Buying an Orange County Home with Poor Credit

buying home poor creditIf you’re interested in buying a new home, one of the things you’ll need to do is pass a credit check.  This can be the scariest part for many people and buying a home with poor credit is not easy.

Your credit score determines whether mortgage lenders will offer you a reasonable interest rate on your home and if your mortgage application will be approved at all.  Poor credit means that you’re a higher risk and improving your credit score is important if you’re thinking of buying a home.

Below, is information on easy steps to repairing your credit.  However, it’s important that you also seek financial advice from the appropriate parties.

Four Easy Credit Repair Steps You Can Take NOW:

1.  Check your credit report.  Order a free copy of your credit report from  Check it for any inaccuracies (misspelled name, errors in dollar amounts, et cetera.)  If you see information that is incorrect, write a letter to the bureau and ask that they have it corrected.

2.  Order your credit score.  You need to know your credit score in order to know where to begin.  There are a few sites that offer a free credit score for first time users, but be sure to read the fine print and don’t sign up for an monthly services if that’s not what you’re looking to do.

3.  Start building good credit!  If you’ve put your old credit cards in a freezer to stop yourself from spending, it’s time to take them out and begin spending responsibly.  Check each cards limits and rates and decide which ones you want to keep open.  Create a monthly budget for your self and make sure that you don’t spend more than you can afford.  There are many credit unions that offer low interest rates if you know you’re going to keep a running balance.  If you’re not going to keep a running balance and will be paying off your cards right away, then maybe obtaining a card that offers great rewards is a better option for you.  The bottom line is, if you want good credit, you need to start using credit cards and building good credit!

4. Consult an expert.  If all of this sounds overwhelming to you then call a credit repair firm to help.  – But be careful.  Make sure you research the right companies.

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