2006-09-26 07:16:36 · 4 answers · asked by Ebony B 1 in Business & Finance ➔ Credit
What line of work are you in that you use Yahoo Answers to help your clients?
What is your client trying to buy?
If it's for a mortgage, you may have trouble. They usually work with scores of at least 500.
If a car, it should be easy, as long as the client has a good down payment.
2006-09-26 07:22:00 · answer #1 · answered by Christian93 5 · 0⤊ 0⤋
If you have a client with a 450 FICO, you should push the chair back from the table. Slowly stand up in the chair and proceed to the nearest exit.
A client with a 450 FICO does not have ugly credit. . .they have abominable credit and should not even be provided any form of plastic -- not even a LOYALTY discount card from a retailer.
They need a course in BASIC PERSONAL FINANCE before entering into any more contractual agreements. To establish any type of loan package for this candidate would constitute professional gross negligence.
2006-09-26 08:22:19 · answer #2 · answered by DaMan 5 · 0⤊ 0⤋
It's called "hard money". If you're in the lending biz you should be getting faxes from these lenders every day (I receive and toss several daily). It's expensive money, and LTVs are lower than average, but there's a lender out there for virtually everybody. I get several faxes a week from a lender that says "300 FICO OK!", which is interesting since FICO scores bottom out at 350, but it illustrates my point. Good luck!
2006-09-26 09:03:53 · answer #3 · answered by answermann 3 · 0⤊ 0⤋
Your client is screwed... at that score your interest rate will be soo high it wont even be funny... tell your client to work on paying thier bills and keeping out of debt...
2006-09-26 07:24:13 · answer #4 · answered by limgrn_maria 4 · 0⤊ 0⤋