With today's market it is not uncommen for us to run into some customer who have less than perfect credit. This does not mean with some adjustments you cannot be a qualified home buyer. We have a process in place that can help you get to the point of being a qualified home buyer.
Because I want the best for you, I've put together some simple credit guidelines to follow during the loan process. This will help ensure the best possible outcome for you, which is what we all want. If you have any questions, please do not hesitate to contact me at any time so I can help
DO NOT Apply for New Credit of Any Kind, including those " You have been pre-approved" crredit cards you may recieve in the mail
DO NOT Settle or Pay off Collections during the Credit Enhancement Process. Settling or paying collections and charge-offs may decrease your score and in some cases it can be a drastic impact. The recent activity may hurt your score more than old activity
DO NOT Close Credit Card Accounts. If you close a credit card account, it may drastically affect your score. With the recent changes in credit card legislation, credit availability has been severly compressed. Also, recent changes in legislation have made open active trade-lines a very important part of the present scoring models.
DO NOT Max Out or Over Charge On Your Credit Card Accounts. In today's tumultuous environment, this is the fastest way to bring your score down. Trey to keep your credit card balances below 30% of their available limits at all times; especially during the process.
DO NOT Use Your Credit During The Process. This could impact the results of our ocmbined efforts. It is important that you keep your profile consistenly moving in the right direction.
DO NOT Enroll In Any " Same As Cash" Programs. These accounts may negatively impact your credit profile.
DO NOT Do Anything That Will Impact Your Lendability. This would include the debt settlement, credit counseling, adding new accounts, purchasing a vehicle, co-signing on a loan, changing or your job, etc. The Less activity the better.
DO Stay Current On Existing Accounts. Regardless of what anyone may tell you, you need to continue making payments on your existing credit. One 30 day deliguency can drive your score down on average 40 to 70 points
Do Let Your Loan Officer Know About any pending litigation, judgements, liens, tax obligations, late payments or anything that you fee may negatively impact your credit.
Do Let Your Loan Officer Know if you receive calls or correspondence from a collection agency. New collection activity, including medical may severly impact your credit profile
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