Las Vegas Credit Repair
The first thing to do if you suspect your credit might be slightly "tarnished" is ask your mortgage lender. There are a lot of "credit repair" companies around who say they can "fix" it for several hundred dollars per month over a six to twelve month period. But often your mortgage lender is able to do it for you, or at least tell you how to go about it for a much lower cost and much more quickly.
Have your mortgage lender run your credit, and let him/her tell you what they think the best approach for your situation would be. And even if you already have good credit, sometimes clearing up one or two items on your credit report will allow you to obtain a better interest rate.
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Mortgage Lender Credit Systems
Some Las Vegas mortgage lenders have developed proprietary credit reporting systems capable of helping prospective purchasers determine the quickest way to boost their credit scores within 30 to 60 days. This “smart” system pulls the borrower’s credit from each of the three major credit reporting bureaus: Experian, Equifax and TransUnion, and then prints out a summary for each credit bureau. The summary details exactly how many points the borrower’s score will be raised at each bureau if they pay off/down certain credit lines, pay off specific collection accounts, or have items deleted from the report that should not even be there.
Most lenders “guess” which items are having the most adverse affect on a borrower’s credit. They have the buyer pay off a bill or two and then have to wait for a credit rescore to determine if the borrower will be eligible for a loan. If the lender guesses incorrectly, the borrower could spend thousands paying off the wrong bills and still not be able to qualify. Make sure your lender uses a system that prioritizes which items on the credit report should be addressed first for the least amount of money out of pocket to raise the borrower’s scores enough to qualify for a purchase.
Once specific items have been identified and taken paid off or deleted from the credit report, the mortgage lender can contact the credit reporting bureaus and have them initiate an immediate credit rescore. All types of loans use the “middle” score from the three credit bureaus to determine eligibility. FHA and VA loans require a minimum 620 credit score to qualify for a loan, but the rate is the same no matter how high the score. Conventional loans require higher credit scores, and the interest rate charged on a conventional loan varies according to the credit score based on federal risk guidelines.
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