Tesa Noonan 661-717-3394
Coldwell Banker Best Realty
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Rebuilding credit is not hard to understand, but it does require patience, insight and partnership with someone (generally a lender) that understands credit and the impact of certain corrections to move forward.
While I don't consider myself an expert, I have worked and counseled many over the years and found that often it is more a matter of the person and their perserverance that makes a difference. Sometimes we make some solid advances in 60-90 days. Other, more complex issues and concerns can take a year or more. Again, a strong willed person that is adamant about clearing up what is needed in order to buy - always (yes, always) does what is needed to allow them to move forward. Some, after seeing that they must make calls and change how they handle finances, give up and never see the chance to own their own home. For them, 7 years or 10 years and longer is what it may take for them to be able to buy.
My best recommendation would be to sit down first with a lender who should, at no charge, help you by pulling a tri-merged credit report, reviewiing each account and then counsel you on the best approach. They should also make themselves available for questions and occasional review - again at no charge to help you along the way.
There are also credit counselors that will charge a fee for this, but generally I have found several flaws in this. One, they charge for something that you can do yourself, two, a majority of them take the money, but do little to improve your credit and three - lenders do not like to see credit counselors on a credit report. There are some that are legit - I don't mean to lump them all into one pot, but after 20 years I have not found one I can recommend.
Hope this helps, Crystal
I totally understand the desire to buy a foreclosed home now while the market is at record lows: problem, is, the bank that is selling the foreclosed home is the same one that is losing a ton of money because they previously sold it someone else who turned out to be a bad credit risk. Therefore, they will scrub your financials BEFORE they allow you to purchase it â€“ they wonâ€™t want to make the same mistake twice.
Thatâ€™s why you need good credit and why lenders in todayâ€™s market wonâ€™t lend money to those who donâ€™t have it. As suggested, find a good lender and get them to help you put your credit on the right track. It will take time â€“ there are no shortcuts here, but once you have your financial house in order, your life will be better in SO many other ways as well.
And avoid those companies that promise quick credit fixes â€“ they are usually scams. Properly fixing your credit takes time and there are no shortcuts or quick fixes.