BecomingWhoYouWantToBe

A lender considers the following questions when deciding to approve your mortgage application: Is your credit history good? What is your yearly salary? What is your total amount of debt? What is your down payment?

A gigantically large down payment may dilute the negative effects a spotty payment history or low credit score to some extent. However, be prepared for high fees and interest throughout the life of your mortgage.

Unfortunately, you will need a good credit score to purchase a home. A huge down payment will not hide a low credit score.

In order to qualify for the lowest interest rates, you need a minimum credit score of 758, according to CNN.com

You have always needed a good credit score to qualify for the best mortgage rates. This was true before the credit crisis, but now it is more important than ever before. In fact, the minimum score needed has gone up in the past 12-18 months as mortgage companies continue to be more demanding.

Obtaining the Minimum Credit Score for a Mortgage

Your credit score can be a very confusing topic. However, if you focus simply on removing any bad credit information, you can make good progress.

Don’t believe the “experts” when they tell you that you cannot remove bad information from your credit report. They want you to think that you have to wait 7 – 10 years for the negative information to fall off your report and raise your credit score.

You can take matters into your own hands by obtaining your credit report to see what’s on it. Quite frequently, there are mistakes or errors that you can challenge now, and not wait 7-10 years for it to disappear.

You can start to correct the errors by writing a dispute letter to the credit bureau. Another option is working with the original creditor to fix the mistake.

Often, an expertly worded credit dispute letter will resolve the inconsistency. Although it has been shown that investigation methods are often sloppy and error prone.

This is because some credit bureaus don’t want to spend the time or resources to investigate the dispute. It is simply more cost effective to ignore or delay your dispute.

Their hope is that you will give up on your dispute and just live with the high cost of bad credit. This is why many people hire credit repair services to use the dispute process for them.

How much Time Will it Take to Raise my Low Credit Score

A frequent concern is how long will it take to improve a low credit score. Although every persons situation is unique, if you are looking for a fairly drastic improvement, then you should expect anywhere between 6 to 12 months before you report is clean.

This is a long time but it certainly beats waiting for seven to ten years for the negative information to be dropped on its own. It is worth waiting an extra 6 to 12 months to raise a low score, especially when purchasing a house.

Discover how lexington law helped a local couple get approved for a mortgage despite having bad credit. Visit their website www.creditforcouples.com to find out how they removed charge offs and collection items. You can also grab a free credit repair letter or call 1-866-246-7311 for a free consultation.