Credit repair

Credit repair











This week I had four different people get denied for home purchase loans.  A few years back in 2004 some of these Michigan home buyers would have gotten their loans approved.  For example.

  1. One borrower had only one open trade line.  Now days many banks want two to three open credit lines.
  2. One potential home buyer had a 583 mid score, now you need a minimum 620 score to get a loan.
  3. One had a bankruptcy.  A couple of years ago you could get a loan done with in a year of having a bankruptcy, now you have to wait at least 2 years.
  4. One just had a very low score and bad credit.  Back then they could get a loan and just put more down.  Not any more.  No loan, no how.

All of these home buyers have to get their credit repaired.

Step one:  Pay all your bills on time.  You need at least on year of perfect credit history to bring your score up.  So pay your bills on time.

Step two: Don’t let anything else go into collection.  No medical bills, or co-pays can go into collection.  Collections drive down your score.

These are just the first two steps of credit repair.  Stay tuned for more credit repair tips

Russ Ravary your Wayne County real estate agent serving Livingston, Washtenaw, Oakland, and Macomb County in Southeastern Michigan

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