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Advice Please, I need a business warehouse. Just ate it with a local bank.


Indy17
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Well, 5 years after some trouble and my credit report is still radioactive - At least Transunion is. I thought I was OK credit score wise. credit karma and various similar "fake scores" were showing me around 700. I refinanced my car loan last year and it was no issue. credit karma was telling my Transunion was 680. 

Just heard back from the banker, My Transunion was 618. With 7 collections( I only read 5). 

There is not a chance in hell I will get financing alone. 

I didn't settle some of these debts because people always say settling won't help my score. however, that's the issue the banks keep having. What I am too do? Settle the accounts, or try to remove them? 

I really want this warehouse. It's perfect for me. I don't see a chance in hell that I can solve my credit issues in time do get it alone. 

Should I open up some credit cards in my name? 

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In my opinion, opening up new credit cards in your name won't help.  In fact, it may hurt you.  Not only will you end up with hard inquiries on your credit reports, it will lower the average age of your open accounts.  People who review your credit reports may also wonder why you're taking out new credit.

 

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I don’t know the answer, but,

 

Often when attempting to buy real property, the lenders want all outstanding debts settled.  
 

I don’t know if you will be able to get a loan after settling these debts.  Apparently you won’t be able to get a loan without settlement. 
 

Check with the loan officers to see if they would approve the loan if you settled the debts.  If so, your choice is to either settle the debts and get the loan or not settle the debts and not get the loan 

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I’m sorry to bug into this post. But you triggered me when you stated you had several collections on your credit report. We’re any of those judgments? Have you had any attachments of those judgements to any property thru liens? Have you been sued by any of these collectors?  Seems my life is slowly falling apart n I feel trapped by these debt collectors knocking on my door. Ty in advance.

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42 minutes ago, Michele Hunter said:

I’m sorry to bug into this post. But you triggered me when you stated you had several collections on your credit report. We’re any of those judgments? Have you had any attachments of those judgements to any property thru liens? Have you been sued by any of these collectors?  Seems my life is slowly falling apart n I feel trapped by these debt collectors knocking on my door. Ty in advance.

A judgment always becomes a lien on your property.  In the case of a credit card judgment, it seems that debt collectors rarely enforce it by trying to foreclose on a home.  

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