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Working with bad credit.

Having bad credit can cause serious complications when you are considering buying a home. Depending on how bad your credit is, you might still be able to find lenders willing to work with you. However, you can probably expect to pay a larger interest rate and they will probably expect you to have a larger down payment than ordinarily needed.

There are several things you can do. Get your credit report and go over it. Check to make sure the information is correct. If it is not correct you will need to take steps to make sure it is. This would involve writing a letter to the credit reporting agency. The Fair Credit Reporting Act requires the report recipient to give you the name and address of the credit reporting agency that supplied the information. If you contact that agency to learn what is in your file within 30 days of receiving the denial notice, your report is free.

You have the right, under the Fair Credit Reporting Act, to dispute the accuracy and completeness of information in your credit file. When a credit reporting agency receives a dispute, it must reinvestigate and record the current status of the disputed items within a reasonable period of time. If the credit reporting agency cannot verify a disputed item, it must delete it. If your report contains erroneous information, the credit reporting agency must correct it. If an item is incomplete, the credit reporting agency must complete it.

You can work on improving your credit by getting a secured credit card or possibly a credit card from a small department store and pay on it long enough to build a better payment history. This would be an excellent way of rebuilding your credit after a bankruptcy. A bankruptcy remains on your records for 10 years, according to the information we have read. Sometimes you can build back your credit and find someone who will work with you before this time is expired. It would be a reasonable guestimate that it will take at least two to four years to rebuild your credit in this manner. If you have someone that trusts you enough to cosign for you, that can also be an option.

The more recent a bankruptcy and the worse your credit is, the less likely are your chances that you will find someone to work with you. It isn't necessarily impossible but will be harder.

If your situation requires that you move immediately and you cannot find anyone that will work with you, the only thing we can suggest is to find an alternative to BUYING a home. Afterwards, you can take the steps neccessary to rebuilding your credit and try again later.

We so NOT suggest that you contact companies that claim they can repair your credit for you for a fee. Usually, their methods do not work and you can do it yourself for little cost. There are no quick and easy solutions to repairing bad credit.

There are a number of pamphlets and other information available to you. It would be well worth your while to get them and read them. Repairing your credit will help in many areas of your life.

Gary Sinise Foundation.
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their families, and those in need.
Please visit our website to learn more. Thank You!

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