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Credit scores are important in the mortgage market. Low credit scores will result in higher interest
rates, higher closing cost and limited options. Our team has a process that helps you to increase credit
scores, then monitors the results.
Here is how it works: 1) OBTAIN A COPY OF YOUR CREDIT
REPORT - You are entitled to one free credit report per year. To get your free credit report visit www.annualcreditreport.com. This program does not provide a credit score. If you decide to take advantage of this option, make
sure that you order your credit scores at the same time. There could be a cost associated with this. 2) CREATE A STRATEGY – Once you know what is in your credit report, you can create a plan. The key
part of any strategy is to make sure it will work. Certain credit reporting agencies have simulators that will estimate the
impact certain actions will have on your credit score. Click here for more information. Feel free to contact us if you need any help. 3) IMPLEMENT A STRATEGY –
After creating a strategy, it is time to put your plan into action. The length of time it will take to
repair derogatory credit will vary. Here are some examples: a. Quick Fix –
Several credit reports have errors. If you can document errors on balances and or derogatory credit, you can rapidly increase
your credit score. In many cases, improvement will come in less than 2 weeks. b. Less than 30 day credit
score increase – Our team has access to a credit simulator. We can run “What If” scenarios to determine
what you can do to immediately increase your credit scores. You can gain access to your own credit simulator. Click here for more information. c. Three to Six Month
Fix – If you don’t have a credit score or if you do not have any positive credit rating with in the last six months,
it will be important to open new accounts. Here are a few suggestions:
i.
Become an additional signer on your spouse’s or someone else’s
active account. You would receive credit for the payment history on the next reporting cycle after you were added. You may
be able to do this without having an additional inquiry on your credit report.
ii.
Get small loan and make your payments on time. If you have low or no credit
scores, it may be difficult to get a loan. We have partners that will provide a loan against a certificate of deposit.
iii. Open a credit card, make small purchases then pay off the balance. Again, if you have low credit or no scores,
it may be difficult to get a credit card. Click here for a list of companies that could help.
iv.
Negotiate with creditors to remove a derogatory rating or reduce the pay off
balance on a derogatory account. This may not work with institutional lenders (banks and credit card companies). You may have
success with medical bills, speeding tickets, and utility bills that have been sent to collection agencies.
SPECIAL
NOTE: Be careful when dealing with credit repair companies charging large upfront fees. Because the credit scoring system
and loan qualifications are always evolving, there is no way to guarantee results.
To find out how the
HomeBuyer’s Club can work for you, apply online or call (877) 313-5954.
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