The Credit Game

[Ace Money]

If your not rich and you want to buy something of substantial value your going to need credit. Most cats have no idea how to establish credit or to repair it. There are 3 major credit bureaus that control all of this. They are Equifax, Experian & Transunion. Here is the link to a show that gives tips on repairing credit and buying a first home.


http://acemoney.mypodcast.com/2007/11/EPISODE_18_THE_CREDIT_GAME-58835.html

 

[ThaAnsa3]

We need more posts on this board about serious things like this. Thank you for posting it, homie.

 

[MadAfrikan]

good looking son. i'll be sure to take a look. i just repaired my credit to semi-respectable score so now I'm certainly looking at copping a house or a condo or something.

MA

 

[Ace Money]

For those of you that are interested, when I first got the good job and good salary I went to purchase a home. They told me know because I had bad credit. But they gave me the tool's to fix my credit. Everyone can do it.

 

[Ace Money]

Dont Sleep.

 

[tooreal]

Good post homie...i'm on it....

 

[DoubleD]

Always glad to see these as most of us dont get the TRUE value of creadit until it's too late...

If you ever want to start your own business, your personal credit is seriously important... I bought my first building ( a run down piece of shit) for $10,000 in the heart of little Mexico in west Dallas... and I bought it with an Amex Card (revolving credit)! The interest was high as hell but I got the property, hired some day laborers, cleaned and painted the building, cleaned up the lot around it, and leased it in 60 days, with a $20K deposit requirement, reasonable triple net options, and a small equity position in the restaurant that signed the lease... I made over $100K profit the first two years and this little piece of shit property is still up and running and paying out well!

Bottom line, I used my personal credit to take advantage of an opportunity that has generated a generous personal wealth option for me and my future family...

Don't play with ya credit and don't take it for granted... It may be your ticket to financial independence.

 

[Ace Money]

When you hire lawyers to fix your credit what they do is continuously dispute all debt on your credit report. The debters have 30 days to respond to the lawyers or the credit bureas remove the debt from your credit report. It is not cost effective for these debters to keep fighting the disputes so they often give up. But you dont need a lawyer, you can do this yourself.

 

[sirwoodz]

I use to work for a bank, and you all would be surprised at how many people (of all races) don't know how your credit scores work.

my only advice is this DO NOT BE 30 DAYS LATE ON ANY PAYMENTS ON ANYTHING

 

[3nedds]

there is already a lot of information on credit repair on the board.. just run a search...
Any additional information is appreciated...

 

[thismybgolname]

Here is a bump for the podcast.

I didn't realize how important credit was until 5 years ago.

My scores are in the low 700s with 3 items that should be rolling off this year.

By the time i'm 28 I should be cool to purchase a house.

 

[unbeleve]

thanks!!

 

[jagu]

Always glad to see these as most of us dont get the TRUE value of creadit until it's too late...

.

This is so true, I was warning this young guy about not breaking his lease last month after he got into a fight with his roommate. Well, he did. Now he will pay dearly for the rest of his life. I told him to find another roommate and charge a lower rent to the new guy until the end of the lease but he decided to fuck himself instead.,

 

[jagu]

Here is a bump for the podcast.

I didn't realize how important credit was until 5 years ago.

My scores are in the low 700s with 3 items that should be rolling off this year.

By the time i'm 28 I should be cool to purchase a house.

With that kind of score you can buy a house now on an FHA loan for a low rate of around 5.5% There isn't a better time to buy, what are you waiting for, rates to go up?