If your credit has turned sour due to a sudden job loss or other circumstance beyond your control, there is no need to put your plans of homeownership on the back burner. Now is the time to become a proactive borrower in order to improve your credit and your borrowing potential.
You Can Own A Home
Many people have been affected by the global financial crisis, and for many who have lost their jobs, finding a new one might mean that you now make less money than you used to. You can still build up your borrowing reputation with a smaller income, with the eventuality of becoming a homeowner not too far off in the future.
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Rebuilding Your Credit, One Step At A Time
Begin your journey towards good credit ratings by obtaining a true copy of your credit report from all three major credit reporting bureaus. You are entitled by law to one free copy of your credit report from each bureau each year. You may pay an additional fee for obtaining the score. Make special notation of any erroneous information that might be contained on your credit report, and ask the credit bureau that holds the information to delete it as soon as its discovered. Once you know where you stand with your credit, you will be able to proceed towards adding points to your credit score.
Taking Control Of Past Due Accounts
Now is the time to take control of your past due accounts, even those that have been turned over to collection agencies. A collection agency is typically very interested in working with borrowers who wish to make some type of payment arrangement, and they can even remove derogatory remarks from your credit file if you show some good faith towards remedying your past due account.
You can rapidly add points to your credit score by opening up a couple of secured credit card accounts. A secured credit card works just like any other credit card, and bears either the Visa or Mastercard logo. Secured credit cards report either monthly or quarterly to the credit reporting bureaus, so having a couple of them (or more) can add points to your score fast. Your secured credit card is backed up by a deposit that you make that is equal to the amount of credit you wish to have extended to you. Most times, your deposit draws interest and is available for withdrawal once you have proven yourself to the secured credit card issuer who then converts the card to a regular credit card.
The most important thing to remember when rebuilding your credit is to pay every lender that you owe on time every time. If you are going to be late with a payment, make a prearranged agreement with your lender to avoid the late payment notation on your credit report.
You can find the secured credit cards that you need to rebuild your credit by going with an online lender. Online lenders offer the lowest interest rates in the industry on these types of cards, and also allow you to apply for and manage your secure credit card account over the Internet, for your convenience. With proper management of your credit, you can move toward homeownership in no time.
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