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How do I get a mortgage with bad credit?

Being a homeowner is a great feeling.  You know you’ve made some progress in your life, when you’re no longer a renter but instead an homeowner.  However, many of us struggle to get the chance to own a home because we have bad credit.  

Now, you don’t have to be discourage anymore, because there are home buying programs and lenders willing to help you become a home owner even with bad credit.  Although, they may have a few extra criteria’s, you can buy a piece of real estate. 

With the FHA mortgage program, their criteria’s are fairly simple.  They would like for you to have a minimum credit score of 580, 3 to 6 months of paystubs, 2 years of taxes, and debt to income ratio of 35%.  They also want you to have a down payment of 3.5% of the mortgage value and you can even borrow that from a friend or family member.  Another nice thing about the FHA mortgage program, if you have relative living with you, they will include their income to help you qualify for that mortgage.

There are also conventional mortgages that also have become very flexible when working with new home buyers, such as allowing a home buyer to put 3% down on that house.   Also, they’ve made it easier for veterans to buy a home with no down payment.

So, can I buy a home with bad credit? The answer is yes, however I would encourage to fix your bad credit so you can get a lower interest rate.

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How to buy business trade lines to build business credit?

how to buy business tradelines to build business credit? https://3wayfunding.com/optin from businesscreditamerica on Vimeo.

Many business owners buy business trade line to help build their business credit.  However, when purchasing these business trade lines, you may continue to face several challenges when trying to get funding for your business.  One of those challenges is once you add the business trade lines, you may still need to have bank statements and tax documents in order to get qualified for funding. 

Another issue you may have with adding business trade lines knowing if and when they’re going to show up on your business credit file.  This is a big gamble because you cannot predict when the credit bureaus are going to report.  This is why I try to encourage small business owner and entrepreneurs to focus on repairing there personal credit and pairing it with their company then apply for funding.

When you have good credit and a new business banks will start you out with business credit cards and business lines of credit.  The reason for this is that you do not have a business relationship with the banks.  You may also want to stay away from the business loans because they want your business to have been in existence for at least 2 years and you would have to provide bank statements and taxes.

So, if you’re trying to get funding for your business, I would encourage you to repair your credit and then apply for the funding under your business.

How to discharge student loans in bankruptcy?

When you’re trying to discharge a student loan in bankruptcy, you need to know which student loans are dischargeable.  There’s a difference between a federal student loan, federal student loan serviced by a private student loan, and a private student loan?

A federal student loan is issued by the federal government and serviced by the federal government.  They have a lower interest rate and the federal government usually can forgive the balance of the loan if you are not able to make the payments. 

Now the federal student loans that are serviced by private lenders have been recalled by the federal government because the private servicer were not being flexible with the borrower with their payment plans.  Which also cause the borrower to default as well as taint the borrower credit.

The third type of student loan is from private lenders, such as Sallie Mae, Citibank, Wells Fargo, bank of America, and Navient, which is a subsidiary of Sallie Mae.  When these private lenders issue student loans they do not have the federal government protection, so those loans are treated like a regular personal loan.  Which also means that these lenders make up their own rules when issuing loan and collecting on them.  They can increase the interest rates, if you miss a payment, they’ll send you collections, file the insurance claim get your student loan paid off and then force you to may them too.

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How do I get business credit cards and business loans with a 80 Paydex score?

Many people have come across misleading information of getting business credit cards with a 80 Paydex score.  First, you must understand a paydex score is a three digit number that given to a business from Dun and Bradstreet.  This number is generated once a business has four or more business tradelines or vendors reporting to them. 

Once you’ve generate this number trade vendors use this number to make a decision on whether they are willing to offer your business credit.  The higher the paydex score the better your chances are to being approved for credit.  If you have a paydex score below 80 points this lets the creditor know you are not paying your other vendors on time.

Now, if you’re trying to build your paydex score to get business credit cards or business lines of credit, there are other factors that are used to determine,if you’re going to get approved for business credit.  When you apply for business credit cards or business lines of credit, most lenders will want to look at your personal credit, your business bank statements, or your business financials.

The paydex score is irrelevant at this point when trying to get cash and credit for your business.  This is the reason we suggest people to stop wasting money on Net30 accounts and just fixed their personal credit and put the money into a business bank account.

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Should I Co-sign A loan, credit card, or Apartment for a Family member?

If you’re a parent then I suggest to add your kids on your credit accounts as authorize user.  This will build up their credit, so you as the parent will not need to co-sign for their student loans, cars, and apartments. 

Now, if you have a family member or love one that having credit issues and they ask if you would sign for them a car, credit card, or apartment, then I would suggest you not to do it.  The reason is that it could ruin the relationship.  For example, if a family needs to move into a new apartment and they ask you to co-sign and you decide to do it.  If that person loses his or her job, then you’ll be stuck with making the payments or ruining your personal credit and the relationship.

I always suggest if a person is having credit issues offer to help them repair their personal credit, if they refuse, then you know that person is not the one to be offering help too.  Some may argue that you should look at how financially responsible the person is in order to determine if it’s worth you putting your good personal credit on the line.  However, you must factor in that things could happen to the person or their employment and that may leave you on the hook for extra bills.

So, in conclusion, I would suggest find other ways to help them, rather reserve the relationship then jeopardize personal credit if the person is not will to fix their own credit.

http://www.businesscreditamerica.com/ https://houstonmcmiller.com/home 1-888-883-3013

LEARN HOW TO GET FUNDING FOR YOUR BUSINESS BY FOLLOWING THE STEPS TO RESTORE YOUR PERSONAL CREDIT THEN BUILDING A BUSINESS RELATIONSHIP WITH THE BANKS.

Check our the other credit repair videos
https://www.youtube.com/watch?v=pOcq8g2ejFE
https://www.youtube.com/watch?v=ZfzKlDj3gHk
https://www.youtube.com/watch?v=Si_DCXdGAXo
https://www.youtube.com/watch?v=gmr9mKJNRzg
https://www.youtube.com/watch?v=m9HEwxxDrGI&feature=youtu.be

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