Posted by Don Wilson (OK) on February 09, 2006 at 16:56:03:
Roy D.
Here is a link so you can investigate it a little further. http://www.entrustadmin.com/
Happy Hunting,
DW
Increase Credit Score 100pts in 45 Days - Posted by Don Wilson (OK)
Posted by Don Wilson (OK) on February 08, 2006 at 09:35:37:
Hi All:
While attendeding the MOM event a few weeks ago some of the guys were asking how to increase their credit score to get better deals on borrowing funds. I thought this might help out some folks, I know it probably should be posted on the financing site and if its inappropriate then you can delete it.
As you all know when it comes to borrowing funds this is the first thing that a lender wants to know. It says alot about how you handle credit and I know all the reasons why credit scores are low…divorce, medical bills, lay-offs etc…
Here are some things you can do right now to increase your score.
- PAY YOUR PAST DUE ACCOUNTS.
Yes, this sounds obvious, but understand that credit scoring software severely penalizes you for having accounts with a past due balance. Making sure all of your accounts are current, and paying the amount that shows as being past due on the credit report can increase your credit score by a significant amount.
- TRY TO ?GET RID? OF YOUR LATE PAYMENTS.
Contact all creditors that have reported late payments on your credit and request a good faith adjustment that actually removes the record of late payments reported on your account. Be persistent, if they refuse to remove the late payments at first, remind them that you have been a good customer that would deeply appreciate their help. Call several times if you need to and ask for supervisors?persistence and politeness pay off in this scenario.
- REQUEST TO HAVE YOUR CREDIT LIMITS INCREASED.
Contrary to popular belief, having low credit limits on a credit card can actually hurt your credit score. Having low available credit limits affects your ?actual debt to available credit ratio?. For example, if you owe a total card debt of $10,000 and your total credit available is $20,000, you are only using 50% of your total credit available. But if you have card debt of $10,000 and your total credit available is $15,000, you change your ratio to 66% of your available credit being used. The lower the percentage of debt to available credit the better, as it shows you are able to handle having credit available without running it up to the max.
- BECOME AN ?AUTHORIZED USER?.
If you have a short and limited credit history, you can ask someone to add you to their credit card account as a joint account holder or an authorized user. When added, the primary account holder?s credit card will appear on your credit report. Credit scoring software will treat the added account as though it is your account and you will benefit from the low balance and the long payment history for that account. It is important to remember that being an authorized user is helpful for your credit score only if (1) the person is carrying debt below 10% of the credit limit on that card and (2) has had good payment history on the card for seven years or longer?and the longer the history, the better. Being an authorized user is potentially detrimental to your credit score if the person giving you the card either maxes out the credit or pays late, since this would report on your credit report too.
- DO NOT CLOSE YOUR OLD CREDIT CARDS, KEEP THEM ACTIVE.
15% of your credit score is determined by the age of the credit file. Therefore, even if your old credit cards have horrible interest rates, closing those cards will decrease the average length of time you?ve had credit?as well as increase your ?debt to available credit ratio? as discussed in point 3. Use the old card at least once every six months to avoid the account rating to change to ?Inactive?. Keeping the card active is as simple as pumping gas or purchasing groceries every few months, then paying the balance down. An inactive account is ignored by Fair Isaac?s credit scoring software, so you will not get the benefit of the positive payment history and low balance that card may have had in the past.
For those of you that don’t know me my primary business currently is financing commercial, residential and business purchases and restructuring. I am in the process of aquring my first MHP investment and am excited about the new opportunities. I believe that the next decade is the decade of the Manufactured Home and Community. It is the most affordable housing option available and the most exciting investment opportunity of the decade for three reasons; 1)They ain’t makin any more MHPs, 2)Multiple streams of income and 3)You can’t hurt the dirt!!!
See ya at the top!!!
Don Wilson (OK)
Re: Increase Credit Score 100pts in 45 Days - Posted by Marty (MO)
Posted by Marty (MO) on February 08, 2006 at 17:28:28:
Hiya Don!
Good post…
Hope the park’s coming along well- when it gets nice out, I’ll drag Ray out of his house and we’ll ride down and visit you Okies. I’d love to see your empire!
Best,
Marty
DON’T BELIEVE HIM, DON!! - Posted by Michael(KCMO)
Posted by Michael(KCMO) on February 09, 2006 at 06:57:03:
“. . . we’ll ride down . . . . I’d love to see your empire!”
I can’t tell you how many times I fell for that one . . and he only lives a FEW hours from me.
Ok, ok, in all fairness he did finally make it up my way but I STILL had to meet him part way.
Believe it when you see it,
Michael(KCMO)
(Marty, you didn’t think I could let that go w/o giving you a hard time, did you? 
)
Re: Increase Credit Score 100pts in 45 Days - Posted by osupsycho (OK)
Posted by osupsycho (OK) on February 08, 2006 at 21:59:34:
Well if you guys do decide to come on down I will let Don give you the directions… 
Re: Increase Credit Score 100pts in 45 Days - Posted by Don Wilson (OK)
Posted by Don Wilson (OK) on February 08, 2006 at 18:08:05:
Marty:
Still in DD, when I get closer I’ll repost how the deal is progressing. I’m finding that sellers always overstate income and understate expenses…but we all know this already, don’t we?
DW
Re: DON’T BELIEVE HIM, DON!! - Posted by Marty (MO)
Posted by Marty (MO) on February 09, 2006 at 15:23:00:
holy cow- stabbed in the back by a buddy! This hurt my little feelings, Michael… You’re probably the reason some Paul guy responded to me like I’m a newbie!
Let’s get together next week…
Marty
Re: Increase Credit Score 100pts in 45 Days - Posted by Marty (MO)
Posted by Marty (MO) on February 09, 2006 at 15:24:33:
we’ll gather up as many of you okies as we can when we drop in. I wouldn’t skip out of Oklahoma without making you buy me a beer, Jad!
Re: Increase Credit Score 100pts in 45 Days - Posted by Marty (MO)
Posted by Marty (MO) on February 09, 2006 at 15:25:57:
if I was selling a park, I know all the numbers I’d provide would be the gospel truth!
keep us posted on it, Don…
Marty
roth to llc investing - Posted by royd
Posted by royd on February 09, 2006 at 13:33:20:
Hey Don,
I am doin more investigating on a setting up a roth and purchasing a LLC that I would manage. I believe you said that you do not have to have a custodian for the roth, didn’t you.Can you share how that works. You can email me if you prefer. Thanks for the help.I didn’t have a clue about sdiras before boot camp. Your conversations have really got the wheels in my head turning