All Forum Posts by: Account Closed

Yes, but just because they ask, it does not mean you are obligated to give it to them.

Ask them why they want it and if it is required. If they say it is required ask them what law is compelling it.

There are darn few situations where you are compelled to provide your social to anyone. Even applying for credit, providing your social is NOT COMPELLED by law.

Originally posted by Harrison Painter:

1. How do you measure success?

By comparing my progress against the goals I set for myself.

Since I am not interested in what someone else has in their bank account, portfolio or wallet, I don't give much consideration about how others measure their own success and I am especially disinterested in how they attempt to measure mine.

Originally posted by Charles Kagahastian:

anyone else with input on how this is possible?

taz,

do you know NY Queens' legal publication?

The Daily News has the legal notices for the NYC area including Queens.

As Nc Mark said, join the local clubs or associations.

FWIW, there is absolutely no such thing as a bullet-proof lease.

Some are stronger than others but those who claim their lease is bullet-proof is either exaggerating or delusional.

The actual expenses you pay out each month or year will be less during the first few years after a heavy rehab. However, for the purpose of running a business, IT DOES NOT MATTER.

Why?

Because you need to be setting aside reserves for the NEXT expense you have to pay. The investors who front the money for expenses do it because they didn't build any reserves to cover expenses you know or should know are coming.

Everything in a building has a definitive useful life. The roof, the appliances, carpet even the paint on the walls.

Smart investors use this fact to set aside monies to pay for repairs and replacements. That is part of what the 50% rule of thumb gives you, the ability to budget for future expenses and set the money aside so that it is there when you need it.

On second thought, never mind.

Russianbound, if you think you were wronged, get and attorney and sue the lender and Fair Issacs.

Originally posted by Jon Holdman:

So is the theory that "pulls by existing creditors don't affect score" bunk?

That is the supposition based on Russianbound claiming it to be so.

Originally posted by John Andre:

No, I think we all know any pull will ding you 10 pts or so. Relation or not.

I don't know this, in fact, I don't even believe it. Credit pulls in relation to applying for NEW CREDIT are 10% of the FICO model and any one pull for NEW CREDIT, according Fair Issacs will drop a score by about 5 points.

However, Debt to Income, and the amount of available credit you are using make up 35% of your score. That is why I believe the high DTI is affecting the score MUCH more than these pulls he mentions, which according to Fair Iassacs wouldn't affect the score at all if they are on open accounts.

But, hey, don't believe me. Go to the Fair Issacs site and find out for yourself.

Originally posted by John Andre:

Taz, The ten pulls caused the 70 pt drop in fico.

If the pulls were from a lender he has open accounts with, then, the execs from Fair Issacs lied in their testimony before Congress.

I think there are other things that caused the drop in the score.

On really big clue, in my opinion is this...

A high debt to income ratio will trash a score faster than anything OTHER THAN not paying your bills as agreed. I'd bet, this accounts for most if not all of the drop.

Two things...

First, if the lender who pulled your credit 10 times is the lender who actually HOLDS the LOC note, then according to Fair Iassacs those pulls ARE NOT considered in the FICO model.

Second, if they are pulling your credit that often there is some problem. You said it was a small lender, go sit down with the President of the bank and SHOW them the 10 pulls on your credit. He can do two things. He can find out WHY for you AND he can get the bureaus to suppress the excessive ones.

There are some pieces missing in this story but I seriously doubt those ten pulls are keeping you from getting the other loans. I'd bet the high DTI is what is gumming up these works.

Originally posted by Russianbound:

Thank you for your replies. Yes, it DID hit our score and more than I ever imagined.

How much did it drop your score?

Is it the LENDER who holds those notes pulling the credit or the mortgage broker?