Tag Archives: Credit Score

Credit Restoration For Home Buyers

If you think we are here to help you get your approved for a home loan, You Are Right!

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Best of all, Our Services Are FREE when you purchase your new home with a Fathom Realtor!

Fathom Realty has partnered with local mortgage companies and Revital Credit Services to provide you with the tools you need to restore your credit and realize your financial dreams.

We understand that everyone has a unique situation and we are dedicated to treating every client with respect and compassion. We will put together a plan based on your individual needs and financial goals. Our goal is to not only help you get approved for a new home but to also help educate you to make smart financial decisions in the future.

Did you know that our Credit Restoration Services are not just for home buyers that cannot get approved for a mortgage? Even if you have the credit scores to get approved, we can help you improve those scores to get the best rates possible!

Please fill out the form below for a private consultation. Your information will remain private and will NEVER be shared with anyone, ever.

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What is a Credit Score?

A credit score is an indication of how susceptible you are to get behind on a mortgage or credit card in the next 24 months. This data is used by credit grantors while considering your credit for approval. An individual’s BEACON®, FICO® or EMPIRICA® score relies exclusively on information and facts inside your credit records managed by the credit reporting agencies. Different scores can be dependent on a combination of credit information along with other information which you supplied in your credit application.

How you have dealt with credit previously may suggest how you will manage credit down the road. Credit scores cannot predict with absolute certainty the way you will maintain credit, however they do offer an objective estimation of how likely you might be to pay on time and based on terms.

I have had the pleasure of working with a lot of home buyers looking to buy their first home or even their second or third home. I can’t tell you how many times I meet people who are ready and willing but not able. They have a steady job with a good income and by all accounts should be able to buy that new home. There is just one little 3 digit number getting in the way. Their credit score!

It breaks my heart to tell them that they will have to wait on reaching their dream but I will never leave it there. I love to encourage my home buyers to take control of their credit score and make it work for them. It can be a 6 month process to get it under control but it’s worth it in so many ways.

1. Check your credit report at all three agencies- Equifax, Experian and Trans Union (checking your own credit is called a “soft-pull” and will not negatively affect your credit). Look for errors that may appear on your report. Each agency offers a place on their website to submit online disputes. They have 30 days to verify the information is correct or they will remove it.
2. Do NOT open new credit cards that you don’t need just to increase your available credit. This approach often backfires and will lower your score.
3. Keep your current account balances as low as possible. High outstanding debt will negatively affect your score since you will have a greater chance at missing a payment.

One of quickest ways to get “Unapproved” for the loan on your dream home is to do something that negatively effects your credit score during the home loan process. One of the first conversations we have with all clients (good or not so good credit) is notifying them to NOT make any major purchases while building or buying a home. That means NO new car, new boat, furniture, electronics, etc… until the loan is closed.

To better understand why or how this will effect you, I will give you an example of a client with good credit that buys a new car during the home loan process and the real cost of buying that new car. Oh, and the “Cost” I am referring to is not just the new payment.