|
|
Bad Credit?
Having bad credit can seriously
affect you financially. But a
good mortgage banker can help
you figure out how to improve
your situation and get you back
on the road to better credit.
Consolidate Your Debt and
Regain Control of Your Life
Consolidate your bills into one
low monthly payment with a bad
credit loan from My Free
Approval.
Get a lower interest rate than
your credit cards; make it
easier to pay off your debts.
Best Consolidation Loan for
Borrowers with Bad Credit
Our second chance loan is
designed specifically for people
who have less–than–perfect
credit due to late payments,
delinquencies, past bankruptcies
or past foreclosures. The second
chance loan is a great program
for taking control of your
credit.
Improve Your Credit Score,
Get a Better Loan
Learn more about your credit—how
bad credit affects you and what
you can do to improve it.
Once your credit improves, you
can refinance any time with
absolutely no pre–payment
penalties. With a better credit
score, you'll qualify for a
mortgage with better options,
lower interest rates and lower
payments.
How can you improve your
credit score?
It's virtually impossible to
change your score in the time
between when most people decide
to buy a home or refinance their
mortgage and when they apply. So
the short answer is, you really
can't "on the spot." But there
are strategies you can live with
to make sure when you apply for
a loan your score is as high as
possible.
Make sure that the information
each of the three credit
reporting bureaus has on you is
consistent and up to date. Order
a copy of your credit report
about once a year, and dispute
any inaccuracies.
Note: Theoretically, if a series
of credit reports is requested
on your behalf during a limited
amount of time, your score goes
down until time passes without
any inquiries. Changes in the
law though have made
"consumer-originating" credit
report requests not count so
much. Also, a series of requests
in relation to getting a
mortgage or car loan is not
treated the same as a number of
credit card requests in a
limited time. This is because
the credit bureaus, and lenders,
realize that people request
their own credit reports to keep
up with what's on them, and
smart consumers shop around for
the best mortgage and car loans.
Unsolicited credit card
solicitations in the mail don't
count against your credit
report, so don't worry.
The two main components of your
credit score are your payment
history and the amounts you owe.
Bankruptcy filings and
foreclosures, which can stay on
your credit report for as many
as 10 years, can significantly
lower your score. It's never a
good idea to take on more credit
than you can handle.
Late payments work against you.
It's extremely important to pay
bills on time, even if it's only
the monthly payment.
Dont "max out" your credit
lines. Since the size of the
balance on your open accounts is
a factor, lower balances are
better.
It's said that by carefully
managing your credit, it's
possible to add as much as 50
points per year to your score.
Disputing Your Credit
We have included for your
convinience downloadable Dispute
letters in Microsoft Word
Format. Please download these
letters to dispute your credit
with the 3 main credit reporting
agencies. They are Trans Union,
Equifax and Experian. |
|
|
|
