We had a great question today from a Bank Lender and we wanted to share the answer with you.
The first question was can the customer pay for the boost after the boost? Yes depending on the product type (see step 3)
The second question was how much does this cost? The cost is tailored to each individuals credit.
Thanks to my assistant, I was able to quickly address this without having to type much.
This is a common problem with first time home buyers to encounter people with credit issues. These days you have to expand your pipeline by working with credit problem potential customers. You may not close as early as you would like, but down the road, if your potential problem customers do the right thing, you will have lifetime customers. I am glad you are trying to help them. Many companies don't help, and the potential customers, find some other company that will help them and win them over / close with them.
Normally when a person comes to us, they need a 12 step program, but many times they can secure financing after the score boosts with just 1, or 2 steps, from time to time they need a third step.
Many people who are referred to our services have already completed Step 1. However, if they have not, the lender may ask them to get this addressed.
Then Step 1 is reduce the debt (from the active credit) they may need to pay some debt down why they are in this process, but only the debt that is still good like maxed out credit cards.
Step 2 - Get enough credit first
Why do we do this first? It's a good question, because back 7 years ago and prior to that, companies like ours, would start with Credit Improvement - deleting negative items. Now the rules have changed, and many times after the credit improvement was done, the customer
a. tried to get a tradeline or credit to help their score which mostly dropped because they had no good credit or not enough credit when they started,
b. or they got a nice score raise but not enough to qualify for the lender ,
only to find out they had items in dispute on their credit report and couldn't get qualified for a tradeline, this only caused them more delays and then it also effected thier challanged disputes for the future.
Sometimes they would drop a score to zero if they didn't have enough credit, and the cleanup was so good, it was like starting over with a clean slate.
The smart solution is to get enough credit on their file first, boost the score first, and build off that score as they complete other steps.
1) Go to our shop at http://www.boostyourcreditscore.info/shop
a) if they have a 500 FICO score on transunion, and meet the other requirements, I recommend
the platinum card : http://www.boostyourcreditscore.info/product/10000-platinum-card-tradeline/
It reports quickly and depending on their credit they can see a score boost rather quickly. Please make sure they meet all the requirements. We have a video on that product page, that explains our platinum tradeline so you can find out more about it, and if you qualify, or if you need another program.
b) If they don't have a 500 score, here are the steps to take:
1) first have them get this http://www.boostyourcreditscore.info/product/usa-credit-discount-shopping-card/
2) they also could get a second credit line - secured credit http://www.boostyourcreditscore.info/product/platinum-secured-credit-cards/
3) when they get that transunion to a 500 score , then they can go for the platinum tradeline, and really boost up their score nicely.
Step 3 Clean some of the negatives - if they still need a higher score, many times Step 2 gets them to where they need. http://credit-makeover.com/product/deleting-negative-items/
We have several partners that provide this service, and they have different payment plans, including affordable monthly plans. One of those partners has a program to pay only after deletions are complete. They can get a free consultation with each of those partners before they choose one, after they sign up for the service on the credit-makeover site.
Step 4 is about setting up the savings, but if they have come to you, they also should have this step achived and an active checking account.
I recommend referring them over to the correct service, once they get enrolled in a service they will have the support they need for that service. Once they get approved, I recommend them completing the entire makeover program.
We have partnered with FDIC banks and proven companies that help provide some extra special services.