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BlaqK20 · 10-05-2005, 11:53 PM

I think I get what LIBOR means now. Well not exactly, but I'm guessing its just another index that they go off from. Is there any reason why Prime, and Libor are the two most common ones?

Another scenario. I have a client who's credit is sub 500. About 490 is what he told me. Now he is in a dire need of cash but there is nothing I can do with him, even with hard money lenders (due to high LTV), unless his credit score raises back up to 500, or above. Now he has his mortgage, a few credit cards, and a sears card on the report. What would help him raise his credit the quickest? Paying the balance from one company, say sears, off completely? Or just making the monthly payments on each?

10-05-2005, 11:53 PM	#306 (permalink)
BlaqK20 Upright	I think I get what LIBOR means now. Well not exactly, but I'm guessing its just another index that they go off from. Is there any reason why Prime, and Libor are the two most common ones? Another scenario. I have a client who's credit is sub 500. About 490 is what he told me. Now he is in a dire need of cash but there is nothing I can do with him, even with hard money lenders (due to high LTV), unless his credit score raises back up to 500, or above. Now he has his mortgage, a few credit cards, and a sears card on the report. What would help him raise his credit the quickest? Paying the balance from one company, say sears, off completely? Or just making the monthly payments on each?