Your Credit Score Affects Your Ability to Purchase a Home
Purchasing a Home vs. a Low Credit Score
Have you ever considered what a lender thinks when he or she reviews a credit report in relation to approving or denying a mortgage application? Well, the most common answers would be: What is their credit score? How is their credit history? What is their income? What is their debt to income ratio? Will they be providing a substantial down payment?
A huge down payment may dilute the negative effects of a spotty payment history or low credit score. However, be prepared for high fees and mortgage interest. In fact, the minimum score needed to purchase a home has increased in the past 12-18 months.
There is no way around having a low credit score. Even with a large down payment you will still need a good credit score to make home ownership a reality. Your goal should be a 758 average credit score to qualify for the lowest interest rates, according to CNN.com.
Find Out How to Raise Your Credit Score and Improve Your Chances of Purchasing a Home
With minimal effort you can obtain your report and see exactly what is there. Often there will be mistakes or errors that you can dispute.
Your first step should be a dispute letter to the credit bureaus involved. Contacting the creditor directly to resolve the negative entry would be another way to start.
Sometimes a cleverly crafted dispute letter will result in the removal of the negative entry. However, it is often the case that investigative procedures are careless and result in errors.
The reason for this is, when investigating any dispute, credit bureaus must necessarily spend additional resources and time to resolve the matter. Unfortunately, some credit bureaus feel it is more cost effective to take their time or ignore the matter altogether. It is their desire that you give up on your request to remove negative entries from your credit report.
How Long Will it Take to Raise My Credit Score
A frequent concern is how long it will take to improve a low credit score. Although every situation is unique, you should expect anywhere between 6-12 months before your report is clean.
This is a long time but it certainly beats 7-10 years for the negative information to be dropped. It is beneficial to wait 6-12 months to raise a low score, especially when purchasing a home.
We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com and get the real truth about lexington law.
Tags: beacon score mortgage, credit report repair, credit bureausFiled under Bad Credit by 
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Foreclosure advocates 100 mainstream media 0!
I went on the bus from Sarasota and glad I did. Everybody was 100% committed to sharing the REAL truth with the decision makers [which they did].
I find it very difficult not to compare what really happened with what was was aired by mainstream media.
Just one example is:
The professional mainstream media should be committed to share the REAL truth with the homeowners and consumers. They missed the mark so far. They have the power, tools and resources to fully support this issue. The REAL truth needs to get out.
The lenders were lending at breakneck speed and hardly had the time to verify an application.If it looks good on paper and a had a decent credit score to match, then it is almost too easy to get a mortgage.As for misstating incomes — people do that every day in real life — surely they are going to try doing it in a mortgage application that is unlikely to be scrutinized.]]>
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