July 30, 2014

Rebuild Credit to Buy Home

Freddie Mac just released a blog about how to start rebuilding your credit right now, in order to buy a house in the future. Here are Freddie Mac’s three key suggestions to rebuild credit:

1 – Check your credit report annually. If there are errors, dispute the errors with the credit bureaus.

2 – Set-up payment reminders. Late payments can have a serious detrimental impact on your credit score.

3 – Reduce the amount of debt you owe. According to Freddi Mac “you’ll never qualify for a mortgage (secured debt) if you can’t manage short term credit cards (unsecured debt).”

Read more here: https://www.housingwire.com/blogs/1-rewired/post/30624-freddie-mac-3-ways-to-improve-your-credit-score-right-now

If you are looking to buy a home and need to re-build your credit, eliminating unsecured debt is one of the most important things you can do. A debt settlement attorney can often help you eliminate the debt in a shorter period of time and for less money than a Dave Ramsey-style repayment plan.


Author:  Kevin Fallon McCarthy