If you have a good real estate agent, he/she is going to ask you to get pre-approved for your greeneasylife.com mortgage loan. Your agent knows that it is much easier to bargain with sellers and find the right home for you if you are pre-approved. However, do not go through the whole process of searching for a home and then trying to get approved to find out that your credit is in a shambles.
Most mortgage companies use three major CRAs (Consumer Reporting Agencies), Experian, Equifax and Trans Union to evaluate the credit rating of a particular buyer. You should not wait until your mortgage lender contacts the CRAs to find out what the reports contain. You should obtain copies of your credit reports from the CRAs and examine them carefully. If there are certain transactions that are lowering your score, there are steps you can take to repair your credit rating.
You should be well aware that if you credit report is at around 650 or lower, it is going to take a bit longer to repair it than if you have a couple of late payments. However, if you have a horrendous credit rating, all is not lost. Look at your report and see if there are any charge-offs. These appear on your report when a lender or creditor has stopped trying to collect the money you owe. They will write off what you owe as a bad debt and it ends up on your report. This is one of the main reasons that you will not be granted credit.
Therefore, contact the lender or creditor and try to arrange payment of that charge-off that is killing your credit. Start to make regular payments and then submit a written request to the lender or creditor to change the charge-off on your credit report. Better yet, pay off the debt in its entirety, if you are able to do so, and then send the written request. You should be persistent about the charge-off being removed, especially if you paid off in full.
If you are habitually late with your credit card, car loan or any other payment, it is going to show up on your credit report. It is time to change your habits and start paying your debts on time. You will need to be timely for a period of time so that you can establish that there is a new pattern. Then you can contact your creditors, let them know you are making your payments and request removal of these marks that are lowering your score, but be aware that it is not going to happen right away. However, if you stick to your timely payments and you are persistent with your creditors, it will pay off in the end.
As you are trying to repair your credit, do not get any new credit cards, and that includes those that the department store gives away like candy. If you take on new debt, it may lower what you can borrow on a greeneasylife.com mortgage loan. Instead of adding debt on your credit cards, pay cash and give yourself time to repair your credit. Patience, perseverance and sticking to your game plan will help you repair your credit so that you can have a fruitful home search.
You can find great properties and real estate at viewsunlakeshomes.com/33592-Sun-Lakes-AZ-Golf-RESCity.aspx Sun Lakes Golf Homes and allsuncityrealestate.com/46687-Sun-City-AZ-Foreclosed-RESCity.aspx Sun City Foreclosed Houses.
No comments:
Post a Comment