Have you had credit problems but
you don't know how to repair the damages,
get your credit cleaned up and raise your credit score? The Credit
Secrets Bible can help you get past your credit problems and help
you qualify for a home loan, car loan or credit card.
Evaluation of your credit is one of the, if not THE most important, factors in qualifying for a mortgage loan. Lenders use a credit scoring system developed by the Fair Isaac & Co. (now referred to as FICO scores ) as a reliable (that's questionable) means of evaluating your credit. The FICO scoring formula attempts to condense a borrower's credit history into a single 3-digit number with positive credit raising the score (such as paying your credit card bills, car payments, etc. on time) and negative credit lowering the score (such as a bankruptcy, judgements, late payments or collections). The formulas used are difficult to understand (even by us in the mortgage business) and the credit bureaus will not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. ( Now ... what were they thinking? ) Click here for some Frequently Asked Questions about credit.
Do you have bad credit?
Tired of hearing "No"?
- Don't give up!
Our lenders say "Yes"! Get another shot today. Receive a
loan or credit card
.......... even with a bankruptcy.
Click Here for more
information about
Guaranteed Bad Credit
Financing
Identity Theft
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If your identity is stolen, it
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* FICO Credit Scores of 700+
* Number of established Lines of Credit
* Credit Use under 25% of Credit Line
* "0" late payments on mortgage or rent
* No late payments on loans / credit cards
* No Judgements or Collections
* FICO Credit Scores of 620 to 700
* Established Lines of Credit
* Good payment record on credit cards / loans
* Minor lates on installment & revolving credit lines
* FICO Credit Scores below 620
* Bankruptcy less than 1 Year old
* Foreclosure less than 1 Year old
* Late Payments on mortgage or rent
* Late payments on Credit Cards
* Late payments on Installment loans
How Can I Improve My Credit Score?
It's difficult to increase your score over a short period of time. Some tips to help you improve your score are:
1. Pay your bills on time
2. Do not apply for credit frequently. Every time you apply for credit, the company you are applying to will "pull" your credit report. This counts as an "inquiry" on your report and too many inquiries will lower your credit score.
3. Reduce your credit card balances. If you are "maxed out" on your credit cards, your score will drop. A rule of thumb is to keep your credit balance at approximately 25% to 30% of your maximum credit limit.
4. If you have limited credit, obtain additional credit. Not having sufficient credit can impair your score.
What's the most important factor in
a FICO score?
FICO scores consider five main kinds of credit information. Listed from most important to least important:
1. Payment History
2. Amount owed
3. Length of credit history
4. New Credit
5. Types of credit in use
What is a good FICO score?
Since there is no one minimum score used by all credit grantors (including mortgage lenders), it's hard to say what a good score is. For example: To qualify for a car loan does not require as high a score as a mortgage lender would require. Basically, the FICO range is from 300 to 900 however the most accepted average range is from 500 to 800.
How do I find out what my credit score
is?
There are several web sites where you can get a copy of your credit report - However, they will not include a FICO score. To get a credit report with a FICO, you'll have to pay. One popular site is myfico.com
What do I do about errors on my credit
report?
That's a problem that requires extensive work on your part. There are three primary credit repositories and their phone numbers are - Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742) and each has procedures for correcting information. We've included their phone numbers however you'll never be able to speak to a "live" person so, consequently, be prepared to do everything by fax or e-mail.