is getting credit repair a good idea if planning on buying a house?

October 1st, 2008 | by admin |

  1. 5 Responses to “is getting credit repair a good idea if planning on buying a house?”

  2. By pamela L on Oct 1, 2008 | Reply

    You should repair your own credit. Credit repairing is a good idea, but you do not need to pay a company for what you can do on your own.

    Try visiting this website, it has good tips on what you can do and some companies that can help:

    When you go to buy a home, lenders look at everything-and I mean everything.(I knew a person who was denied for a $15 phone bill in kansas) You need to pay off your debts, and keep your credit cards and other revolving accounts in good standing.

    Credit repair companies charge stupid fees for their services and sometimes do not work and you can go into debt over them. Get your credit report from all 3 agencies. Dispute anything if necessary, and start making paymenst through the mail and the mail ONLY to your collectors. Also ask for a letter of deletion (have it removed from your credit altogether)once you have paid it off. Your credit score will slump that is why you need it deleted when you pay it-otherwise activity on an old account is bad.

    Good luck, there are all kinds of deals for first time home owners and folks with bad credit. Problem is, they are stuck with variable interest rates and that is the reason for the forclosure’s now. Mortgages have doubled or trippled over a course of 2-4 years, that is a lot of $$. Try to go for a fixed rate, that way you will know what your payments will be no matter what.

  3. By alterfemego on Oct 5, 2008 | Reply

    Come on what makes sense to you? Good credit begets you a home. Bad credit beget’s you higher interest rates, if a lender will talk with about a loan. So if you have a credit score less than 600, I suggest you work on it for 6 months, then try getting qualified by a lender.

  4. By angelguide on Oct 8, 2008 | Reply

    Yuor credit card can be both aboon and a curse.Its very cast to spend with a credit card and get in way over your head with credit debt.If you are plnning to buy a house oe not always safeguard your credit.I am in real estate and have seen perfectly upright folks being denied a mortgage becaause of an unpaid bill.
    First of all put a cap on your spending.If you dont need it or the iitem is on sale dont buy,dont buy,dont buy. put blinders on and walk away.Dont go to the stores or malls because you have nothing beter to do.One of the best and only way is to not be a shopaholic, leave your credit cards home.Instead of worrying about repairing credit try and not get into debt in the first place.

  5. By Mike on Oct 9, 2008 | Reply

    Virtually all of the credit repair people are incompetent unless they are attorneys who specialize in the field.

    Yes, you should get the errors on your credit report corrected.

    Most credit reports have a number of errors on them.

    I can guarantee you that you have errors on your credit report that you do not even know about.

    The credit bureaus are some of the most error prone organizations that I have seen in my life.

    I do not recommend doing credit repair yourself.

    Theoretically you can learn to repair your own credit, but theoretically you can also learn to overhaul the engine and transmission in you car so that you do not have to hire a mechanic.

    The credit bureaus tell you to repair your credit your self because it is much easier for them to push you around than it is for them to push your attorney around.

    The credit bureaus do not want to deal with your attorney.

    I recommend that you talk to an attorney who specializes in real estate law for a referral to an attorney who specializes in credit repair.

    The attorneys who specialize in credit repair and are good at it generally rely on attorneys who specialize in real estate for referals.

    In most cases the attorneys who specialize in credit repair do not advertise to the general public.

    My mid FICO score is 784 because I have an attorney who specializes in credit repair. My attorney keeps the credit bureaus honest.

    I have been a victim of identity theft on several occasions.

    I would not be able to maintain my FICO score where it is without a very aggressive attorney to deal with the credit bureaus and correct all of the errors that were created by the crooks who tried to steal my identity.

    And I do not have the time or the patience to do that myself.

    Repairing my credit against the identity thieves would be a full time job for me, if I did not have my attorney doing that work for me.

    Plus, a letter from my attorney is much more intimidating to the credit bureaus than a letter from me.

    The credit bureaus **** it when my attorney writes them a letter.

  6. By Strawberry B*tchcake on Oct 10, 2008 | Reply

    NEVER USE A CREDIT REPAIR SERVICE. period. it is looked upon by lenders similar to a bankruptcy and you will suffer in your rate and be restricted in your loan program…if they will lend to you at all. there are ways to fix your credit without using a liason. and…you dont have to pay yourself to do it! LOL

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