Locked out of your Dream House because of Bad Credit?
Being locked out of your dream home can because of a few mistakes can be a real bummer when trying to get a new home loan. One of the first steps one should consider is getting some professionals involved in helping to repair bad credit.
Having a poor credit history does not ban you from getting credit. While the individual creditors set standards to their own preference, they don’t all view credit history the same. Many companies only look at the previous 2-3 years to evaluate your creditworthiness. If you have shown significant improvement and faithfulness in paying your credit bills, they may be keen on giving you the credit card or financing you need. This may be the case with smaller local lending companies who can approve you in-house after discussing their own credit standards.
If you have had some problems in the past which have followed you through the years up to today, even though your income may have increased, you may still have some bad habits. This is a sign that you may need some credit counseling. There are plenty of non-profits who are available to help you work through your financial problems. These organizations may charge a fee for their services but they can likely save you a lot of money in the long run. If you can, find a local company where you can meet face to face in their office. If this is not possible, then a good phone call with a reputable company should suffice. Some good places to look for this type of help are at universities, military bases, housing authorities and credit unions. You can also ask your social network if they have any referrals.
One consideration if you’re considering filing for bankruptcy is that the law requires that you get counseling from a government approved organization before filing for relief. A good state-by-state list of government-approved resources can be found at www.usdoj.gov/ust. Remember that not all agencies that claim to be government approved actually are approved by the government. Check the list in the website listed above to be sure.
Getting credit report repair should always begin with a solid financial plan addressing your money problems head-on. You should develop a budget with your partner if you have one, and stick to it. Factor in the money that comes in from all sources, then budget each of your payments and necessities in order of importance. For example, if you have $400 in your food budget for the month, take that money out and keep the cash in an envelope. If you find yourself at the store and want to make a purchase but forgot your envelop, then discipline yourself to go get the envelope before making any purchases in that budget category.
Managing your debt is a very adult thing to do, and these habits can be learned but usually take a solid three months to build. The benefit, however, is long-lasting and you will pass your good financial habits along to your children.
Fix your Credit Score Fast
Once you’re in a good position of knowing where every dollar that comes in is going to go, then you’re in a good position to repair your credit fast. It starts with good habits and ends with a solid restoration campaign from someone like New Day together with Lexington Law. Call us today for a free consultation: (866) 368-8828