Credit Repair Tips: Where to Get Help in Texas
Article by Robert Newsome
When your creditors report delinquent or late payments to crediting agencies, they are reporting to at one of the following three companies: Experian, TransUnion, or Equifax. These agencies know your name, you social security number, where you have lived throughout your life, where you’ve worked, your entire credit history, court records, and anything else they may deem useful to help potential lenders decide whether or not you are a financial risk. Using a formula that is pretty well unknown to the average citizen – and different between each company to boot – they come up with a three digit number between 400 and 900 that is your credit score.
When you apply for a mortgage loan, you want your credit score to be in the vicinity of 620 or better. This will give you the best interest rates and options such as no down payments. Anything lower than 620 will possibly qualify you for a different interest rate, usually one that is a bit higher than most. If you have a shaky credit history and you want to buy a home in the state of Texas, applying with Texas Capital Mortgage will be your best option. The have loans that will fit your needs and particular credit problems, and they can help you bring your credit score up as you make monthly on-time payments.
How does Texas Capital Mortgage help repair my credit?
The employees at Texas Capital Mortgage are not going to tell you to do things to get a new credit identity. This is a scam and many people have lost hundreds of dollars and been prosecuted and fined for attempting the fraud. In order to repair you credit, you will have to take the time to look over and explain items on your credit report and get it either updated or the items removed. Texas loan applicants get this service for free when applying for a loan with Texas Capital Mortgage.
The trained staff will sit down and review your credit situation with you before you even submit loan. They will look for outdated information that should be removed, inquires that you did not authorize for removal, help you correct any erroneous information, and find good credit that was not reported and should have been. Once that is done, they will work with you on ways that you can improve our credit. This could be by settling small bills, removing duplicate negative items, and even establishing a new credit card account to help with too little credit. They can even help you set up a monthly budget that included the mortgage amount you can qualify for and show you how to live within your means.
Will I get my mortgage loan and how will it help me in the future?
Once you have fixed as much of your credit report as possible, Texas Capital Mortgage will do everything in their power to get you your mortgage loan. They will tell how much they can qualify you for so that you can look for a home, or if you’ve already found one that is within the acceptable range, they will start the final loan application process.
Once you have signed the final papers on your home, it is up to you to make your monthly mortgage payments and other bill payments on time. By securing a mortgage loan and being timely with your payments, your credit score will rise higher and you will become less of risk in lender’s eyes.
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