Posted by Big J on May 18, 2008 at 15:31:35:
In Reply to: Cancer and your credit score posted by Richard in Tx on May 17, 2008 at 05:53:23:
I'm in the same boat, minus the cancer bit. I just got out of bankruptcy in November and figured my first deal would be easy to get financing for, I only wanted to borrow 9k and I had 25% down, offered my truck title, two jet ski titles, and showed an income of 75k a year and both banks I applied at rejected me. It turns out my ex wife didn't report the child support I paid to her when she was in a bind on time, so it looks like I was late, even though I was months ahead at all times, but since she didn't report it to them on time, it came up as a late or delinquent on my account many times over the last few years. I didn't think anything of it except when I got letters saying they would revoke my license, then she'd go in and sign off on 3 or 4 months worth of child support. Well this RUINED my already damaged credit report, and now I can't even get a 9k loan. Well I did, I borrowed from a friend, but still he can't fund larger deals that I want to get into, so I need to know how to get back in good with a bank.
I've been looking into rebuilding my credit but all I seem to find are people you pay who might dispute some things on your record. I plan on just getting this first deal done, and then I'll have a finished performing rehab/rental which hopefully will secure me a loan for the 2nd deal.
Have you talked to any banks? Keep going back every few months and show them progress. Eventually you should be able to get your foot back in the door.
Try look for seller financing deals, or go talk to some local real estate gurus. I have several mentors who keep helping me out, and rich friends are great too. They say you are the average sum of your closest friends so go find some people with money and hang out with them. If you are sincere someone should help you out.