Life comes at us fast and we cannot always control what happens to us. If you have credit blemishes we can give you quality advice to help fix the problems to get you back on track. With identity theft on the rise more people are having credit issues. It is very important that you understand all about your credit scores and how they affect your life.
HOW CAN I GET A LOAN WITH BAD CREDIT?
Julie understands that sometimes bad credit is a fact of life. There are many possibilities for the person whose credit situation is less than ideal.
Your credit is not only important to your abilities to purchase a home now, it is also important for your future. Since Julie Martin and her team want to be your Home Loan Consultants for Life, we seek to help repair your credit score as quickly as possible. Our mortgage brokers are also skilled credit advisors who can show you how to improve your credit score in the short term and in the long run.
Many borrowers who want to own a home do not have an ideal credit situation. The reasons are varied. Maybe they have had a few late payments with creditors. Maybe they just don't have an extensive credit history. Or maybe they have no employer.
Julie Martin and her team recognize that special situations should not necessarily prevent a prospective home buyer from securing a loan.
We have the following solutions:
All About Your Credit Score
What is the purpose of a credit score? A credit score is used by lenders to determine the likelihood that you will have a 90-day late payment. It uses weighted measures of your current and past credit situation.
What is important in determining a credit score? Thirty-five percent of the score is based on your payment history. Thirty percent is based on how you use credit currently. Fifteen percent is based on the length of your credit history. Ten percent is based on the types of credit you use. The final ten percent is based on how many credit inquiries you have.
Payment History - 35% - includes number of past dues items, how long they were past due, the most recent past due occurrence, whether there are bankruptcies, and the types of accounts past due.
Credit Use - 30% - includes how much you owe, the proportion of your credit to what you owe and the types of accounts.
Length of Credit History - 15% - includes the time since an account was opened (the longer, the better,) and the time since the last activity.
Types of Credit Used - 10% - includes credit cards, retail accounts, installment loans, consumer finance accounts and more. Finance cards result in lower scores.
Credit inquiries - 10% - includes the number of inquiries, the type of inquiries and the frequency of the same types.
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