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Good people with less-than-great credit

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WilliamS | 05 Jun 2014, 12:41 PM Agree 0
A lot of people looking to buy in today's economy have less-than-great credit. What are some strategies or places to go to help these folks into a home?
  • IllinoisBroker | | 16 Jun 2014, 11:21 AM Agree 0
    Carrington does low-FICO mortgages: http://www.mpamag.com/mortgage-originator/carrington-vows-to-tap-market-for-lowerfico-borrowers-17934.aspx?keyword=carrington
  • karl krueger | | 30 Jul 2014, 09:56 AM Agree 0
    There are tricks that people with bad credit can try to successfully get a mortgage. Here are the most effective ones:

    1. Find a reliable mortgage broker specializing in counseling buyers with poor credit rating. It goes without saying that you’ll have to be ready to pay higher than normal though.
    2. Another good option is to improve your credit rating. Here, the best way is to convince your bank that you’ll pay off all your debt in future. Stop using credit cards till your credit score shows some improvement.
  • karl krueger | | 07 Aug 2014, 10:07 AM Agree 0
    There are tricks that people with bad credit can try to successfully get a mortgage. Here are the most effective ones:
    1. Find a reliable mortgage broker specializing in counseling buyers with poor credit rating. It goes without saying that you’ll have to be ready to pay higher than normal though.
    2. Another good option is to improve your credit rating. Here, the best way is to convince your bank that you’ll pay off all your debt in future. Stop using credit cards till your credit score shows some improvement.
  • nhmortgageexpert | | 12 Nov 2014, 12:15 PM Agree 0
    There are ways to bring up credit scores, not enough people follow through because they requires both time and effort.
    - Identify the bad credit. If it's a collection account, pay it. If you've been paying it late in the last 12 months start paying it on time.
    - If it's a collection, call the creditor and see if they will accept less than the balance as "payment in full". If so, get it in writing when you pay it off.
    - If you have trouble paying bills on time, sign up with a bank to do your banking online. In as much as possible pay all your bills automatically every month.
    - If you have too many bills to manage paying them all on time, you have bigger problems than not being able to buy a house.
    - If you don't have any credit at all, go to a credit union or bank and get a secured credit card. Charge a tank full of gas every month and pay it (almost) completly off every month. Or use the card to pay off one of those collection accounts and kill 2 birds with one stone.

    These "tricks" will clear up most bad credit. It will not help if your idenity was stolen by your evil twin, as happened to one of my customers, really, but it has been beneficial for everyone else I've ever advised.
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