Mortgage Loans with Bad Credit

You want to own your own home, but you have bad credit and are having trouble obtaining a mortgage loan.  Is there anything you can do?  Initially, you would think not, but actually, there are ways you can get a mortgage loan when you have bad credit.

Just because your credit isn’t perfect doesn’t mean that you should miss out on the opportunities available to everyone else.  There are mortgage brokers that specialize in bad credit mortgage loans that can get you the money you need to buy a home and stop paying rent, although you will need at least a score of 580.

These companies offer many different types of mortgage loans for people with bad credit, but like other companies like these, the loans are probably going to be at a high interest rate, so you’ll want to thoroughly check out all programs available to you.  If your payment is going to be too high, you’ll want to steer away from those loans or else you’ll get into more problems.

An FmHA mortgage loan is a little less well known and is similar to FHA loans, but are designed to benefit average to below-average income individuals and they are generally for homes located in rural areas. They have strict guidelines that they have to adhere to as far as what types of homes will qualify and the paperwork is heavy, but in the long run, it’s certainly worth it.

Another very popular option these days is to find sellers that are willing to do a "lease to own" sale. This would allow you to rent first, while working on improving your credit. When you have cleaned up your credit, you will be able to purchase the home. There are many ways to do a Lease to Own sales contract so research several before deciding on the first one you find. Be sure to get your agreement in writing so the owner doesn’t change their mind when you’re ready to buy.

The key here is to do your homework and look around for a mortgage company that specializes in mortgage loans for people with low credit scores.  There are lenders out there that will offer up credit to you albeit at larger interest rates than a regular mortgage, but the important thing to remember is that it is possible. Give us a call and we can put you in touch with a mortgage company to work with.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using the exclusive Business Credit and Finance Suite as well as credit restoration and optimization. www.ExpertCreditConsultants.com.

Debt Settlement and Credit Repair

When you are trying to repair your credit, one of the first things that you should try is to get your creditors to agree to a debt settlement.  What is a debt settlement?  Basically, you will call your creditor and let them know that you want to pay off the account and ask them what the lowest number they will agree to.  Most of your debt that you have accumulated is in interest fees and late fees, so a lot of them will think about this and agree to a lower payment amount than what shows on your statement.

If you have collection accounts on your credit report, be sure they are willing to remove the collection in return for your negotiated payoff. Otherwise, paying off a collection could hurt your credit even more. A good credit repair company would be a great help with this.

Not all companies will agree to debt settlement, but when you can find one who will, it can go a long way to repair your credit.  Be honest with the company and tell them what you have to offer.  If it is acceptable to them, the settlement of the debt will be finalized and you will be on your way toward credit repair.

There are other companies besides credit card companies who will agree to debt settlements.  One of the biggest reasons that people get into credit problems is due to overly huge medical bills.  These cannot be helped oftentimes and they can stack up very quickly causing huge blemishes on your credit report.

Believe it or not, you can make a debt settlement agreement with the medical companies that can go a long way to repair your credit.  Check with the hospital to see if they have any special programs for people who are having financial difficulties because of an illness that isn’t covered by insurance or for people who don’t have insurance.  Almost all medical providers realize that medical care is expensive, so if you show them your total financial picture and at least try to make some type of settlement on your debt, they will be willing to accept it.  Keep in mind that some won’t, but there’s really no harm in trying.

Using debt settlement agreements as a way to repair your credit is just a smart way to go.  Make the phone calls and be prepared to negotiate.  Many people will work with you if you show a good faith gesture to try.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using the exclusive Business Credit and Finance Suite as well as credit restoration and optimization. www.ExpertCreditConsultants.com.

How is your Personal Credit Score Calculated?

First of all, there are many different credit scoring algorithms, with FICO being the main score that almost all lenders look at. Every consumer is allowed to pull one free credit report per year, but your score is not included. The credit reporting agencies, Equifax, Experian, and Transunion only collect and save your account data.  FICO, the company, pulls the data when requested from each of the credit bureaus and runs the calculation to get your score. It’s a very complicated, and highly secretive algorithm, which is why there are so many other algorithms.

What we do know:

35 percent: History of on-time or late payments

30 percent: Available credit on your open credit cards (balance in relation to credit limits)

15 percent: The age of your lines of credit (old cards are good)

10 percent: How often you apply for new credit (number of inquiries)

10 percent: Mix of credit you have (mortgage, revolving credit cards, installment loans, etc.)

