Client—“I need to get mortgage approved right away. But my credit score is 590 which is 30 points low according to other lenders.”
Lender—“I have a secret weapon to boost your score. Are you ready to get it done by untraditional measures?”
Client—“Of course, I just need to get this done. What do I have to do?”
Lender—“Okay visit www.getnewcreditline.com and sign up for $5,000 credit limit with $100 balance” the account will boost your score in thirty days or less
Client—“What type of credit line is this?”
Lender—“It’s a merchant account that allows you to buy books online and improve your credit score quickly”
Client—“But I don’t read books. So can I apply for a traditional or secured VISA or Mastercard?”
Lender—“Of course but I thought you wanted to get it done in 45 days or less”
Client—“I do but I would prefer to go with as secured VISA or Mastercard, you know a more reputable source..”
Lender—“Okay, call me back in thirty days to see if the $300 balance from Visa helped boost your score”
Client—“I need this done in 45 days or less. There’s a home I have under contract”
Lender—“Okay but since you don’t read books, and you prefer a Visa or Mastercard with a $300 credit line. I suggest you open the account and call me back to repull credit next month.
Client— (SILENCE)
Lender—“Hello, hello, are you still there?”
Client—“Yes, but I’m not sure about this www.getnewcreditline.com
Lender— Well since you have never heard of merchant accounts before. I need you to do what you “think” is best
The purpose of this post was to show you how we talk ourselves out of moving forward, due to lack of knowledge. I really wish this client did read books but our purpose for using www.getnewcreditline.com is to immediately raise credit scores so you can purchase a home. A home, that pays $8,000 before April 30th, provides excellent tax breaks, and the overall pride of homeownership. Then she can sit at her home and watch TV all day and never read book again in her life…
Wednesday, November 18, 2009
Monday, November 16, 2009
So Do You Want To Own a Home or Not?
Watch this short clip to make sure you are moving in the right direction
Don't hesitate to contact me for more information at 703-497-3936 for your free consultation.
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Markita Aldridge-Woods is a mortgage banker that is passionate about helping clients reach their goal of home-ownership. Visit website at www.queenofmortagages.com or call (703) 497-3936.
Don't hesitate to contact me for more information at 703-497-3936 for your free consultation.
--
Markita Aldridge-Woods is a mortgage banker that is passionate about helping clients reach their goal of home-ownership. Visit website at www.queenofmortagages.com or call (703) 497-3936.
Tuesday, November 10, 2009
Foreclosures Purchase Process Video Shows Exactly How It Works
This video shows you what Agents and buyers must do to m
Wednesday, November 4, 2009
Quickest Way to Improve Credit Score (w/o paying off one negative item)
If there is one question I’m asked by consumers more than any other question about credit, it is “What is the quickest way to improve my credit score?” My answer is always the same, “how much do you want to raise it?”
If you wish to increase your score from 580 to 620 then your strategy will be very different from someone wanting to go from 670 to 725. Why? Because your starting point is different, it requires a different approach. While the removal of negative items from a report will almost always lead to an increase in score, it’s still a very basic concept at best and typically never leads to the increase score most are seeking.
Believe or not, improving your credit score could be as easy as adding new revolving credit. Of course there are several credit cards available to get you back in “financial trouble” or secured/credit accounts that don’t add any value to your credit score. The most effective tool to increase credit limits and decrease debt to credit ratios (two major factors of credit score) is the use of online merchandise cards or credit lines that report to at least one or more of the three major credit bureaus.
I recommend subprime merchandise cards. Unfortunately this is the most misunderstood card in the industry so most people shy away from use…which is a huge mistake if your goal is to increase your score specifically for the purpose of purchasing a home. The merchandise credit lines typically report high credit limits with low balances and the approval is guaranteed. Sound like a scam…if you say “yes” like everyone else you are missing the point and the opportunity to get out of credit prison. This technique is hard to beat based cost and effectiveness. If you add a secured credit card for the same cost, you do not get the bang for your buck because it will only increase available credit by $300. Which may be okay if your strategy is to raise your credit scores over the next six months versus the next 30 to 60 days, Basically a revolving credit line that reports to two of the three major bureaus, gives you a high credit limit, but it also gives you the security of a “secured card” by allowing only to finance a set amount (keeps you out of trouble) For more information on this secret weapon email me at markita@weststarmortgage.com or visit www.getnewcreditline.com to sign up.
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Markita Aldridge-Woods is a mortgage banker that is passionate about helping clients get out of credit prison. Visit website at www.queenofmortagages.com or call (703) 497-3936.
Thursday, October 29, 2009
Improve Your Credit Score Overnight
Improving your credit score does not happen overnight. Many consumers believe there is a quick fix to a situation that did not happen overnight. It is estimated that 60% of all people will have a bruise or blemished credit in the next several years. The rampant foreclosure and job loss has caused a downward swirl in credit portfolios. The first step in improving your credit score is actually obtaining your credit score from all there major credit bureaus. I recommend getting your credit report from a local banker or mortgage professional so you will have the report that financial institutions use to make financing decisions.
