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Credit scores are more important today than they have ever been. Borrowers with less than 740 credit scores will pay higher rates than those with lower scores for a conventional mortgage.
Envoy Mortgage wants our borrowers to have the best possible rate. Because of this, I would like to send you some valuable information on how to increase your credit scores and lower your credit costs for good. Credit repair or credit restoration is vital to fulfilling your financial goals.
 To download a full .pdf of the entire free credit restoration program... CLICK HERE.
Did You Know that one late payment can drop your score by 80 or more points? Has this happened to you? If your credit score is suffering in today’s economy, we can help.
If you are frustrated with your score and the many claims to help you, I am glad you found us.
Clean Slate is the only credit restoration program that guarantees results or service is free. (Click here for the guarantee details) Most clients receive 80 to 100 boosts to their score upon graduating from our program.
If you are in need of credit restoration
Receive a $200 rebate for signing up with our preferred credit restoration company. Your rebate will be issued to you once you have funded your new mortgage with Richard Woodward as your loan officer.
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Click the Image below to watch our online credit education videos!
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The fact is that you must do something – doing nothing will only cost you thousands of dollars simply due to your damaged credit file or low score. Take action today, improve you life and save thousands of dollars!
If you have less than 2 open lines of credit, I would recommend that you get a credit card for your credit file. Not having an open revolving account is considered negative and is usually about a 40-60 point deduction in credit score. In general, having credit cards (and paying timely payments) will raise your score. Someone with no credit cards, for example, tends to be a higher risk than someone who has seasoned credit cards. It is very important to get this card because you have no other open, positive accounts. This will help you rebuild your credit.
If you do not have a credit card at this time and your scores are under 650, immediately apply for an on-line secured credit card at one of the following banks: AccountNow Prepaid Mastercard (best and cheapest way to rebuild credit) www.orchardbank.com or www.publicbankcard.com, or Applied Bank (800-771-7339). They will approve you instantly on line. I would suggest setting up an account with Conn’s (www.conns.com), make a small purchase and pay for 3-6 months. You might be required to make a small down payment, but it will be worth it. The day the credit card is reported to the credit bureaus, your scores will increase significantly.
For future reference, you always want to have at least two credit cards that are open on your credit. Remember with credit cards, you always want to keep your balance below 33% of the limit. Having maxed out credit cards can hinder your credit scores.
How can you improve your credit score?
It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible.
Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute any inaccuracies.
Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.
Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.
The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle.
Late payments work against you. It's extremely important to pay bills on time, even if it's only the monthly payment.
Don't "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better.
It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score.