All credit scoring algorithms will use this basic formula. When you sign up for credit monitoring, you’re usually signing up with an independent company that pulls your information from all three bureaus and consolidates them into one report.  Each of these tri-merge companies use their own slightly different credit scoring algorithm. Some of these scores are called Beacon, Vantage, Plus, among many others.  What this means, is that your credit monitoring service scores will more than likely slightly differ from the scores your mortgage company (or any other creditor pulling your data) use. Not a lot, but you should be aware that they will be different. So when comparing credit scores, make sure you’re comparing apples to apples.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using the exclusive Business Credit and Finance Suite as well as credit restoration and optimization. www.ExpertCreditConsultants.com.

Is Business Credit Real Credit I Can Use?

With our Business Credit and Finance Suite, you can get a minimum of $50,000 in business credit guaranteed. When we tell clients this they commonly ask "is it real credit we can use?” This is a great question.

Our clients are approved for business credit with major merchants. Most of these merchants they were using before but these accounts were applied for using their personal credit with their business name on them.   So, yes, this is definitely real credit you can use.

Some of the merchants we work with include Home Depot, Dell, Staples, Office Max, Sears, Chevron, Apply Computer and many more.

Imagine what you can do with your business with over $50,000 in available credit with these types of merchants.

Of course these merchants won't just approve a new business right away.  First you will have to start building credit in the business name with smaller merchants – but still useable merchants. We have negotiated agreements with several of them to report positive payments to the business credit agencies for our clients.

Again many of these merchants you have heard of and some you probably haven't. We have also negotiated wholesale rates with several of these vendors for our clients.

As you use and pay your trade credit on time, a very high business credit score is also established. Dun & Bradstreet’s Paydex score is the most widely known, but there are also other business credit reporting agencies.

Your high business credit score is then used to secure approvals with major merchant retailers.

As you pay those retailers, you will then qualify for revolving credit cards than can be used anywhere, just like a normal personal credit card.

The main difference is your business credit will have no personal guarantee, so you are not held personally liable in case of default.

Most clients qualify for real usable credit immediately after signing up with our Advising Program.

Within 6-12 months most clients have access to $50,000 in real usable credit, including Visa and MasterCard accounts that they can use anywhere.

Many then continue on and build $100,000-$250,000 in business credit.

And with the Business Credit and Finance Suite, you can also gain access to other cash funding programs very quickly. We work with over 2000 lenders across the nation offering approximately 30 different business funding programs.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com

Getting a Business Bank Loan

The day your business obtains its first bank loan is very much like the day you personally get approved for a home loan. It is the day, and the event, that makes all other lenders take notice and puts you on their lending map.

Non-bank business lenders and credit providers know how difficult it is to get approved for a business bank loan. When they see a reporting bank loan on your business credit reports, it signals to them that your business is credible.

Too many business owners think that obtaining a business loan from a bank is an impossible dream. Well, it isn't - if it’s done correctly. Our Business Credit Building System has a proven system for obtaining your first business bank loan. We work with many banks that have helped thousands of our members in both extending and reporting those loans.

Just having a bank loan is only one way your business banking relationship affects your business credit, including your ability to get approved for vendor credit lines and business credit cards. The single most important factor is the date you opened your business checking account.

Most business owners assume that the day they incorporated or filed for their business license is the day their business began. This is simply not the case. Business lenders consider the date you opened your business bank account as the actual start date for your business. So, if you incorporated in 2010, but opened your business checking account in 2011 then, as far as lenders are concerned, your business started in 2011.

Another way that your business banking relationship is vital to getting approved for loans can be found in your Bank Rating. The business credit reporting agencies will grade your business's creditworthiness based on its credit scores. In a similar fashion, banks and other traditional lenders will grade your business’s ability to repay based on its bank rating. Your business bank rating is determined by the average daily cash balance you maintain in your business checking account over a period of a few months.

If you are serious about the success of your business then you will need to know: How to properly address the compliance items required by most lenders and credit providers; How to properly go about building strong business credit scores with the top three national business credit reporting agencies; And how to properly manage your business banking relationships.

Now you have a choice to make. You can spend hundreds of hours searching the internet trying to find all the vital information you need (and you won’t find everything), or you can simply enroll in our Business Credit and Finance Suite which has consolidated everything into one convenient place. Our Advisors will work with you to establish your business credit profiles the proper way and in the shortest possible amount of time. Then they will search for and work with you to get approved for all of your business financing needs.

To get an idea of the basic process of obtaining a Secured Business Bank Loan, read about it on our website http://expertcreditconsultants.com/bfrB-corporate-finance-small-business-bank-loan.php

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.