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i am a navy veteran trying to improve my credit what can i do to help it out or what do i need to do

to get approved for a loan
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December 05 2013 - Charlotte
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Answers (8)

Credit is a very important factor when considering the purchase of a home. Simply stated, the lower the credit scores, the more hoops you'll expected to jump through. In addition, you will not be offered the best pricing when it comes to the interests rates or lender credits. There are some really simple tricks of trade to boost your credit scores. They are as follows:

1.) Pay down any credit card balances to 10-30% if possible. DON'T pay then to $0 as the creditor may not report to the bureaus on a monthly basis. If you can't pay them all, then start with the account with the lowest balance and work your way through your accounts one card at a time.

2.) If you have no open revolving accounts, this is your problem. We Mortgage Lenders, have setup our credit scores system to place more weight on revolving credit than installment debt. Which is opposite of Auto Financing Companies. Remember it's never too late to start rebuilding your credit. If you have a spouse with good credit then have them add you to as an authorized user. As long as you use the card one time, the creditor will be forced to start reporting on your report and you will inherit their payment history.

3.) If you have any collections, take note and beware! By disputing them you could possibly can something deleted, but you also run the risk of that collection co. coming back as verified and the "Last Activity Date" will change to that month and your credit scores will actually drop.

4.) Pick up the phone and negotiate. Offer settlements on collections and charge-offs in exchange for a letter of deletion letter.  If the collection company won't budge. Leave it alone and don't pay it unless the lender's Underwriter wants it paid. But insist on paying through escrow so it won't damage your score during the loan.

The most important thing you can do is hook up with an Experienced Loan Officer! This can be a challenge since we have so many Rookies in the business today. Choose your LO wisely, it can make the difference in an approved loan and denied loan.

Best of Luck!
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December 11 2013
Hi there,

Just wanted to make sure that you looked into a VA Loan.  Also they do credit counseling with you as well.  Here's a link for NC Counselors that can help you at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=NC

Also a good website to get a FHA loan is HomePath at http://www.homepath.com/index.html
Owner occupied gets 15 days before investors, etc. can bid on properties.  All HomePath financing loan applications submitted on or after November 16, 2013 will require at least a 5% down payment. Previoulsy 3%.

When you are ready to purchase a home I'd be more than happy to help you.  Please keep my contact info. Don't hesitate to contact me If you have any other questions or if I can help direct you to the right place to get an answer.  Sincerely, Daniel Britton
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December 10 2013
Do you know your exact credit score? Who knows, your credit score still may be acceptable. For example, I have been able to give out FHA loans with scores as low as 580 and VA loans as low as 560. So if you are in that range or above you will have a shot at a loan with a lender like myself. Otherwise, I recommend that you work on your credit score a bit. The simplest way to improve your score would be to pay off your debt and revolving credit balance on time. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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December 06 2013
Talk to a reputable lender who can review your credit with you. Without looking at your report, we can't give you an exact answer.
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December 06 2013
You can improve your credit quite quickly doing a couple of basic things.  First, make sure that you are only using a small percentage of your available revolving debt.  If all of your credit cards' combined limits are, say, $10,000; pay the balances down to $2500 or less if you can.  If you have any unpaid collection accounts you want to take care of those immediately.  The same is true of any open liens or judgements.  Also, DO NOT close any credit card accounts!  Doing this LOWERS your available revolving credit and, in turn, LOWERS your credit score.  Finally, avoid applying for any new credit. During the holiday season you will want to avoid applying for "90 day same as cash" promotions no matter how tempting. The credit inquiries generated could affect your score.

After that, there are other ways to accomplish your goal and a good lender can help.

Good luck! 
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December 05 2013

Hi,

First of all, thanks for serving. "Navy veteran" automatically conjures up "VA loan" for most real estate professionals out there. VA loans can require nothing down, so they are a popular mortgage option among veterans. In terms of improving your credit, when you find a good lender (either on your own or your realtor probably works with a few), they will most likely run your credit. If your FICO is not as high as it could be, they should provide free credit counseling so you can eventually buy a home. It will require time, effort and discipline on your part to raise your credit score, but stick to it and hopefully you will be approved for a loan.

Good luck and let me know if you have any questions!
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December 05 2013
We have great VA underwriters and an in=house credit consultant.  Call or email me
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December 05 2013
It would depend on your credit situation. Credit is bad for different reason and I would only be guessing with any suggestions. If you have not spoken with a lender you should do so. An experienced loan officer should be able to guide you in the right direction. They would have to pull your credit of course in order to properly guide you. A 640 credit score is normally required to purchase a home but there are a few lender such as myself that can approve scores down to 530. I would be happy to assist you if you would like help.

Thanks and good luck!
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December 05 2013
 
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