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Credit Score Help

Be Wise With Your Credit. 

Credit scores are important if you are trying to prove your credibility to a lender, landlord or future employer.

 

Having a high score is possible when you show you have consistently used

another persons trust in you

responsibly. 

The tips here are primarily helpful in what a mortgage lender will be looking for.

INCREASING YOUR CREDIT SCORE

 

If credit score is an issue, here are a few things that can help some common problems.

 

Pull your free credit report from Credit Karma or Credit Sesame and evaluate it by asking these questions.

 

 

How much of the credit available to you are you using?

Pay down your active debt below 40%. Leaving more than 50% available for an emergency allows new lenders to see your responsible use of credit, and not maxing out irresponsibly.

 

Do you have collection accounts that you have been ignoring?

Negotiate a small monthly amount to pay your collection account holders that will keep your budget flexible for your potential new mortgage payment.

 

Student Loans?

Understand that student loan debt will likely be calculated at 1% or half of a percent of the total student loan debt if you are making a payment of $0.00 based on income.

 

Keep in mind that this calculated payment will affect your debt-to-income ratio and lower how much house you can afford. It will be added into the amount as a debt payment.  To help, find other ways to decrease your debt or increase your income to compensate for the amount.  Remember, part time jobs and overtime has to be shown for at least a year for these lenders to count it into these calculations.

Do you need more credit?

Many people buy things to show they can make timely payments but now you can make a timely payment to yourself and have it reported to your credit! These savings accounts act like installment loans for $500, $1,000 even up to $10,000. You can pay as low as $24 dollars a month for 1 or 2 years to receive access to the account at the end of the term. The bank reports your on-time payments every month when you make your deposit. They do take a small fee for this service and the account.

 

Visit this link to get more info and start your trade line account today.

Bankruptcy or Foreclosure issues?

These can only go away with time but having them paid off is obviously better than not. Getting a mortgage with one of these issues is difficult but not impossible. Handle the less severe issues first, and then discuss with your lender what the best way to approach the specific case you have would be.

Schedule A Video Meeting or A Call 

Confidentially discuss your unique situation and get free help today!

 

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