You know your credit is shaky, Do not do nothing!

December 9, 2008
Matt Isleib

 

The worst thing you should do is nothing! Some people really have no idea what their credit is like or what their score is and then their are people that do know.

 

If you fall into the category of people who know their credit is “not so hot” you need to be pro active. Do not assume that there is no hope in finding a loan. Do not get me wrong if you know your credit is not good it is certainly going to be harder than someone who’s credit is excellent but you are not completely out of options.

 

My advice is even if you know your credit has some dings sit down with your mortgage broker and see what is available, you would be surprised at what options you have. You may just have to put more of a down payment down but still will qualify for that loan. Maybe both you and your wife or fiance need to apply jointly for a loan. And if by chance your credit is in need of dire repair ask what advice your mortgage person can give you. I can speak from experience that a lot of the time some people’s credit has erroneous reports on it and helping write a letter or two to the credit bureaus to get it corrected has brought their score up substantially and improved their credit, allowing them to get a better mortgage option. If your mortgage person is not willing to do this with you he or she may be able to recommend a credit repair company to help.

 

Even if your credit is at a point where getting a loan today is not an option you should still sit down with your mortgage broker and see what steps you can take to improve the situation in the future. And work on cleaning up your credit to be able to purchase a home in the future.

 

I am always happy to direct and help someone improve their credit. If it benefits you, hopefully in the end it will benefit me and allow me to get a loan for that person. It is the old give and take adage. I am willing to help that person out to be able to have the possibility of their business in the future.

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