Between rising education costs, increased cost of living and inflation, it’s no surprise that many Americans are in debt. A high amount of debt is typically accompanied by a low credit score. This means higher loan interest rates and premiums that can rack up a huge bill in the long-term. In addition, bad credit (lower than 601) can even hold you back from major life events like, buying a home or retiring. Fortunately, you aren’t necessarily stuck with bad credit for the rest of your life. Here are a couple of reasons why you should speak with a Credit Specialist to start repairing your credit score.
Bad credit is closely related to your spending habits, therefore a bad credit record won't disappear overnight. In best case scenarios it will take a few months for your credit score to change, while worst case scenarios could take years! At the beginning of your first consultation, your Credit Specialist will help you set realistic goals and expectations for your personal credit education.
When you reach out for credit education, you are probably in need of financial advice. Your personal Credit Specialist will guide you through a step-by-step process that pairs with your own situation and goals. This credit education course will help your finances get back on track in a respectable amount of time, especially if you are trying to close on a home.
4 credit building habits
One of the fastest ways to improve your credit score is by scrubbing it for incorrect information. According to the Federal Trade Commission (FTC) report released in 2012, one in four Americans found at least one significant error on their credit report. Most credit bureaus are required by law, under the Fair Credit Reporting Act, to resolve credit disputes in a maximum of 30 days. Because of this law, error dispute is the quickest way to build good credit if you don’t have time to wait to close on your dream home.
Repairing your credit is not a walk in the park. The first step is admitting to poor spending habits and following the education plan prepared by your Credit Specialist. Your Credit Specialist will constantly check-in with you to make sure you are participating in your course and taking a proactive approach to repairing your credit score.
how do lenders evaluate credit?
Eagle Home Mortgage is equipped with a team of dedicated, personal Mortgage Credit Specialists that are committed to helping you repair your credit for homeownership. The program is completely free and all you have to do is sign-up to get your first consultation. Eagle’s Homebuyers Solutions Group has helped approximately 2,223 families achieve their goal of homeownership from 2017 until present.
The first step is credit education. The second step is unlocking the door to your dream home.
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