Once the tri-merge credit report has been secured the fun part begins. Verify the account information listed, it is estimate that 79% of all reports have some type of errors. If the accounts are numerous and hard to verify consider working with reputable credit repair company to work on your behalf If the accounts are few in number work with the creditors to offer settlements on collections and charged-off accounts. But beware that paying off collection charges on judgment does not increase credit scores dramatically. In order to see a significant boost your credit score you will need several factors working together at the same time –stay tuned for next post that describes a key element in raising your credit score on your own.
Don’t let your credit score keep you in credit prison visit www.queenofmortgages.com for more information. Markita Aldridge-Woods is an expert at helping clients raise credit scores and get the chance they deserve to become homeowners.
Tuesday, October 13, 2009
Is Credit Repair the Ethical Way to Handle a Major Problem?
A lot of people ask if it's ethical to try to take off legitimate bad credit.
American consumers have been treated unfairly by the credit-ranking system. "Credit repair" is a phrase that has ended up with a bad reputation, and it has been associated with scams. The outcome is, a lot of times we end up having to defend our work of assisting other people to fix their credit.
The experience of being in credit prison does have other solutions to the issues that are harming the credit report. Rather than a person seeing the credit report as evidence of poor credit, he or she should see it as an allegation that often goes unchallenged. The people we help with this are generally saying they are not guilty when they join up to use our preferred attorney option to defend themselves.
Our preferred lawyers make the credit bureaus prove their claims. If the bureaus state that they have previously examined the situation and the charge is real, then this decision is debated. We have found that the majority of credit report accusations are incorrect, and that is when they can be removed. It makes good sense ethically to take a bad credit item off your record.
Our society has origins in capitalism, and the credit bureaus apply consumer personal information to their own benefit. The legal system pledges an oath to be honest, equal and generally good; however, credit bureaus don't do this. Why should any person be forced to help any company, not to mention big businesses, when doing this could mess up his credit and financial situation? The credit bureaus would hold onto all of the credit information, real or fake, forever if the government didn't make them get rid of the many details after seven years has passed. If not for this law, credit bureaus would be able to keep many items on your report after seven years has passed. If good credit accounts can be taken off after a brief time period, then why don't you take off bad credit accounts before the seven years is up?
Credit bureaus don't care about their effect on customers. Profits -- not the rights of the consumers -- are the main reasons for their judgment.
Judging a person's credit from their past credit isn't always reliable. It hurts all people to have nice people thought of as being deadbeats. A number of policies and methods utilized by credit bureaus appear to be harmful to the consumer. Because of this, we disagree very much with the current standards of credit reports. The debtor is chastised unfairly with seven years of credit prison (with 10 years for being bankrupt and some court judgments). Credit bureaus have never conducted any research to figure out if seven years is enough time to re-establish good credit. The seven-year mark is a random choice. The facts are that, based on what Dr. Bonnie Guttion, consumer affairs adviser to President Bush, computer models that foretell credit details which show "nearly all details that are over two years old are not important"; also, our customers think that seven years is too much time. After a few years, the majority of people are capable of completely recovering from a financial crisis. In spite of this, they are usually made to live a poor life style and pay a lot of interest on loans and wind up being rejected for loans because of the information on their credit reports.
Even though credit bureaus boast of a 1% error rate, that isn't really accurate. But, other research not conducted by the bureaus reveals that errors happen at a rate of almost 79%.
One credit bureau confesses that they have an error rate of over 50%.
The legal agencies stubbornly oppose that these errors be fixed. It is very expensive for them, spending time as well as money. The truth is, credit bureaus profit from selling your credit history. This vast amount of information is not handled by anybody but them. A person can't win if they are valuing someone's privacy. People have lost their jobs and public standing due to errors on their credit reports.
There has been a high amount of the worst offenses like file errors and mis-merges. This means that their should be a big scale update for the American credit reporting procedures. When an individual's information is assigned to the incorrect file, it is called a mis-merge.
Consumer credit reporting standards are not only used in the United States, but other countries use them also. Most countries judge credit considering the recent credit standards. For instance, Equifax and Experian in England can't hold onto credit details after five years. The credit reporting system in America needs to be changed. There is nothing wrong with wanting to be sure your credit report is correct. Be assured that it is not unethical or wrong in any way.
Our clients can be trusted and have been totally redeemed from hardship, as well as they are elated to come back to the credit economy and be financially trustworthy. Our aim is to assist people to avoid predatory lenders.
A person can lose thousands of dollars because of bad credit and can end up in a vicious cycle, from which escape is virtually impossible. Many people repair their credit for refinancing, or to purchase "double the home's worth" at almost the same cost. For people who have credit issues, it is difficult to pay another person's mortgage. A lot of renters have finished paying another person's mortgage, but still are not able to buy their own house because of bad credit.
