Home Loan Research
I am in the process of buying my first home and I am exciting. I have seen so many other people in my life buy homes that it is now my turn. Over the last year, I have worked really hard to pay down my debt and to build a high credit score. I have spent almost every night learning about credit repair and using the things that I have learned.
One of the things that really helped me with my credit score is getting my parents to add me to their credit cards. Mind you, I never use these accounts and they only have a small balance that is paid each month. Having this on my credit report has really helped me. Another thing that has helped me is having charge offs removed from my credit report.
In some cases, I had very old charge offs that were five and six years old. The statute of limitations for reporting is seven years so I simply waited these charge offs out and on the seventh year they were removed from my account. You might wonder why I did this, under the FCRA, when you pay money on a past due account, it recycles the date of last activity (DOLA) to the last time you made a payment. If I would have have a payment, then they would have another seven years to report to the credit bureaus. This is something I learned from my research and have used to good effect. As of now, the only debt that I have is a student loan that I pay each month at four percent interest. I have also been saving up for a down payment and I am close to having a 20% down payment for a house that is in my price range.
As you can see, I have done a lot of research and have learned that your credit score is the most important thing when looking for a home loan, it also effects your interest rate. I went from bad credit to good credit in a little less than a year. Anyone can do this, you just have to learn the process and put it to work like I did. Now, I am in the position to get a low interest rate loan to purchase a home. I am ready to move into my new house like you are.
One of the things that really helped me with my credit score is getting my parents to add me to their credit cards. Mind you, I never use these accounts and they only have a small balance that is paid each month. Having this on my credit report has really helped me. Another thing that has helped me is having charge offs removed from my credit report.
In some cases, I had very old charge offs that were five and six years old. The statute of limitations for reporting is seven years so I simply waited these charge offs out and on the seventh year they were removed from my account. You might wonder why I did this, under the FCRA, when you pay money on a past due account, it recycles the date of last activity (DOLA) to the last time you made a payment. If I would have have a payment, then they would have another seven years to report to the credit bureaus. This is something I learned from my research and have used to good effect. As of now, the only debt that I have is a student loan that I pay each month at four percent interest. I have also been saving up for a down payment and I am close to having a 20% down payment for a house that is in my price range.
As you can see, I have done a lot of research and have learned that your credit score is the most important thing when looking for a home loan, it also effects your interest rate. I went from bad credit to good credit in a little less than a year. Anyone can do this, you just have to learn the process and put it to work like I did. Now, I am in the position to get a low interest rate loan to purchase a home. I am ready to move into my new house like you are.