After only 30 days, Scott from Dallas, Texas has seen a 190 point increase! 190 Points!! How would seeing a 190 point increase on your score effect your life? This is the largest one month increase in our companies history!!

The Presidential Inauguration is a good time to not only asses our nations plans, but to look at your own future. Where do you plan on being in the next 4 years? Some may think that having a 4 year plan is looking out too far, but just think about how recent it seems to be concluding another Election. It's good to have goals even if we don't quite meet them because you know that you were working toward something.

Most people want the satisfaction of owning a home but don't know how to escape the renting cycle. With an FHA Home loan all you need is 3.5% down, sometimes less. Most of you can handle that with your Tax Returns.You also need to have a Credit worthy FICO score. Some banks like American Home free mortgage ( http://www.americanhfm.com/brie-henley/ ) and RH Lending ( http://rhateam.com/ ) only require a score of 580! Of course having a better score will help with your interest rate, so you may want to get your score as high as you can get it.

FIRST: Determine how much house you can afford.  Before buying a new house, there are different measurements that would help you in choosing an affordable one. Make sure that the monthly payment would not exceed your gross monthly income with a big percentage.  For instance, almost one-fifth of buyers get Federal Housing Administration (FHA)-insured loans. With FHA financing, your home payment should not exceed 31 percent of your monthly income. By knowing how much house you can afford, you will save yourself a lot of time and money.  There are several factors that determine the amount of house you can afford.

a)      Your annual income

b)      The amount of cash you have for a down payment

c)       Other mortgage related costs

d)      Mortgage interest rate and terms available at the time you make the purchase

                   Naturally, you can borrow more money for the same monthly payment while the interest rates are lower.  Indeed, it is important to know the interest rate, points, term of loan and down payment in advance.  For example, a family in Texas that brings $3,215 a month purchased a median home that has a price of around $200,000. Here, the family will pay 5% down payment of $10,000; a 30-year fixed (6.5%) mortgage of $1,200; and the taxes and insurance amounting to $333. Notice that the Principal, Interest, Taxes and Insurance (PITI) is $1,533; this family is spending 47% of their net pay on a median priced home. 

                   It is really important to know how much house you can afford so that you can plan your budget. Buying a house that exceeds your budget can be disastrous. 

3.       Get pre-approved for the mortgage. Before shopping for a home, you can ask for mortgage pre-approval. When you get pre-approval, the mortgage lender reviews your current financial situation and credit to gauge how much they are willing to lend you. Getting pre-approved for a mortgage is highly important for two reasons: you know what you can afford and the possibility that the seller accept your offer over another that is not pre-approved.  There are several steps for getting pre-approved for a mortgage.

a)    Talk to different mortgage lenders and find the best mortgage package that fits your needs.

b)      Prepare completely your financial biography by securing your Federal tax returns for the last two years, proof of investment income, bank statements, etc. 

c)       Watch your credit score. 

d)      Find a reputable and legitimate lender to deal with. 

e)      “Watch the clock” meaning keep an eye on the documents like pre-approval letters and verify their expiration dates.

                     

Indeed, if you don’t apply for a mortgage pre-approval, you’ll not be able to figure out what you can afford or worse, there will have little or no possibility that the seller accept your offer.  

 We now understand that planning and preparing steps are not as difficult as we think but it’s just a piece of work that we have to accomplish as an essential component of a whole task (buying a house). 

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You have to celebrate your success' large or small. Take a not from Johnny Drama, throw your hands up and let the world know that you have had a VICTORY! When dealing with a Collection agency you feel more like Manti Te'o does now after the planet has discovered the truth about his girlfriend, depressed, embarrassed, and wanting to hide from it all. But the Truth is is that There Is No Shame In Debt.  Heck, our Government has tons of it. What we will do is educate you on how to attain those victories for your FICO score that are actually very large. 

We just launched our new site! Come check it out!  

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Here's the deal, you have been working for last couple of years to make sure your credit cards and loans are getting paid on time but you have yet to see any significant improvements in your credit score. Here are a few  tips on how you can get the score just a little higher.

If you have had an excellent payment history as of late with a credit card I recommend that you call and ask them if they could delete your late payments from the past as a goodwill gesture. The worst thing you could hear is "No" It's in the best interest of the credit card company to decontaminate your payment history to retain your business.

The higher percent of available credit the better, but having the balance at Zero could also hurt you. Trying to improve your score is like a waltz. Except the other party is standing in the middle of the ballroom admiring the marble floors. So how much of your credit should be available you ask? The answer is from 10-20%. I always recommend that you try to stick it right at 15%.

You're probably wondering why the banks don't want you to know how to improve your credit score. But it seems to make sense once you put some thought into it. The lower your credit score, the higher your interest rate. The higher your interest rate, the more that the banks make. Do you really think that a Car company like Toyota wants to give you a 0% interest? No. They want to charge you whatever they can.

The most important thing to remember is that nobody is going to take care of you the way you will.

Hello again to all of soon to be credit savvy comrades! As a CREDIT REPAIR AGENCY we not only bring your score up to where you deserve to have it, but we also educate the people on how to maintain positive lines of credit in the future. We all see those auto commercials that advertise 0% DOWN! 0$ DOWN 0$ DUE AT SIGNING! ONLY $299 a/mo for 3 years!! 

Well, the truth is, only about 5% of people actually get those amazing deals because of a poor credit past. Wouldn't you like to walk into a dealership with "Premium" Credit? It's crazy how having a better credit score can seriously saves you money! How many people out there have had to put $500, $1000, $2000 down to still walk off of the lot paying an interest rate that ranges from 13-19%??? 

The truth here is in the Numbers! So ask yourself, is getting my credit repaired worth the $ that I can save down the road worth it? That decision is up to you. 

Making your credit payments on time is one of the biggest contributing factors to your FICO score. So get out your smart phone and set a reminder a few days before they payment is due. 

Q: But what do you do if they have already went to collections and I have paid them off? Will they still be on my credit report?
A: That account you had that went to collections will still be on your report for 7 years....... That's right, 7 Years! 

That's where your friends at Credit Mend 24/7 come in. We can and will get those deleted from your credit report to get you the score that you should have! 

A great way to see an instant FICO score jump is to have your name added as an authorized user on a credit card. Make sure the (Actual card holder) has established a record of on-time payments. Obviously the longer the card has been open the more your score could be impacted. First you need to find a credit worthy volunteer willing to add your name to their account. After reminding your parents of their inconceivable love for you, you need to call the "Card of Choice" and see if they will export the payment history to your credit report. Seeing an increase in your score could come as quickly as 5 days, and may fetch you a decent point surge. As a sense of safety to the pioneer of the line of credit, you can remind them that allowing you as an account holder does not mean that they must relinquish that luminous piece of plastic for your spending adventures. 

More advise and tips to come from your team at Credit Mend 24/7