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Credit report
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2 Replies
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Jimmy,
Folks who are interested in buying a house and getting qualified and approved for a mortgage do not need to hire a credit repair company. Credit repair companies can do more damage than good. Borrowers can have derogatory credit such as late payments, outstanding collection accounts, charge-off accounts, repossesions,tax liens, judgments, wage garnishments, bankruptcy, foreclosure, deed-in-lieu of foreclosure, and short sale. You can get a mortgage loan approval with collection accounts and charge off accounts without paying it off. You can qualify and get approved for a mortgage loan with tax liens and outstanding judgments which we will cover in a separate thread of GCA Forums. You can qualify and get approved for a mortgage loan with wage garnishments, child support, alimony payments. You can qualify for a mortgage loan with a barnkruptcy and/or a housing event (which we will cover on a separate thread on GCA Forums). All of the above will not deter you from qualifying for a mortgage loan if and only if you have timely payments in the past 12 months. The automated underwriting system (AUS) and mortgage lenders will take into consideration your past payment history BUT is more concerned with your payment history in the last 12 months. You payment history in the past 12 months is often crucial for you to get a mortgage loan approval. If you have outstanding collections, late payments, charge off accounts, repossessions and other derogatory credit items on your credit scores, the best way to rebuild your credit and boost your credit scores is with new credit. I will list the quickest and easiest ways to rebuild your credit and boost your credit scores to qualify for a mortgage loan:
1. https://gustancho.com/boost-your-credit-with-new-credit/
2. https://gustancho.com/using-secured-credit-cards/
3. https://gustancho.com/how-credit-disputes-affect-mortgage-process/
4. https://gustancho.com/credit-repair-during-mortgage-underwriting/
5. https://gustancho.com/how-credit-repair-works/
gustancho.com
Boost Your Credit With New Credit To Qualify For A Mortgage
Boost your credit with new credit to qualify for a mortgage . New secured credit cards and credit builder loans increases credit scores for mortgage
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LOAN OFFICER TRAINING-HOW TO RE-ESTABLISH CREDIT FOR MORTGAGE APPROVAL
The EASIEST AND FASTEST way to re-establish and boost your credit scores to qualify and get approved for a mortgage is the following:
1. Family member, or close friend to add you as authorized user if the main credit card user has the following:
Credit Card Payment History has been timely.
The credit card utilization (balance compared to credit limit) is and will always be under 30%.
The main card holder does not have to give the authorized user a physical credit card thereby minimizing risk of abuse and/or fraud.
2. Get three secured credit cards with at least $500 credit limit. Make sure that the secured credit card you get reports to all three credit bureaus. If you are married, have your spouse get three or more secured credit cards. Add each other as authorized user for a total of six credit tradelines: The best secured credit cards to get are the following:
Capital One
Discover
Open Sky
3. Open two credit rebuilder accounts. Self.Inc is highly recommended. Self.Inc is a financial instituion where you open a savings account with a monthly amount you feel comfortable making a depost: The amount can be $25 dollars or more. The amount you depost each month is reported as an installment loan on the credit bureaus. After your fourth month, Self.Inc will issue you a secured card equivalent to your balance in your account. The credit limit will increase as time pass and your balance on your account increase. After 12 months, Self.Inc will hold the balance of your account as an interest bearing depository account or you may request the money sent to you. The secured credit card then converts to an unsecured credit card. Many banks and credit unions offer credit rebuilder accounts.
Recommended blogs and guides:
1. https://gustancho.com/rebuild-credit-for-mortgage-approval/
2. https://gustancho.com/authorized-credit-card-user/
gustancho.com
How To Rebuild Credit For Mortgage Approval
The fastest and easiest way on how to rebuild credit for mortgage approval and boost you credit scores is getting three secured credit cards
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