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"If you're afraid of bad credit history - here you'll find 4 simple and practical tips to fix your bad credit rating so you get a home loan sooner and with LESS hassle!"
If you are looking for a home, do you measure up?
It is a fact: if your credit rating is good or excellent, then you stand a chance of obtaining that home you put a bid on. In fact, you stand an even better chance of getting that house if you walk into the with a mortgage pre-approval letter in hand.
There are several things that can work against you being approved for a mortgage loan and they all center on risk which is determined by your credit rating: the better your credit the lower your interest rate and the better chance that you will be approved for a loan in the first place.
The #1 Thing you must do BEFORE applying for a mortgage!
Before applying for a mortgage or placing a bid on a home there is something that you must find out: what is your credit rating?
You can obtain your three credit reports and credit scores through AnnualCreditReport.com - that will help you understand exactly where you stand. As a general rule, a bad credit report usually stays upon your record for a period of 7 years. If your report says you don't pay your bills on time, or that you have a lot of debt, you may not get that loan.
If your credit scores are good or excellent then go ahead and apply for a mortgage. If not, you may need to spend some time fixing your credit before applying.
4 ways to fix your bad credit quickly...
Consolidate debt and pay down your existing balances.
You could consolidate your debts, into one smaller-interest-rate debt by taking out a personal loan. That way you would have your debts in one place on a lower rate and pay off all your debts quicker than ever before. You would save a FORTUNE in interest by getting rid of higher interest debts such as credit cards.
Pay your obligations on time.
Make sure you pay your bills on time. Even a $1 dollar phone bill could ruin your credit rating if not paid in a timely manner.
Correct any errors found in your credit reports.
You can help to correct credit errors or misunderstandings by writing a letter to the creditor or by writing letters to be included within your credit reports. Sometimes, a letter explaining a sudden loss of a job, a lay off, or a long-term illness will change the view of the lender in reviewing your credit report.
Additionally, you should provide any documentation proving your reason for failing to pay on your debts. By law, credit reporting agencies are required to include letters of explanation along with any documentation proving such explanation with the credit report.
WARNING! Sometimes you may wind up with a bad credit rate because of identity theft. It happens to many people. A person that steals your identity makes purchases in your name without your knowledge and ruins your credit rating.
How can you protect yourself? First thing, keep any important and personal information and documents in a safe place. But, worst case scenario, if the inevitable does happen, you should consult a legal professional on what to do in your case.
Put a freeze on your credit.
Do not apply for credit while 'repairing' your current credit standing and do not use your current credit cards to run up higher balances. This is IMPORTANT!
After you accomplish the above...
You can run your credit reports and scores again, usually about six months later to see if your credit scores have rebounded. If not, and you still want a home, you will probably receive a higher interest rate mortgage.
On this website, you'll find many useful tips, guides and articles to help you fix your bad credit and get a home loan quicker and with less hassle.
So, that's it. You may be approved for a mortgage or you could be turned down. Correct your current financial condition for a better chance of getting the home of your desires. If you have more questions simply check our free guides, links and articles on this page.
Thanks for visiting this website and good luck with your mortgage!
