Prequalified and Preapproved Right now the economy is hurting, credit card companies are feeling the pinch, and the lending sector is frozen solid for people who need to borrow to sustain their needs.

Prequalified and Preapproved Right now the economy is hurting, credit card companies are feeling the pinch, and the lending sector is frozen solid for people who need to borrow to sustain their needs. 

Keep that in mind as it maybe a bit harder this time around to pull back from the abyss of having spent so much, much more than one can earn. Here are important aspects of credit repair concept you should know about. 

Your credit score. This is not merely another figure. Your credit score is affected by many things and so you try to avoid those that negatively affect it and find out and implement those that improve it. Improving your score can involve some action on your side and from other people who trust you. 

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One way to pull up your credit score is to persuade some relatives to put you on the list of people authorized to use their credit cards. It's a good mark on your report when a credit company sees that. That usually means someone trusts you enough to let them use their credit card. That means either financial stability or some discipline in spending. 

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Your credit reports. You need to be aware of the accurate score, so to speak, of you transactions, from your credit card company or companies. Knowing where you stand allows you to plan ahead and provide you with some calmness in facing the storm, or the rehab process if you've spent more than your income and maxed out a few credit cards. Usually you are entitled to a free credit report, just ask for it. When you do get it, though, read it cover to cover and try to have a list of questions about what you're not clear about concerning your report. That will save time in phoning your credit card company and asking questions or talking about your disputes. 


Creditors and collection companies. You have to keep the lines of communication open between the people you owe money and the people who collect on their behalf. Doing so is a sign of openness and a willingness to work things out. Besides, the collection company will often take whatever you can give them. So don't close your doors and hide from them. That would only send the wrong signals and mar your credit status even more. Remember that you're aiming to repair it, not tarnish it even more. Identity theft. Some people were victims of this. Someone bought using their names and they had to pay for the consequences. You have to protect vital personal information so that nobody goes around buying in your name. 

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You have to dispute charges you didn't shoulder yourself. That's one reason you have to talk to the credit card companies about your free credit reports. Laws and litigation. You must be aware of ways to legally protect your interests against unlawful practices of some credit card companies and their collection people. That way, you're prepared and informed and won't be forced to do things not in your better interests. If you're trying to find a way to do the credit repair yourself, it's advised that you do it yourself and not rely on companies whose tips and efforts you will shell out money for. After all, you don't want to be scammed. Remember that the very money you may be using to pay for their services you could already be trying to use to settle existing accounts and maxed our credit cards. It's best to do some research yourself. Getting a home loan doesn’t have to be intimidating especially when you understand the basics like options, features and costs of a home loan. Of course, your mortgage banker is available anytime to answer your questions and make the process a lot easier. 

Types of Home Loans Every home loan has two parts: principal and interest. The principal is the amount you borrow, and the interest is what you pay to borrow the money. Different types of home loans give you choices on how to structure your interest payments to meet your specific financial needs. When shopping for a home loan, there are two major types of loans that you can choose from: a fixed-rate mortgage or an adjustable-rate mortgage (ARM). The main features of a fixed-rate mortgage are: The main features of an ARM are: Tip: If you are considering an ARM, it is a good idea to ask your mortgage banker what your monthly payment would be if interest rates rise 1, 3 or 5 percentage points in the future, so you can get a sense for how much more you may be required to pay in the future. CALL 

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Government loan programs offered by the Federal Housing Authority (FHA) are also popular and are available in both fixed-rate and adjustable-rate structures. In general, government loan programs are easier to qualify for and have lower down payment requirements as well as more flexible credit requirements. However, like conventional loan programs, FHA loans have specific fees and payments associated with each of them. Before you start looking for a home, you will need to know how much you can afford, and the best way to do that is to get pre qualified for your loan. Many real estate agents want you to be pre qualified so they can show you homes in your price range. To get pre qualified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your mortgage banker will use this information to estimate how much they can lend you. You can also use our Affordability Calculator to see the price range of homes you should be looking at. You can also get pre approved for your mortgage, which may involve providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit. Pre approval gives you “cash-buyer confidence” when you’re ready to make an offer, and it helps your seller take in your offer seriously because they know you can get the money you need to buy their home. 

CALL FOR MORE INFORMATION ON PURCHASING A HOME WITH BAD CREDIT (888) 674-0889