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Lenders Still Want Great Credit Scores

May 22, 2012 by  
Filed under Blogs, Credit Score

Lenders Still Want Great Credit Scores for Mortgages

by: Credit.com

Credit Score RepairThese days, many consumers are likely finding it easier to obtain many types of credit, as lenders have significantly slackened requirements for most loans and credit cards. However, the qualifications to obtain a good mortgage rate remain stubbornly high across the country.

Even as credit conditions improve significantly nationwide and many financial institutions are once again broadening lending efforts, many are still being extremely tight with financing for mortgages, according to a report from the New York Times. In fact, even as subprime lending for credit cards opens up considerably, many consumers with low credit scores will find themselves extremely unlikely to even be considered for a home loan approval.

A recent study by the Federal Reserve Board indicated that consumers with a credit score of 620 willing to make a 10 percent down payment are now less likely to be approved for a mortgage than they were in 2006, the report said. Further, some were even reticent to extend financing to borrowers making a similar down payment when their credit rating was 720.

This is because most lenders are still extremely gun-shy about lending large sums of money to anyone but the most qualified borrowers, the report said. In many cases, those who are approved for a home loan will also pay far higher rates on the mortgage than those who have top-notch credit scores, even as the average interest rate has hovered below 4 percent for some time now.

“If you don’t have good credit, you’re not going to get that crazy low rate,” Deborah MacKenzie, the director of counseling at the Stamford, Conn., nonprofit the Housing Development Fund, told the newspaper.

Typically, the only way consumers can improve their credit ratings so that they can qualify for a home loan is by being smarter about managing their various lines of credit, including keeping credit card balances low and making all payments on time and in full. These are the two biggest factors comprised in a credit score. However, consumers can also be hurt by applying for too many new lines of credit within a short period of time, so avoiding this ahead of shopping around for a mortgage can be crucial to maintaining good credit health as well.

Source: Credit.com (http://s.tt/1cp3F)

Credit Report Repair

If you have any questions about your credit report or would like to find out how Credit Firm can help you improve your credit history and increase your credit score please contact us.

 

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Big Drop in Mortgage Delinquencies

May 18, 2012 by  
Filed under Blogs, Real Estate

by Credit.com

Mortgage late payments dropping

The rate at which consumers fell behind on their home loans declined considerably in the first quarter of the year, and now stand at levels not seen in years.

The delinquency rate on home loans for properties of between one and four units fell to 7.4 percent of all outstanding loans in the first quarter of the year, down from 7.58 percent in the fourth quarter of 2011, and 8.32 percent in the same period last year, according to the latest statistics from the Mortgage Bankers Association. While declines are traditionally viewed in the first quarter of every year, the MBA’s data shows that the drops this year were more significant than traditional adjustments would have predicted, showing that the declines are real, rather than the result of seasonal norms.

“Newer delinquencies, loans one payment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future,” said Michael Fratantoni, the MBA’s vice president of research and economics. “The percentage of loans three payments or more past due, the loans that represent the backlog of problems that still need to be handled, is down to the lowest level since the end of 2008. Foreclosure starts are at their lowest level since the end of 2007.”

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Delinquency fell for all types of mortgages except VA loans on a quarter-over-quarter basis, the report said. Prime fixed rate loan delinquency now stands at 4.07 percent, and late payments for prime adjustable-rate mortgages dropped to 9.05 percent, down from 9.22 percent in the fourth quarter. Further, loans backed by the Federal Housing Administration also saw drops in delinquency, falling to 12 percent from 12.36 percent a quarter earlier. The rate of homes that were in foreclosure increased on a quarterly basis, however, rising to 4.39 percent.

As the economy continues to generally improve, consumers are finding themselves in a better position to pay off all their outstanding debts on time. Factors such as declining unemployment rates and rising salaries have contributed to Americans feeling better about their personal financial situations. Experts believe that these trends will likely continue for some time, meaning that the housing industry may continue to improve, encouraging more qualified buyers to enter the market.

Source: Credit.com (http://s.tt/1cf6x)

Credit Firm versus Other Credit Repair Services

April 13, 2012 by  
Filed under Blogs

by: .
Many Americans are still grinding through life with Bad Credit.  In fact, over 110 million Americans (50% of the population with credit files) have had their credit file negatively affected by the recent economic crisis according to Business Wire.  So how do you know which Credit Repair company to choose when looking for help in improving your credit report?

Going through life living with bad credit, many Americans struggle repaying high interest loans and making minimum monthly payments on their credit cards, barely covering their interest charges which can be as high as 29.99%.  Paying more money to rent then they would to own because they don’t qualify for a mortgage based on their credit history.

Good credit can save you thousands of dollars by allowing you to qualify for low interest rate mortgages, auto loans, credit cards, and more.  Unfortunately, most people choose to live with bad credit rather than be proactive and make a change to improve their credit.

Choose to be proactive and fix your bad credit, it’s time to get serious about credit repair.  CreditFirm.net has helped thousands of clients qualify for low interest rate mortgages, auto loans, credit cards, and more, by improving their credit scores.  Let CreditFirm.net guide you down the journey toward fixing your bad credit.  We’re not your typical credit repair service.  With 15 years of credit repair experience, we have helped thousands of clients increase credit scores and improve credit reports.  Results and customer satisfaction are of the utmost importance for us, that is why we are always eager to help and answer any questions which you may have.

CreditFirm.net will never ask you to pay for any credit repair services which we have yet to complete.  This is why we offer a FREE Credit Consultation with a qualified credit consultant who will:

Help you obtain your FREE credit report and go over it

  • Explain what is inside your credit report. (both positive and negative)

Explain what a credit score is and how it is calculated

  • Explaining the different types of credit scores and the metrics used in calculating them.

Create a Custom Action Plan

  • A guide for you to follow which will outline the necessary steps in order to improve your credit score.
  • Different Clients have different goals and no 2 situations are exactly alike.  This is why we treat every case on an individual level.  We are not a credit repair factory like many of our competitors, all of our work is custom.

One service level

  • Unlike our competitors, we don’t confuse you with different levels of service offering different credit repair techniques.  We have one service level, we utilize every tool we have and we only have one speed, FAST. We do everything we can, as fast as we can, to help you improve your credit and reach your goals.

Legal

  • We follow the Credit Repair Organization Act (CROA) to the tee.  We do not offer guarantees because the CROA prohibits such practices, but we do promise first-rate service, an attention to detail, and our dedication to improving your credit report and score.

 

We want you to be confident in your credit repair decision and let our results speak for themselves.  This is why our clients enroll in our credit repair service for distinctive monthly servicing periods and pay only for the credit repair services which have already been performed and delivered.

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Real Estate Rental Prices Rising

March 21, 2012 by  
Filed under Blogs, Real Estate

by: .
The following graph shows the LPS home price index measured against the CPI owner’s equivalent rent index. You can see the extreme separation during the madness of the bubble years.  We are now back to the stage we were at in 1995 – 1998 when rent was at a higher point than home prices.  This chart shows that we are much closer to the bottom of the housing market than the top.  Once home prices experience their final push downward they will provide an extremely attractive investment opportunity for those that have the ability to manage single family homes.  If your credit score is stopping you from buying a home, call 800-750-1416. Credit Firm.net has helped thousands of clients improve their credit and qualify for a mortgage.  Call us today and be one step closer to getting your home.

Home price index vs rent

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