Repairing Your Credit is as Easy as 1-2-3Written by Don Blackhurst
1. Review Your Credit Report For Errors. After you have received a copy of your credit report, you need to look through it very closely. If you do not yet have a copy, TrimYourDebt.com has negotiated with one of credit bureaus to offer consumers a free look at their credit report and credit score. It is a 30-day free trial offer, so you get information right up-front and you can cancel free of charge within 30-days. To check your credit report for free, visit http://www.TrimYourDebt.com/GetYourCreditScore.aspx?src=art to find out now. It is important to first review all personal identifying information in your credit report such as name, address, social security number, birth date, and so on. You should then evaluate each account that is reported about you to credit bureau. Determine whether any of this information is in any way inaccurate, incorrect, erroneous, misleading, or outdated. If you find that any of information in incorrect, then you should move on to next step. 2. Dispute errors with credit bureaus and your creditors. You should dispute inaccurate information with both consumer credit reporting agency and furnisher (creditor). Disputing with both allows you to cover all of your bases to ensure that corrections are consistently made by both sources. You should follow up with these companies to ensure that inaccurate or incomplete information is removed in a timely manner. You should then continue to monitor your credit information on a regular basis by ordering and reviewing your consumer credit reports from major credit reporting agencies on a regular basis.
| | Bad Credit Mortgage Loans – How To Get ApprovedWritten by Carrie Reeder
Persistence is key working toward getting approved for a bad credit mortgage loan. There are many factors that you, as a borrower have control over that can help you get approved faster and easier. There are guidelines that most sub-prime lenders go by that, if you know them, can help you move through process without getting stuck, unable to get financing.If you have a bankruptcy or foreclosure, even if they are recent, do not despair. Many sub-prime or bad credit mortgage lenders have what’s called, guidelines for bankruptcy or foreclosure seasoning. That means that they have a set amount of time that must go by from time of a bankruptcy or foreclosure before they will lend to a borrower. Usually this time is 2-3 years, but many sub-prime lenders have no seasoning time, which means, if your credit score is above a certain point, you could get approved day after your bankruptcy discharge. Other sub-prime lenders have bankruptcy or foreclosure seasoning of 6 months or a year. The biggest factor here will be your credit score. Sub-prime or bad credit mortgage lenders will look closely at your credit score. In order to get 100% financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. There are quite a few things you can do to raise your credit score to be above this 600 mark. Here are a few suggestions: 1. Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just one. Make sure bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed. 2. Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score. Once you have done this, get a letter of notification that account is paid off and talk to your lender. Most lenders have programs where they can, for a $75 fee per item, provide proof to credit bureaus that an account has been paid off and have your credit and credit score appropriately adjusted within a day or two. This program is sometimes called a “wrap it up” service. If you are in a hurry to get financed, this may be worth it to you. 3. Pay down open credit line balances. If you can even pay down balances on any open lines of credit, this will boost your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.
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