed and get a free credit report from the 3 agencies, will that show up on your credit report somehow someday? Thanks!
  15. so, here's the deal, i am on an ex's amex. never used it and don't plan to. however, i also had my own amex several years back. i was going to call them to extend this card's start date to the previous card's start date. however, because the ex and i are no longer in touch, i expect amex to contact her and end up closing me out (that's what she will say). i have two options: (a) do nothing now. wait until score improves. get my own amex. link it back to the start date on first amex card from early 90's. (b ) get this one linked and risk having it closed and removed from my credit. i
  16. Dear Creditboarders, Had a 5 year installment loan around 93 for 5 years. Paid properly on time. Its not on my credit report. Can I bring it back on even though its greater than 10 years old? It will give me a longer AAOA and also one more "type" of loan in my history. Thank you!
  17. well. two things happened in parallel. this account got moved a few months ago to edfinancial and i wasn't in the habit of checking it. also, i thought it was on deferrment for a year (and usually have calendar reminders). somehow i lost track. in parallel, i registered for 6 units at the local community college. they dropped three due to a system error. i didn't care. when i repeatedly called/emailed edfinancial, i found out that if i was in 6 units, they would backdate the deferment and remove the lates. so i went back to the college and got the problem there taken care of and had them write
  18. theGman


    thank you, hdreporter, that really helps. Is 665 too low? i don't want an unecessary hard inquiry on my file.
  19. theGman


    also, i have a lot of delta miles so i can opt for that card. question is will they backdate a delta card even when delta program was probably not around in 93? thanks
  20. theGman


    thanks BobWang and Encoder. Encoder, I have a BofA Settlement from 1/2011 and a Discover Charge-off which was finally paid off in 6/2012. My score is now 665. And, will likely go up by 20 more points next month as my utilization drops. Am also trying to get the settlement and c/o to report better and will start sending out those letters shortly. I hope to get to 740 someday!
  21. theGman


    that's great to know gdale6. can't wait to have an amex in my name again. the two from 9/06 are amex but they are in the ex's name with me as a secondary. my credit used to be good then and by using me as secondary she was establishing her credit. ha, how times change. i used to also have an amex way back in 1993 for a few years. i wonder if i can reawaken that one once my score moves up. its currently around 665.
  22. theGman


    Dear Creditboarders, Is there anything I can do to improve this AAOA apart from wait and watch? AAOA: 7 years and 4 months Four open accounts: May 2011, Sep 2006, Sep 2006, Mar 2012. Thank you! theGman
  23. Score jumped 50 points yesterday at CreditKarma. I think my repeated emails to EdFinancial may have done it as all those accounts (except 1) show on time.
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