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Here are some of the Extremely Important things about your Credit you really need to know. These are also the things we can help you with.
Bankruptcy: A significant obstacle to purchasing or refinancing a home, however, some lenders may be willing to accept a bankruptcy on the credit report after 3 or 4 years. Probably with heavy down payments, a higher interest rate, costly extra points at closing, and in most cases a full price property.
Auto Financiers: You will probably face significant obstacles to buying a car with financing for 10 years from date of discharge. This means that you will most likely be denied outright and in the best case scenario, will receive very high interest rates and poor terms. You will in all probability be paying a much higher price than the market value of the vehicle.
Credit Card Lenders: Are even less accommodating than auto lenders. In all likelihood, you will not be approved for any unsecured credit card or credit line for 5 to 7 years. If you choose to have your credit repaired, a bankruptcy can be deleted (with some effort) in 12 to 24 months. Many believe that deletion of a bankruptcy is impossible, but it is quite possible and it is accomplished every day by credit repair attorneys.
| Late Payments: Your late payments will restrict your ability to buy a home for three years. If you have two or less late payments and if the payments are thirty days late, you may be able to explain the late payments and avoid any difficulty with your mortgage. If on the other hand you are about to purchase an auto, your late payments will certainly trigger a much higher interest rate (or possibly a denial) for up to five years. Other than high risk, secured credit cards, you will find it very difficult to get credit cards or other un-secured financing for seven years from the date of a late payment. However, your late payments are less of an issue than the more serious credit issues on your application. Unless you succeed in repairing the more serious credit damages mentioned above, you may disregard this note and assume that they will stop you long before the late payments. If you choose to have your credit repaired, these items will most often be cleared completely from the credit report in 6 to 18 months. |
Unpaid Collections: The collection account will make it virtually impossible to buy or refinance a home for 7 years from date of the collection. If you do not pay the collection, it should but is not guaranteed to disappear by itself from your credit report in 7 years. Even paying the account will do nothing to improve your chances of getting regular mortgage financing until three years after you pay the account. If you choose to have your credit repaired, these items will most often be cleared completely from the credit report in 6 to 18 months if you're willing to settle the debts or if you've already paid them off. If you're unwilling, or unable, to pay these accounts, you may still receive satisfactory results (deletion of the collection listings) through credit repair. Most people aren't aware of the possibility that their debts can be settled for half of the balance or less. By negotiating the debt, the majority of creditors are willing to close an account favorably for a fraction of the outstanding debt. |
| Foreclosure: Realistically, mortgage lenders are wary of borrowers who have defaulted on mortgage loans previously. Don't expect to receive a standard-rate mortgage for 5 years. A listing as derogatory as a foreclosure will also make auto lenders wary, causing you to be denied average rate car loans for seven years from the date of foreclosure. This means that you will most likely be denied outright and will, if not denied, receive very high interest rates and poor terms. Credit card lenders in all likelihood, will not approve you for any unsecured credit card or credit line for 7 years. Foreclosures aren't any more difficult to delete through credit repair than a late payment listing. It is usually possible to remove a foreclosure in 6 to 18 months. |
Judgments: If you haven't paid your liens or judgments, it will certainly hold up a mortgage financing. You must pay or settle such a lien or judgment before proceeding with a mortgage. The only other alternative would be to have the listings deleted from your credit report through credit repair. Even so, it is much more effective to pay them off. If you've paid the judgment or lien, then you should be clear to qualify for mortgage. Since auto lenders look for any discrepancy in order to raise rates, purchasing a car will be very difficult or expensive. For credit cards, you will find yourself waiting a long time before most standard applications will even be accepted. Court records, such as liens and judgments, are relatively easy to remove through credit repair and are often deleted within 6 to 18 months. | |
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