" I am the REALTOR who will remain your best Friend for Life "

Mortgage Loan

Anyone wanting to obtain a mortgage loan will need at least a 640 credit score.  Sometimes we can find lenders that will work with a 600 but that always means that the underwriting will be done manually and your application is going to be scrutinized and very difficult.

Here are a few ideas on building your credit score if you believe it is lower than a 640

1) Revolving credit.   Revolving credit is the type of credit that builds your score.  A car payment will not help your score but a credit card will as long as you use it widely and try to keep the balance at about 20% of allocated credit Example: $1000 credit never owe more than $200 at any given time and always pay the bill on time.

            Apply for an Orchard Secured Credit Card

                Apply for a Capitol One Secured credit Card

2) Paying off current Debt reporting:  If any item is report on a monthly basis on your credit report try to call the debtor and make payment arrangements (Don't worry about any old debt that has gone into collection and no longer reporting) 

3) Make sure everything is paid on time and never ever late.   Just one last payment on anything could and often does effect your credit score as much as 100 points.  It takes one month to cost you 100 points and a whole year to rebuild again.

4) Eliminate all derogatory reports:  You cannot have any judgments, Tax liens,  outstanding student loans that have late payments and please beware of Bad rental History can also effect your credit. 

Free credit Check and Mortgage loan Application

Apply for a Mortgage loan On-line