The purpose of credit fixing in my realm is to get people mortgage ready - quickly. It can always be done, but not always quickly. Credit fixing is fickle business: We need to do the right things in the right order!
On top, there is a lot of (mis-) information out there. People will start quick self-help on their own (really bad idea) which means there is even more fixing to be done, or when under my care do things that are not part of "the plan". Anyway, for your benefit today everything you need to know about credit fixing - on one page. /// Make it a good week folks! - Paul
About credit
* Good credit is important to get credit and get the best rates.
* A good score is NOT ENOUGH. You ALSO need a good credit profile!
* Quick self-help virtually always HURTS YOU BADLY.
* Fixing credit is not expensive (as low as zip), and easily pays for itself.
* The minimum credit score at Prospect for a (FHA) mortgage is 580.
Fixing Credit
* Takes 5 - 180 days, depending on what is needed.
* Is a combination of: Repair, Improvement, Coaching
- Repair removes old and inaccurate items
- Improvement fixes the profile and optimizes the scores
- Coaching and perfect credit habits are essential
* Expediting the process takes away from end-results
Quick Self-Help
Usually consists of exactly what you SHOULD NOT DO (at first):
* Contact creditors, settle, and/or pay off old debts
* Pay off accounts
* Apply for new accounts
* Close old accounts
Perfect credit habits
1. No credit inquiries (applications) unless you really want to.
2. No new credit applications during the mortgage loan process
3. Pay bills on time. At least the minimum payments.
4. Do not close accounts unless you really want to.
5. Keep card balances below 40% of the credit limits at all times.
6. Do not contact creditors, settle and/or pay off old debts unless this
is part of "the plan".
Note: I am not advocating not paying off old debts, just the timing of it
For credit fixing or prequal, contact me, or start online here
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"What is not started today is never finished tomorrow."
- Johann Wolfgang von Goethe
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