Cleaning your credit takes a little time and patience. Your first attempt should be at cancelling excess credit cards or credit cards that do not have a balance, can be cancelled without writing off debt that would only hurt your credit rating. If that works, you can get a home loan probably. If not, ask for a credit report from a credit reporting agency and find out what is holding you back from a home loan. You can use the report to contact those creditors who have filed a poor credit report against you and clear it up. There are other steps to take to qualify for a home loan.
Open a bank account and deposit monthly checks from your employer directly from your employer to your bank account. Open a checking account and use it to pay bills keeping record of all your payments made. Buy a small item on credit and make regular payments using your store credit. Make sure that your good credit is reported to a credit reporting agency. Sell your car if you have a large balance due. Use the proceeds from your car to rent or lease a car and get credit. Get a poor credit loan and pay off all of your debts. Keep checking with your credit reporting agency to make sure that updates have been made to your credit report. Call your bank’s home loan manager and get information from him or her about how to qualify for a home loan. Let your bank check your credit and report to you. Use whatever free financial services you can get to clean up your credit before you apply for a home loan. It is better to go into asking for a home loan if you have already made efforts to clean it up.
Posted on September 25th, 2011 by admin
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