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Bankruptcy is not forever – Get ready to Buy your Home

Bankruptcy doesn’t have to be the end of your future goal planning. It’s a time and place when you need to recapture some order, identify your weaknesses financially and learn to live within your means so old patterns do not creep back into your life.

Summer is here and real estate is hotter this time of year than any other season. If your tired of renting and desire to buy, this information can be very helpful because, coming out of bankruptcy takes some coordination so that all your financial ducks are in the right place.

House_for_sale

Buying a home in today’s market is a bit tough with all the new regulations that now govern the way mortgage contracts are handled, the information available to new buyer’s is even more layered than it used to be. When there has been credit challenges, not all mortgage loan professionals are the same and can assist in a timely fashion with a client that has been through some heavy issues.

House owner/real estate agent giving away the keys - house out of focus

House owner/real estate agent giving away the keys – house out of focus

What you may find helpful is starting with where your credit history is after filing for Bankruptcy. New regulation has been established to help you buy with conditions. Your smartest initial step is to correct the credit history and get your credit back on track and increase your credit scores so that you can get approved for the lowest interest rate possible.

If your a first time homebuyer, FHA loans are a great way to start you on your path to buying home. If you are re-entering into the home buying market after not owning a home for the three to four years, you are also considered a first time buyer.

first-time-home-buyer-loans

Buying a home is exciting and stressful at the time. Lenders like to see that your employment is stable, your saving some money monthly and your credit history is strong enough to position you into a mortgage loan without any kind severe financial strain.

If you ready to make that next major financial commitment, we have a great program that is changing the level of success for people who have gone through some challenges and want to buy a home. Our program Home Buyer’s Assistance (HBA) is designed to position you with a team of professionals who work with you to handle the intricate process of buying with credit challenges. To learn more, visit our website and download our HBA magazine.

Next month, we are having Credit Education and Home Buying workshop, be sure to stay in the loop so you can get your questions answered and learn about how we can help you buy your next home.

Restructuring Debt: Can a low interest rate loan boost your credit scores

Credit score improvement is a big deal for anyone seeking to increase their scores. The challenge is what truly works and why does it work. Boosting credit scores is all about structure, debt management, types of credit and timing of credit account development. That may sound like a whole lot of fluff, but it is all the way truth. When there is alot of debt in someone’s life and that debt is tying them up in a way that their a personal credit scores suffer, than that becomes a very stressful situation.

Credit history is highly dependent on how you pay your bills. Credit history is generated by a relationship with a creditor who has granted and/or approved some kind of credit account. The goal in managing debt is to ensure payment history is accurate, sufficient and does not go beyond the approved credit account. When debt restructuring becomes necessary, this is the only way, your credit scores can either improve or decline. Restructuring debt often requires an approval for some kind of loan account that either lowers the interest on the balance the individual is carrying and a time period to pay the balance is limited for a special offer.

debt_restructuring

The key is to figure out if your situation can benefit from a restructure and on what terms. Here are things to keep in mind:

1) Late payments associated with a credit account do not go away if you restructure existing debt.

2) Balance transfer credit cards or loans are a form of debt restructuring and can definitely help in a way of collapsing accrueing interest on existing debt.

3) Credit scores will continue to be affected even if you transfer existing debt into a new credit account like a credit card or loan because the debt will reflect on you credit history if payments are slow and/or do no cover all accrueing interest.

debt_credit_scores

The most important aspect to this process is what kind of timeframe can be committed to reducing the debt owed. A lower interest rate is only part of the equation. More money will be spent on reducing debt irregardless of interest without identifying a game plan to pay it all off. Credit scores can increase after a debt reduction plan is initiated and payments are not applied on a timely basis according to the loan terms and payment dates.

I hope you find this article helpful. Too often we seek a quick fix, but do not understand how to use the opportunity identified. To learn more about credit scores and increasing your loan application approvals, be sure to download my Guide.

Boosting credit scores can be intricate and challenging especially when seeking a loan. I am always here to help you, you can book a Triage call with me here

Talking out the situation is ideal because we can get to the root and find key areas to get you on path to better credit.

OMG! I have an eviction on my credit report!

