Fixing Your FICO: It CAN Be Done...Here's HOW!
As an observer of trends in the real estate marketplace, one that I believe requires immediate attention if the US economy stands a chance at recovery sooner rather than later - is the repair to low FICO credit scores to enable more Americans to spend on real estate.
With interest rates at their lowest since the beginning of 2011, opportunity is ripe for homebuying. It IS possible within 90 days to get your scores back in shape for lenders to issue a mortgage preapproval.
A "credit care" program may be the answer to remediate a lower credit score. They can assist with:
Erroneous and False Information Removal or Correction
Consumer Credit Report Consulting
Consumer Credit Score Consulting
Attention is PERSONAL, not at all automated
Your FICO credit score is baed on five different weighted factors:
-30% Available Credit - your credit limt minus the amount you owe for each account
-10% Number of Inqueries - records of inqueries logged when you apply for credit
-10% Type of Credit - mortgages, installment loans, revolving accounts, etc.
-35% Payment History - the record of your on-time and late payments
-15% Length of History - the time elapsed since each account was opened
COMMON CREDIT MYTHS
Paying off collections will help your credit score
Once you pay a collection, charge-off or tax lien, it no longer impacts your credit score
Using your credit cards often will increase your payment history and raise your credit score
Multiple inqueries pulled at once in the same industry will not have a negative effect on your credit score
Your credit score defines in part your ability to qualify for a loan of any kind (car, mortgage, personal loan), and with specific regard to a mortgage, it plays a large part in the interest rate a lender is able to give you. Depending on the size of the loan, your interest rate can be the difference in hundreds of dollars in your monthly mortgage payment - and that may be the difference between a condo, townhome or single family home...in your neighborhood of choice.
To understand how credit care can help you become a homeowner (and take advantage of prices and interest rates BEFORE they go UP!), give Rusty Burdette a call today at 866.595.6313, or email him at Rusty@NationalCreditCare.com.
(Than call me to let me know how I can help you buy your next Northern Virginia home!!)