credit

You need credit to get credit!! FACT.

Many times we run into individuals who have savings, income, and the desire to purchase a home. But they don’t have the proper credit score and history to get approved for a loan. Some people never even apply because they think that they have bad credit and would never be able to get a home loan. Do not be afraid! Call us to review your credit file and offer tips and tricks to get you on your way.

When you have NO or a limited amount of open and active credit accounts (loans, credit cards, etc) your credit score will just sit there and eventually fall off! If you have only collection accounts your score will just go down lower and lower until your report stops reporting a credit score. THis is the worst case because once your score disappears, so do your chances of getting a mortgage or any loan.

WHAT DO YOU DO?— GET CREDIT!! HOW???
Well, when you have no score or a low score you have to PAY to PLAY. Basically you need to get a secured credit card (or TWO) to have your account rebuild a POSITIVE history and revive your score. We have a link on the home page to get a secured credit card for only a $200 deposit! this is the lowest in the industry. (some fees apply). Get the card!!!!! The money for the deposit gets locked in the bank’s vault until you cancel the card. Do not cancel the card anytime soon. You need to build other credit types before cancelling the new account.

After you get the card you have to use it properly. Here are my proven suggestions on how to use the card:
1. Use the card ONCE or twice a month.
2. Never charge more than half of the balance on a monthly basis (this means if the limit is $200 NEVER owe more than $100)
3. PAY on time!!
By the time you make your thrid payment your score will go up tremendously. Do not close the account until after you have closed on your mortgage. It maybe in your best interest to keep the account open for even longer.

Now get on your way to getting credit today! The sooner you do this the sooner you will have a mortgage.