Are you suffering from Bad Credit?

Don't Panic!

You are among over 60 million Americans. While not having good credit will somewhat hamper your chances of buying a home, a new car, obtaining a credit card etc., it will not necessarily prevent you from doing so.

In fact, there are several programs that will fit most credit situation. Of course, you will not receive the same treatment as the guy with excellent credit. This should not bother you at all. If the guy is fortunate enough to maintain a good credit, then he deserves all the credit. We are not mad with him at all. We are not going to dwell in self-pity, or wish I had good credit kind of stuff. We are going to teach you take a good look at your credit situation, think about what you want to do, what it takes to do it...and do it.

In order to this you must follow three easy steps:
Step 1: Know what is on your credit report.
Step 2: know what (loan) you will be qualified for.
Step 3: Know what to do immediately, if turned down.

This is where our expertise in credit consultancy and recommendations come in. In fact, that is why you are here!


             The Truth about obtaining a loan with bad credit

First let me make it clear that CreditStart.com is not a credit repair company. However, we have nothing against legitimate credit repair companies. In fact we know a few honest ones. We are not promising anything that we cannot deliver.

If you believe that your credit is less than what it used to be, you may still be able to get a loan. However, anyone telling you that you are GUARANTEED a mortgage if you have bad credit may be trying to mislead you.

You are exposing your self to rip-off artists who prey on people with troubled credit. After all, you are seeking a loan because you WANT money, not to GIVE money.

Some banks now have what is called a BC department where they try to work with clients with bad credit (usually 500+ credit score.) They have strict guidelines, where they look at all the other circumstances pertaining to the client. If the client does not seem to pose a substantial risk, they may grant the loan. .

Your best bet is to find genuine websites like the one you are on. You then state your case, giving ONLY basic generic information at first. At NO CHARGE to you the site owner should assess your case and advise you of the best chance of you obtaining a loan.

We are by no means saying that everyone that charges an upfront fee is a rip-off artist. We are only saying that rip-off artists like to collect before the service is rendered.

So if you are buying a house or refinancing and existing one you don't need to look any further. Where else can you get FREE analysis of your personal situation, your chances of getting a loan, up to date information, website links and other useful resources to help you improve your credit?

Most importantly, although we are associated with a mortgage company our services are not requiring you to get a loan through us. In fact, in many situations we refer others to do your loans with no monetary benefits.

Why we do this? Simple, we know that if we treat you well, you will sample our other products in the future. And of course there other resources which you may use to your benefit and we get credit for it.

Nevertheless, we DO NOT recommend any company or individual who we believe will not be of tremendous help to your cause. THIS IS OUR GUARANTEE TO YOU.

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       So now we that have bad credit, can we still buy a house?


Credit Ratings

When applying for a (mortgage) loan to buy a new home or to refinance an existing one, most lending institutions will want to look at your credit rating.

With your permission, the lender/broker will request a credit report from one of the three major bureaus (Equifax, Experian and Trans Union).

Most banks run what is called a 3 in 1 credit report from all three bureaus so as to get an accurate reading of your credit history.

The reports usually interpret your credit rating by giving a numerical score based on a comparison of figures from each bureau.

For example, your score may be as low as 350 or as high as 850+ These are just examples.

Scores can be lower or higher than the numbers quoted.

Most banks will not consider you for a loan if your score is under 600. From my experience, a significant number of lenders like to stay in the 600+ category.

However, over 700 credit score you basically can get a loan from most lenders.

Due to the recent problems in the mortgage industry a number of banks are now reviewing their policies towards bad credit.



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So how do they do this? Read on...


Mortgages for Bad Credit


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Whether you have bad or good credit, lenders go much further than just looking at your raw credit score.

After all, one can still have excellent credit, but is over extended. This means that you pay your bill on time but you are 'up to your neck' in debt.

You have what is called a high debt to income ratio. You are spending a large percentage of your income to pay your debt. for some lenders, your credit may be good, but you could explode anytime.


In the other scenario another borrower may have bad credit, but have a good income and may not have had any late payments in the last six months or so. The borrower debt to income ratio may be very low, or at an acceptable margin.

The lender may look at the entire credit report and determine that although this borrower has defaulted in the past, he or she does not pose a high risk now.

This is why a significant number of people are buying homes despite having bad credit.

Buying a house with bad credit can however become a tricky business and unfortunately it can expose the borrower to 'rip off'artists and scams.

One common problem is lenders/brokers taking advantage of the borrower by charging outrageous fees and interest rates.

Due to the borrowers past credit problems, many believe it is happy hunting season.

This does not have to be the case. While it is true that having bad credit will attract a higher cost to borrow money, there is no reason to subject yourself to abuse.

The following are some basic rules to follow while shopping for a loan:

1. While it is not necessary for you to go through a mortgage broker to obtain a loan, it is much better to do so if you find one that you feel comfortable with.

2. A good mortgage broker will fight for the best interest of their clients. They will represent their client just a good lawyer would.

3. Banks will sometimes appear very friendly and helpful, but in many cases will not disclose hidden fees and clauses which will haunt you in later years.

4. Mortgage brokers will afford you the opportunity to shop for your loan with several lending institutions. This will give you a chance to compare different offers.

5. Make sure that you know your credit score/rating. This will help you to determine if you are getting a fair deal.

6. Having bad credit is not synonymous to stupidity. Ask questions throughout the process and remember that you do not have to accept anything.

7. Read every documents that you receive. Don't wait until after the closing, it will be too late then.

8. Beware of credit repairs scams. There are a few legitimate companies that may assist you in challenging some items on your credit report, only a few.

9. Do not allow numerous lender/broker to run your credit. This will further reduce your already shaky credit rating.

10. Trust your instinct. If it sounds to good to be true, it probably is.


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Remember by visiting our website you now have access to some of the most useful information available to assist you rebuilding your credit. You also have your first real opportunity to get the credit that you deserve.

Take the first step and start rebuilding your credit today...

CreditStart.Com Remember your credit starts here...


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