How Much Does Old Appliance Pick Up Cost At Bestbuy Don’t Wait For Good Credit – 6 Credit Repair Ideas For More Mortgage Refinancing & Mortgage Sales

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Don’t Wait For Good Credit – 6 Credit Repair Ideas For More Mortgage Refinancing & Mortgage Sales

Although the subprime debacle is largely responsible for the current recession in the economy, the ongoing malaise in the housing market is not entirely due to people not wanting or afraid to buy homes ; it’s largely due to low credit scores that prevent people from getting a mortgage or a mortgage refinance deal.

To make matters worse, with the horrific increase in foreclosures across the country, the mortgage and mortgage refinancing problem for mortgage brokers will only increase.

When a person’s credit score goes down, so do their options for mortgages and mortgage refinancing options. Also, tell your customers to beware of dodgy credit repair companies and other scams on the market that promise to “fix bad credit.”

Good credit is an absolute necessity for a loan originator to make the most reasonable mortgage and mortgage refinance offers, and since the problem isn’t going away anytime soon, it’s necessary for the loan originator to help their customers with ideas for the credit repair process. to improve your credit scores.

This type of credit repair counseling is how a mortgage broker can turn a potential client into a “real deal” and close their mortgage or mortgage refinance deal. Also, if done correctly, most of the time, the process can be completed in a relatively short period of time.

Step 1

Keep in mind that rebuilding one’s credit score is an ongoing process and requires thoughtful preparation to successfully rebuild one’s credit to a level acceptable for obtaining a mortgage or a well-structured mortgage refinance product.

Encourage your client to be conservative in any new monthly credit score building budget that they can make the payments and never be late on anything. Warn your client not to structure a program with monthly payments they can’t comfortably make, because late payments will further lower their credit score and may make it impossible to get a new mortgage or refinance their home.

If there are extenuating circumstances, such as a divorce, insist that they review their credit program with their attorney before agreeing to anything.

Step 2

If your client’s credit card companies have underreported or underreported their credit limits on their credit cards, it can affect their credit score. For this reason, have your client determine if their credit card companies are understating their credit limits on their cards. Credit limits are often reported as lower than they actually are and often may not be reported at all.

While we’re on the subject of credit cards, make sure your client has a minimum of three credit cards or other revolving credit. Many people mistakenly believe that having credit cards actually hurts their credit score, so they cancel some or all of their cards. Your credit score can be hurt more and the chances of not getting a new home mortgage refinance or a new mortgage are greater by simply canceling your existing credit cards.

Also, if they don’t have any credit cards, get them to get at least three. If they have trouble getting typical cards like Visa, Master Card, Amex, etc., tell them to try a local department store, Home Depot, or Lowes. More often than not, these types of stores are more lenient when it comes to granting revolving charge accounts.

Step 3

Make sure your customer reduces their outstanding credit card balances to less than 30% of their credit limit on each individual card. Some people mistakenly think that the 30% figure is based on the overall balance of the revolving credit card, but this is false. A single card above the 30% balance can negate the benefit of the effort of having revolving credit cards in the first place.

If your customer has one card over the limit and several others under the limit, if they’re cash-strapped and can’t pay off the high card, show them they can transfer some of the balance on the highest card to the lowest cards. Have them check before you do it to see if this type of transfer results in a higher interest rate or any other adverse effect on your credit.

So if a person has 3 credit cards with a total credit of $12,000, but two of them have a limit of $2,000 and the other has a limit of $8,000, make sure they keep the limit cards of $2,000 under $600 each and the $8,000 card under. $2,400.

Implementing this simple process will make your credit scores go up, along with the possibility of getting your desired mortgage or mortgage refinancing program.

Step 4

When helping your client improve their credit scores, make it a point to frequently pull their credit reports to determine their status as well as any errors on their reports.

Errors are so common on credit reports that more than 75% of all credit reports have at least one or more errors. Just by being diligent and carefully making sure that any incorrect report information is removed, your credit score will often increase incredibly. This is without a doubt one of the easiest and most effective things your customer can do right away to dramatically improve their score, along with getting a new mortgage or refinancing their existing mortgage.

Step 5

If your customer’s credit has been damaged to the point where they have been sent to a collection agency, they probably don’t want to pay off their credit card debt right away. As unbelievable as it sounds, this situation can be more damaging than sending credit card debt to a collection agency on your credit history.

When one of your customers has been sent to a credit collection agency, the effect on their credit is low after about two years and virtually clears after four years.

Make sure your client receives a written promise from the collection agency of a “removal letter” before doing anything to satisfy the old credit card debt, since without a removal letter , they can hurt your credit problem more than help it. Insist to your client that they do not have to pay anything on the invoice until they receive written agreement to the suppression letter from the collection agency.

Most people trying to improve their credit to get a mortgage or refinance their home think they have to pay it all off as soon as possible, but this is a case of paying before you get the paperwork adequate that protect their situation can seriously harm. your credit In reality, people have paid off a debt in full or negotiated a settlement only to learn to their dismay that they now have no leverage in getting the collection agency to send the takedown letter.

Step 6

Finally, if your client isn’t making installment payments on a car or boat, have them take out some type of installment loan with someone like Best Buy or Sears on some necessary appliances or with Staples or Office Depot for some business equipment. The credit bureaus look carefully not only at the fact that you have credit, but also at the combination of types of credit that you have. Having only credit cards is not as advantageous as having credit cards and some type of installment loan.

Make sure your client is aware of the rates on their new installment loan. Some of these fees can be “off the roof” and put pressure on your monthly budget.

Also, unlike credit cards that you would have to keep in perpetuity, revolving credit obviously comes at a point where the loan is satisfied and the monthly payment stops. Tell your customer that this isn’t a “license to spend,” but if they want to boost their credit score, they shouldn’t pay cash for bigger ticket items, but instead put down a big down payment cash on the item and get an installment loan to finance the remaining balance. Financing a smaller amount can actually lower your loan interest payments, thereby lowering your monthly payment; all of this results in your client improving their credit score and getting a new mortgage or refinancing their home.

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