Credit Score in Austin>Question Details

Teresa Stamp…, Real Estate Pro in Lago Vista, TX

What are the best legit services available for customers that need to clean their credit prior to qualifying for a home loan?

Asked by Teresa Stamper, Lago Vista, TX Tue Feb 25, 2014

Are there free services?
How long will a credit card judgement stay on a buyer's credit?
How long does a credit clean up take?

Help the community by answering this question:

Answers

7
Credit restoration is one , some are free some are rip off , be careful, you don 't want to b e in more problems

Lindfa
0 votes Thank Flag Link Fri Mar 7, 2014
No free services to my knowledge and you really need to be careful. You can go back and read countless posts where I have answered questions on how to clean up your credit yourself. It takes time but it can be done. The first step is for the borrower to know and understand where they are now and take the steps necessary to get where they need to be.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
0 votes Thank Flag Link Fri Mar 7, 2014
I offer it for free. It costs us a couple of bucks, but I don't pass it on. It's well worth it if I can help people get into a house that they otherwise wouldn't have been able to!
Robert L. Hanson
Gladewater National Bank
Direct: 240-752-7549
Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929
Flag Fri Mar 7, 2014
Hi Teresa,

I offer this service to a large percentage of my clients. Even those with good credit that qualify for a loan can benefit from improving their scores. Once I pull a copy of your credit report I have access to software which enable me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications to either get them qualified, or take an already qualified applicant and get them a better rate at the settlement.

This costs us a little bit of money, but we do not charge you for it as we feel that we reap the benefits by closing more loans and having happier clients!

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Wed Feb 26, 2014
I am not sure , but about seven very long years , but it can be done one day at a time, good credit is to be cherished ,

find a very good lender and a very good Real Estate agent , they will help you through the loan process.

If ever move to the Houston area give me a call or e-mail

Good Luck
Linda
0 votes Thank Flag Link Tue Feb 25, 2014
Hi Teresa
I work with a home builder who uses a credit repair company to get their clients ready for building a new home. You have to pay the credit repair company up front - costs are usually in the $600 range I believe, but once it's repaired and you start building, the builder will credit that money back to you in upgrades. It's a great program and the builder is affordable and has multiple locations through Austin Metro. I'd love to help you get more info on it. Renee Fox, Realtor with Realty Executives
(316) 204 7602
0 votes Thank Flag Link Tue Feb 25, 2014
I am not aware of any free services either, but I do know of several free resources that describe how to clean up one's credit. With credit repair, it is important to have realistic expectations. To properly fix one's credit it will be a lengthy process that could take up to a few years, depending on how bad it is initially. Clean credit for two years is ideal for obtaining a home loan.

I am a big fan of Dave Ramsey's program because he focuses on the psychology of why a person becomes indebted and teaches long-term solutions to correct that. His solution is to use the "Debt Snowball" which advocates paying off the smallest debt first, regardless of the interest rate while continuing to make minimum payments on the other loans. Once that has been paid off, use the payment from it on the next lowest and so on so forth. This gives people the satisfaction that a credit line is paid in full and can be closed.
Web Reference: http://www.daveramsey.com
0 votes Thank Flag Link Tue Feb 25, 2014
Chris, agreed. With Dave Ramsey's program he teaches people to be reliant on cash rather than on debt. A FICO score is an indicator of one’s ability to borrow and repay rather than their ability to properly manage their finances.
However, I think that with the new QM requirements for mortgages, some one that has a good cash flow and little if any debt, plus a lot of cash reserves would be able to obtain a prime rate mortgage.
Flag Tue Feb 25, 2014
I like Dave Ramsey a lot. The only problem I have is that what he teaches is counter productive to the credit score. I can not tell you how many Ramsey devotees I have seen over the years that have followed his advice.. Beginning his program they had 760 credit scores and after they have 620 credit scores. They no longer have the ability to borrow at the lowest rate anymore because they got rid of all there good credit cards and purchase cars with cash. When they want to downsize homes or buy a 2nd home they no longer have the great credit they once did.
Flag Tue Feb 25, 2014
I am not aware of any free services that do credit repair. I do know that people can repair their credit without the need of hiring a credit repair company.

The Pettit Law Firm has created a how-to packet for clients to follow including scripts to follow when on the phone with creditors. It can be found:
txclf.com/pdf/pettit_hlc_handout.pdf

We also help with free credit repair classes for those near the Dallas area. See schedule here:
http://txclf.com/credit_repair_classes/

If you are looking for a service that does not take a client's money up front and is a pay for performance type service -- Google "Pay Then Delete" for companies that get the deletion from the credit report before they take payment.

Finally, judgments stay on the credit report for 7 years. However, in Texas a judgment is valid for 10 years and can be renewed.

Credit clean up takes as long as it takes. It depends on too many factors to answer that question.

Of course, I work for a law firm that helps clients with their creditors rather than disputing at the credit bureaus. It seems to be more effective, cost efficient, and quicker.
0 votes Thank Flag Link Tue Feb 25, 2014
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