Evictions can be a pretty tough because they can have a huge impact on your ability to get a future rental application approved. A landlord doesn’t always pursue the court to collect unpaid rent, but most will use that avenue especially if there is alot of monies outstanding.

eviction_house

Your credit history is like GOLD was in the GOLD Rush years. It’s pretty darn precious and valuable. Anywhere you go and someone feels they need to check you out for some kind of business offer, loan offer, rental of a primary residence, vacation, or car rental, your credit could be a factor in a decision.

Here are some things to keep in mind if you are dealing with an eviction on your rental record.

1. Eviction records due in fact impact your credit scores. Reason: Anything that is reported unpaid will not help your payment history which is impacted by your credit scores because the unpaid rent could land on any one if not all of the the big 3 credit agencies, Experian, Transunion and/or Equifax.

eviction_denied

2. An eviction which becomes a matter of record if reported to the Court system, will also have a huge impact on your credit history because the record will reflect some kind of legal action taken by the former landlord.

3. An eviction that becomes a form of collection via the Court system, will then reflect as a public record.

4. Tenant screenings which is almost always done formally by professional rental companies, look for evidence of eviction records and patterns by reviewing databases that will often have cross referenced public record filings. Evictions are a huge deal and they will base their decisions to approval a rental application on whatever they find in those data searches.

tenant_screening
5. Correcting unpaid rent issues with a former landlord is a great way to restore your rental record. If the issue cannot be resolved and you need help correcting your credit history, we can help.

Credit problems are so wide and vast, it is often hard to discern how, why, when, a situation will have a negative relationship to your credit. Keep in mind, that having solid credit, is incredibly important. It may seem like you can get by, but some how, it will come and bite you in tail, when you least expect it.

credit_problems

If an eviction is haunting you and keeps getting in the way, we just may have the answer. We don’t just offer credit repair and restoration, we are masters at coordinating the best exit strategy and outcome for your overall credit goals. We are credit experts and have all the systems in place to help you go the distance.

Email us at info@getgr8tceditvip.com or Call us at 888-503-3382.

We can get it done for you!

The Anatomy of a Credit Score

As a specialist in the area of increasing credit scores for my clients, the question often comes up about what is a credit score?
For many years in my line of work, credit has always been such a huge mystery for many that have sought my advice.

Credit scores have become the angel and devil for just about everyone depending where you fit in to things. No one wants to feel like they are less then someone else because they can get approved for a low interest rate auto loan with no down payment, or a rebate credit card paying 10% on the purchases or even a the elusive line of bank credit. These kinds of credit opportunities are afforded by those that have either taken great care of their credit history or those that have taken the time to correct past credit history issues.

So what is the anatomy of a credit score?
The anatomy of a credit score is is divided by these factors.

As a specialist in the area of increasing credit scores for my clients, the question often comes up about what is a credit score?
For many years in my line of work, credit has always been such a huge mystery for many that have sought my advice.

Credit scores have become the angel and devil for just about everyone depending where you fit in to things. No one wants to feel like they are less then someone else because they can get approved for a low interest rate auto loan with no down payment, or a rebate credit card paying 10% on the purchases or even a the elusive line of bank credit. These kinds of credit opportunities are afforded by those that have either taken great care of their credit history or those that have taken the time to correct past credit history issues.

So what is the anatomy of a credit score?
The anatomy of a credit score is is divided by these factors.

fico_chartEvery lending institution is using something that looks alot like this to base their decisions to lend money. Most people have never been taught how credit scoring is utilized in lending decisions and also they do not recognize how they “fit” in to the credit scoring process.

There are three credit reporting agencies that are most often the source of any kind of reference or reporting of credit accounts. Those three credit reporting agencies are Experian, Transunion and Equifax. Now, they are not only credit reporting agencies, but they are the top three most people are impacted by in many situations.

A credit score is a 3 digit number that spans from 300 to 850 and each credit reporting agency has their own algorithm to determine yours.

The average consumer is on record with any of these three agencies by the time they are at least in their early twenties. This is generally especially if a bank account has been opened by that age timeframe.

Credit history of any length, scale or even types of credit accounts will reflect in any given credit score. Credit scores are sensitive to balances and frequency of payments. Lower credit scores are generally the sign of slow, poor or inadequate credit history.

Getting a clear idea of where you stand in the credit spectrum is a smart step. Just because you do not know something is there, doesn’t mean you should ignore it. One easy step to becoming informed is using a great free tool, FREE CREDIT REPORT ACCESS

If I can help you, please be sure to reach out, email me at info@getgr8tcreditvip.com or toll free 888-503-3382.

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