Important Ways To Increase Your Credit Score - PowerPoint PPT Presentation

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Important Ways To Increase Your Credit Score

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"Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to. He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership. Be a proud homeowner today. For more details call 480-351-5904 or visit the site VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com" – PowerPoint PPT presentation

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Title: Important Ways To Increase Your Credit Score


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Important Ways to Increase Your Credit Score
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  • Owning a home is a dream for many but is
    completely unattainable for some.

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  • There are times when the desired home is
    financially out of reach, and others when the
    buyer's credit is not deemed worthy for lending.

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  • For the latter group we have 5 great tips that
    will help you raise your credit score so you can
    qualify for a fantastic home loan rate.

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  • To help us with the following list of tips, we
    interviewed Christopher Pascale, a former U.S.
    Marine currently working as an accountant and
    consultant.

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  • He and his wife have bought 3 homes since 2007
    using a VA loan each time.

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  • OBTAIN CREDIT
  • TIP 1

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It may sound simple, but this is a process of
baby steps.
You cannot increase credit if you have none.
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If you're in college, you can apply for a student
loan.
If you do not need the funds for tuition, you can
hold on to it and then use that same cash to
repay the loan in full.
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Another easy way to get credit (especially if
you're a student) is to get a student credit
card. Use it at least once every 6 months, then
pay it off.
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  • TIP 2
  • PAY EVERYTHING
  • ON TIME

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When you have access to credit, you must treat it
as a privilege.
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The lender sees you the same way you would see
someone who promised to pay on a certain date but
doesnt.
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When you make timely payments, of the minimum
balance or more, your score increases. 
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  • TIP 3
  • GIVE YOUR CREDIT TIME TO HEAL

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The trick is to get back on track by making
timely payments as you originally intended.
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After a year your credit will be better. And
after 3 years, you should be in the range to get
a very good home loan rate.
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  • GROW YOUR
  • LIQUID ASSETS
  • TIP4

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Buying a home requires cash. You will need money
to pay the closing costs, particularly if you
want the most competitive rate.
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You also need it to increase your credit score.
Having cash makes you more desirable to lend to.
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Why? Because if you have money, you can pay back
what you borrow.
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  • TIP 5
  • RESOLVE OLD
  • BAD DEBTS

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Lastly, for those who have defaulted on old
debts, they will stay on your credit report for
at least 7 years. But you can get rid of them.
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First, you need to call the creditor (be it a
hospital, credit card company, or old landlord)
and negotiate to settle the debt in full.
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For example, if the debt is 4-years-old and the
amount is 1,000, it would not be unheard of for
the creditor to accept 300.
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Second, and very important, is for you to get a
letter stating that 300 "settles this in full"
otherwise they may come after you in the future
to collect the rest.
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Clearing the old debt will help increase your
credit score because it eliminates a formerly
defaulted account.
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By following these 5 steps you can increase your
credit score, which will get you a better home
loan rate, meaning that you'll save thousands in
interest payments down the road.
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Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans use
their VA loan benefit to their greatest
advantage.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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Jimmy Vercellino, NMLS 184169 Mortgage Originator
Specializing in VA Loans
The views expressed here are those of the
individual author and do not necessarily
represent those of First Choice Bank (NMLS
177877) and First Choice Loan Services Inc. (NMLS
210764). Equal Housing Lender.7702 E.
Doubletree Ranch Road, Scottsdale AZ 85258 The
views expressed on this site are those of the
individual author and do not necessarily
represent those of First Choice Bank (NMLS
177877) and First Choice Loan Services Inc. (NMLS
210764).  Equal Housing Lender.
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