IMPORTANT WAYS TO YOUR CREDIT SCORE

Owning a home is a dream for many but is completely unattainable

for some.

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.

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.

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.

He and his wife have bought 3

homes since 2007 using a VA loan

each time.

OBTAIN CREDIT

It may sound simple, but this is a process of

baby steps.

You cannot increase credit if you have none.

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.

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.

PAY EVERYTHING

ON TIME

When you have access to credit, you must treat it as a privilege.

The lender sees you the same way you would see someone who

promised to pay on a certain date but doesn’t.

When you make timely payments, of the minimum balance or

more, your score increases.

GIVE YOUR CREDIT

TIME TO HEAL

The trick is to get back on track by making timely payments

as you originally intended.

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.

GROW YOUR

LIQUID ASSETS

Buying a home requires cash. You will need money to pay the

closing costs, particularly if you want the most competitive rate.

You also need it to increase your credit score. Having cash

makes you more desirable to lend to.

Why? Because if you have money, you can pay back what

you borrow.

RESOLVE OLD

BAD DEBTS

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.

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.

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.

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.

Clearing the old debt will help increase your credit score because

it eliminates a formerly defaulted account.

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.

Mortgage Originator Jimmy

Vercellino, specializing in VA loans,

helps veterans use their VA loan

benefit to their greatest advantage.

Be a proud homeowner today.

For more details call 480-351-5904 or visit the site

www.valoansforvets.com

VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: jimmyv@fcbmtg.com

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.

Jimmy Vercellino, NMLS 184169 Mortgage Originator Specializing in VA Loans