MEGAN MUNLEY
Building Credit & Credit Repair
It is important to understand how credit impacts your ability to get a mortgage loan. There are many things that are reviewed during the mortgage process- your credit scores and details on your credit report are one of the most significant pieces of the mortgage loan process.
Most loans require a 2 year credit history- being able to prove your ability to maintain credit and pay back creditors- the most recent two years indicates to our underwriters your recent ability to payback your debts.
Collections, Charge off, delinquent and past due accounts are heavily reviewed and can impact the ability to get approved.
We have several options on building or re-building your credit
The first is SelfLender. It is a way to pay yourself and generate credit. This might be in your best interest if you can make timely payments. This typically takes about 90 days to go into affect, which at that time we can revisit and see how it has impacted your score : www.selflender.com
Another is called Credit Magic. It’s a “do it yourself” credit repair that will walk you through the steps to increasing your scores.