All the best to you!
Have a lender pull your credit and identify the worst items effecting your score and then hire a reputable credit repair company to help you get it all fixed up.
She can run your credit, identify the issues and give you a game plan to work towards improving your credit. Then when you're ready I'll be waiting for you with open arms! :0)
Congratulations on taking the first step. Fixing credit depends on what is/was wrong with it, but the basic steps are to pay bills on time or early. Use, but do not abuse credit. This means only buy on credit what you can pay cash for. When you get stretched out financially, you get stressed out personally and things go down hill. Keep your balances low. If you have collections, pay off any recent ones, but not older ones until instructed by your mortgage lender. Do not close any accounts, but if you feel tempted to shop for what you can't afford take the cards out of your wallet and put them away.
Step 2: Go to your bank and order a secured credit card in the amount of $300
Step 3: Start using it to pay for gas. Never spend over 30% and pay off the amount as soon as the balance hits so you're never charged interest. (I did this and it raised my scored about 10 points every month).
Step 4: Get 1 more secured cards for the same amount and repeat.
Step 5: Repeat process. (so you have 3 lines of revolving credit). Again use them only for everyday purchases and never go over 30%
Step 5: Write to the credit bureaus to remove negative inquiries off your credit. Creditors only have X number of days to respond. If they don't then it has to be removed.
Step 6: Call a loan officer. Have them run your credit and look at your numbers. Your debt to income ratio will need to be under 43% to qualify for a QM loan product. Talk with them about various loan programs and see which is the best fit for you. There are several low down payment programs available and many times family member can gift your down payment should you need some help there.
Step 7: Create a saving schedule & debt reduction plan. This may require talking to a specialist but you might be able to do this on your own with proper research and planning.
Best of luck!
If you want me to have one of my lender partners reach out to you to make this a smooth process and get this going for you, please let me know. They will be able to walk you through what you'll need to know moving forward- I would love to assist!
925-785-2724 (call or TEXT) or email@example.com
It's good that you've considered purchasing a home. It could actually be cheaper to buy rather than rent. Even if your credit isn't that great as I do have a mortgage product that assist people with purchasing property in specific areas. There's also down payment assistance money available for Illinois & Indiana that provides $6,000, $7,500, $10,000 and $15,000. You can couple several down payment programs together which makes for a larger down payment. The downpayment programs have some restrictions so please call me to discuss them in detail.
Coldwell Banker Residential
Cell: (847) 815 - 8229
My brother is a lender and can help you get your credit fixed for FREE.
American Portfolio Mortgage Corp.
5165 W. 111th St Alsip IL 60803
NMLS # 230202 IL License # 031:0007342
IN License # 175656