Unfortunately, a lifetime of good credit can be overwhelmed by just one bad item on your credit report. Unfortunate consumers end up with no choice but to reside in neighborhoods that don't have a nice reputation. Don't let this happen to you....visit www.queenofmortgages.com to learn more about reparing your credit so you too can realize the American Dream
American consumers have been treated unfairly by the credit-ranking system. "Credit repair" is a phrase that has ended up with a bad reputation, and it has been associated with scams. The outcome is, a lot of times we end up having to defend our work of assisting other people to fix their credit.
The experience of being in credit prison does have other solutions to the issues that are harming the credit report. Rather than a person seeing the credit report as evidence of poor credit, he or she should see it as an allegation that often goes unchallenged. The people we help with this are generally saying they are not guilty when they join up to use our preferred attorney option to defend themselves.
Our preferred lawyers make the credit bureaus prove their claims. If the bureaus state that they have previously examined the situation and the charge is real, then this decision is debated. We have found that the majority of credit report accusations are incorrect, and that is when they can be removed. It makes good sense ethically to take a bad credit item off your record.
Our society has origins in capitalism, and the credit bureaus apply consumer personal information to their own benefit. The legal system pledges an oath to be honest, equal and generally good; however, credit bureaus don't do this. Why should any person be forced to help any company, not to mention big businesses, when doing this could mess up his credit and financial situation? The credit bureaus would hold onto all of the credit information, real or fake, forever if the government didn't make them get rid of the many details after seven years has passed. If not for this law, credit bureaus would be able to keep many items on your report after seven years has passed. If good credit accounts can be taken off after a brief time period, then why don't you take off bad credit accounts before the seven years is up?
Credit bureaus don't care about their effect on customers. Profits -- not the rights of the consumers -- are the main reasons for their judgment.
Judging a person's credit from their past credit isn't always reliable. It hurts all people to have nice people thought of as being deadbeats. A number of policies and methods utilized by credit bureaus appear to be harmful to the consumer. Because of this, we disagree very much with the current standards of credit reports. The debtor is chastised unfairly with seven years of credit prison (with 10 years for being bankrupt and some court judgments). Credit bureaus have never conducted any research to figure out if seven years is enough time to re-establish good credit. The seven-year mark is a random choice. The facts are that, based on what Dr. Bonnie Guttion, consumer affairs adviser to President Bush, computer models that foretell credit details which show "nearly all details that are over two years old are not important"; also, our customers think that seven years is too much time. After a few years, the majority of people are capable of completely recovering from a financial crisis. In spite of this, they are usually made to live a poor life style and pay a lot of interest on loans and wind up being rejected for loans because of the information on their credit reports.
Even though credit bureaus boast of a 1% error rate, that isn't really accurate. But, other research not conducted by the bureaus reveals that errors happen at a rate of almost 79%.
One credit bureau confesses that they have an error rate of over 50%.
The legal agencies stubbornly oppose that these errors be fixed. It is very expensive for them, spending time as well as money. The truth is, credit bureaus profit from selling your credit history. This vast amount of information is not handled by anybody but them. A person can't win if they are valuing someone's privacy. People have lost their jobs and public standing due to errors on their credit reports.
There has been a high amount of the worst offenses like file errors and mis-merges. This means that their should be a big scale update for the American credit reporting procedures. When an individual's information is assigned to the incorrect file, it is called a mis-merge.
Consumer credit reporting standards are not only used in the United States, but other countries use them also. Most countries judge credit considering the recent credit standards. For instance, Equifax and Experian in England can't hold onto credit details after five years. The credit reporting system in America needs to be changed. There is nothing wrong with wanting to be sure your credit report is correct. Be assured that it is not unethical or wrong in any way.
Our clients can be trusted and have been totally redeemed from hardship, as well as they are elated to come back to the credit economy and be financially trustworthy. Our aim is to assist people to avoid predatory lenders.
A person can lose thousands of dollars because of bad credit and can end up in a vicious cycle, from which escape is virtually impossible. Many people repair their credit for refinancing, or to purchase "double the home's worth" at almost the same cost. For people who have credit issues, it is difficult to pay another person's mortgage. A lot of renters have finished paying another person's mortgage, but still are not able to buy their own house because of bad credit.
Unfortunately, a lifetime of good credit can be overwhelmed by just one bad item on your credit report. Unfortunate consumers end up with no choice but to reside in neighborhoods that don't have a nice reputation. Don't let this happen to you....visit www.queenofmortgages.com to learn more about reparing your credit so you too can realize the American Dream
Wednesday, October 7, 2009
Lots of bad news about real estate and mortgages so here is one to make you smile...http://ping.fm/qTQ7X
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