important ways to increase your credit score
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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/TRANSCRIPT
IMPORTANT WAYS TO YOUR CREDIT SCORE
Owning a home is a dream for many but is completely unattainable
for some.
There are times when the desired home is financially out of
reach, and others when the buyer's credit is not deemed worthy
for lending.
For the latter group we have 5 great tips that will help you raise
your credit score so you can qualify for a fantastic home loan rate.
To help us with the following list of tips,
we interviewed Christopher Pascale, a
former U.S. Marine currently working as
an accountant and consultant.
He and his wife have bought 3
homes since 2007 using a VA loan
each time.
OBTAIN CREDIT
It may sound simple, but this is a process of
baby steps.
You cannot increase credit if you have none.
If you're in college, you can apply for a student loan.
If you do not need the funds for tuition, you can hold
on to it and then use that same cash to repay the
loan in full.
Another easy way to get credit (especially if you're a
student) is to get a student credit card. Use it at least
once every 6 months, then pay it off.
PAY EVERYTHING
ON TIME
When you have access to credit, you must treat it as a privilege.
The lender sees you the same way you would see someone who
promised to pay on a certain date but doesn’t.
When you make timely payments, of the minimum balance or
more, your score increases.
GIVE YOUR CREDIT
TIME TO HEAL
The trick is to get back on track by making timely payments
as you originally intended.
After a year your credit will be better. And after 3 years, you
should be in the range to get a very good home loan rate.
GROW YOUR
LIQUID ASSETS
Buying a home requires cash. You will need money to pay the
closing costs, particularly if you want the most competitive rate.
You also need it to increase your credit score. Having cash
makes you more desirable to lend to.
Why? Because if you have money, you can pay back what
you borrow.
RESOLVE OLD
BAD DEBTS
Lastly, for those who have defaulted on old debts, they will
stay on your credit report for at least 7 years. But you can
get rid of them.
First, you need to call the creditor (be it a hospital, credit card
company, or old landlord) and negotiate to settle the debt in full.
For example, if the debt is 4-years-old and the amount is $1,000,
it would not be unheard of for the creditor to accept $300.
Second, and very important, is for you to get a letter stating that
$300 "settles this in full" otherwise they may come after you in
the future to collect the rest.
Clearing the old debt will help increase your credit score because
it eliminates a formerly defaulted account.
By following these 5 steps you can increase your credit score,
which will get you a better home loan rate, meaning that you'll
save thousands in interest payments down the road.
Mortgage Originator Jimmy
Vercellino, specializing in VA loans,
helps veterans use their VA loan
benefit to their greatest advantage.
Be a proud homeowner today.
For more details call 480-351-5904 or visit the site
www.valoansforvets.com
VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]
The views expressed here are those of the individual author and do not necessarily
represent those of First Choice Bank (NMLS #: 177877) and First Choice Loan
Services Inc. (NMLS #: 210764). Equal Housing Lender.7702 E. Doubletree Ranch
Road, Scottsdale AZ 85258
The views expressed on this site are those of the individual author and do not
necessarily represent those of First Choice Bank (NMLS #: 177877) and First Choice
Loan Services Inc. (NMLS #: 210764). Equal Housing Lender.
Jimmy Vercellino, NMLS 184169 Mortgage Originator Specializing in VA Loans