All Forum Posts by: Joshua Mayo

Lol exactly. I'm (trying) to be patient in the meantime. My credit dropped to around 685 because of all the hard inquiries. They give you a walkthrough on how to get the inquiries off yourself. Apparently, from what I've read on other BiggerPocket topics regarding F&G, it's just a lot of calling and waiting and calling and waiting. Or, you can pay another company to do it which will run for about $350-$400. I think I'm going to try and work on getting a few off and if all goes well, I'll get the rest off.

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Originally posted by @Jason Medina:

@Joshua Mayo

Did they mention how long the seasoning is?

About 6 months is what they originally told me. They emailed me earlier this week saying the next round will begin on July 21. My round of personal credit began in late January, so that's about 6 months which is in line with their promise.

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@Jessica Maalouf I'll keep you updated with this. Currently, I am just waiting to let my new personal credit cards season a little more before F&G does another round, this time for business credit. From what I've been told and have researched in other topics here on BiggerPockets, the no interest periods can be anywhere from 6 months to 18 months; more commonly they are 12 months - 18 months though.

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Originally posted by @David Hooper:

@Joshua Mayo -- sounds super interesting. I'm very interested in the idea, broadly speaking. Paying $4k up front seems a bit steep, but so does paying 9% on the back end if I just use the $1 sign up fee. Can use the funds to cover the down payment and rehab costs on a flip deal, for example.

For sure, David! If you go through an affiliate website such as Morris Invest, you can get $500 off and pay $3,500 instead of $4,000 (which is still a bit steep). For us, after looking at all of our options, this seemed like a good route and would give us the leverage we needed to get started in real estate investing.

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Originally posted by @Andrey Y.:

Originally posted by @Jay Hinrichs:

Originally posted by @Joshua Mayo:

@Jay Hinrichs

Hi Jay,

I failed to mention this in my post above, but I do not plan to use the personal cards for business.

Ok why would u pay someone to put applications in for u. U can do that all on line ???

My thoughts exactly. Everything that they are doing for you you could easily do yourself. In fact, it's what I've done since 2014 to get to my current 790 credit score. And I didn't have to pay $4,000 to do it ;)

Are you talking about personal credit or business credit? If you built your own lines of business credit, how much do you have? And I would be interested to know how you did it (and other readers as well who read this in the future). I think Jay was under the impression that I paid someone to build my personal credit, which is not the case. Of course, I could do this on my own without paying a premium.

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Originally posted by @David Dachtera:

@Joshua Mayo,

Something most folks don't consider is that credit scores get you DECLINED. If you come across any prospective creditor who approves based on score alone, please let the group know.

Once you get past the score "gate keeper", then the content of your credit profile comes into play. That is what will ultimately get you approved, if at all.

As to the question of, "Can I do this myself?" The answer of course is yes, but that's not really the question you need to ask. The key question is, "SHOULD I do this myself?" Unless you're a credit expert, you'll want to think twice before taking it on personally. You can do yourself more harm than good unless you know what to do and why, versus what NOT to do and why not.

This is great information, thanks David!

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Originally posted by @Shiloh Lundahl:

@Joshua Mayo I have found that keeping credit cards in only one of your names rather than both can be a benefit in that if you are carrying a high balance on one person’s card it won’t effect the other’s credit score. And you can use the balance transfer checks that come to transfer debt from one card to another to increase the credit score for the one applying for the long term loans.

I spoke with my wife about this today - we like this strategy and will likely roll with it.

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@Niels Bjørn Toppenberg

I agree with you Niels and it's something I do not fully understand. I guess lenders think that if you have more lines of credit, then you are more responsible because other banks are willing to give you credit? It almost sort of seems like a crowd mentality.

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@Adeva Edobor

It's a great idea, I'll ask him - this is also what @Eric Heinen suggested.

Thanks for sharing your experience @Shiloh Lundahl very helpful!

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For anyone interested, I was inspired by @Justin Sheley to create my own case study, you can keep up with it here:

https://www.biggerpockets.com/forums/50/topics/656...

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All Forum Posts by: Joshua Mayo

Joshua Mayo has started 1 posts and replied 18 times.

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Case Study 2019 (A detailed and in-depth analysis)

Post: Fund & Grow Financing