UPDATED: By January I will be free of credit card debt - I have worked with a settlement company and have 3 more accounts to pay! I have student loans (~100k) and an existing mortgage balance 170k. I will keep my current home as a rental property. My credit is not that great because of credit cards issues. TransUnion 567, Equifax 601. EH...
In April 2010 when I finish my MBA, I will be forming an LLC and starting to write my business plan. I am concerned because even under my future LLC, my credit will still matter for me to get financing for the horse farm I will want to buy (estimating $250-300k). No matter how professional my business plan is or how much I have saved, I am worried that my score will do all the talking. I know it's a complicated question, but does anyone have any advice or words of wisdom for me? The plan to buy this farm is in 2-3 yrs time. Will I be able to get a 2nd mortgage - even if it's at a crummy rate? Other important factors: I have worked from home for 5 years with the same employer - which I would continue doing after starting my business (at least until it takes off). I make about 50k a year.
Any advice/comments are very much appreciated.
Jennifer
Message Edited by jbroniak on 10-27-2009 01:50 PM
