Credit Repair / Improve Credit Score
Denied in the past? Some lenders have overlays and credit score may not be the issue for another mortgage company. Some lenders have a minimum credit score or internal guidelines on top of agency guidelines that we may not. If there is an issue with credit, we will guide you in the right direction to live the American Dream of owning a home.
For example, some lenders have an internal rule that they will not allow a credit score below 580 or allow manual underwriting. We can close loans that other lenders may not be able to.
Credit Scores Affect
- Home loans.
- Auto loans.
- Credit cards.
- Your income.
2 Most Important Components of Credit Score
- Payment history makes up to about 35% of credit scores.
- Missing a payment can drop a credit score 50+ points.
- Amounts owed makes up to about 30% of credit scores.
- Keeping low balances help credit scores.
Other Credit Score Components
- Average age of a file impacts about 15% of credit scores.
- About 10% Mix of credit.
- Inquiries make up to about 10% of a FICO credit score.
Items You Can Dispute
- Late payments.
- Judgements / Tax Liens.
- Medical Collections.
- Identity Theft.
When applying for a mortgage, you may have to remove disputed trade lines. Removing credit disputed trade lines, which can be done in three steps.
How to Repair Your Credit or Boost Your Credit?
The Federal Trade Commission study reports that 79% of all credit reports have errors. By law, if credit bureaus cannot verify the disputed inaccuracies, they must be immediately deleted from your credit report. Credit repair is legal and the Fair Credit Reporting Act gives you the right to dispute any items on your credit report.
Nationwide Mortgage & Realty, LLC does not repair credit, but we have resources to help build credit to live the American Dream of buying a home.