FICO keeps track of credit scores, and it recently released information that over 43 million people have a credit score under 599. The minimum credit score for purchasing a home (or just about anything else) right now is 620 – so that’s 43 million people who can’t purchase! WOW!
Here’s how one strategist suggested folks look at improving their credit score:
Therefore, the best advice for people with bad credit is to dilute the negative information by maximizing the amount of positive information coming into their credit report on a consistent basis. It’s like a dirty glass of water – the only way to clear it up is to continue to add clean water until the dirt is less noticeable
Could you put that in simple terms please? One Idea On Fixing Bad Credit: Get more Good Credit. If the only thing on your report is bad – you need to add some good information.
One way to accomplish this is with a Secured Credit Card. The typical minimum deposit to open a secured credit card is around $200. This is normally a fully refundable deposit that you will get back once you close your account in good standing. Since the deposit acts as collateral, you can get the credit card at low risk to both you and your lender, so approval is likely to be easy, regardless of how bad your credit is. There are some “hidden Fees” associated with secured Credit Cards, and if you are considering do this – please read more about it here.
If you are considering a home purchase in NC, and want more information on Fixing Bad Credit, and how to improve your credit score so that you can buy… call Steve Thorne, NC Mortgage Experts in Cary 919-694-5058. He helps people every month get into their dream home with a mortgage loan they didn’t think they could get!
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