Eleven Secret Ways to Improve Your Credit and Own Your Home Before and After the Bank Says "No&
If you've just been turned down for credit, you must be disappointed.
But, if you really want a home, don't give up!There are other ways to skin a cat.
First, think likea finance company.
Their job is one of the toughest around.
First they want your business.
They can't earn interest unless they make loans.
However, due to some "internal guidelines"' they have to turn away business.
Imagine, if you went to a grocery store, picked out your groceries, and brought your cart full of groceries up to the check out stand.
The cashier at the check out stand looks at your wallet full of money, andtold you that you did not qualify to buy their groceries.
You might think you were in Russia!! Now, here you are, at the financial check out stand, telling the bank that you are ready, willing and able to pay for your home, and they've told you "No" Bankers are Collectors,Not Risk Takers Banks are not around to take chances.
Stunt men take chances.
Bankers collect interest.
Let's think like the bank some more.
The banks and finance companies want to make good, profitable, and "easy to collect" loans.
They have historical records of who pays and who does not.
That's why, if your application looks like the average person that did not or could not pay, you are less likely to get a loan.
To See What Your Lender Saw, Look at What Banks "Look For" When Determining a Credit approval Banks look for generally three things when determining your credit: Character, Credit and Collateral.
But they use their own definition for these terms.
Character:The bankswant you to have a steady, decent paying, job.
They want you to be able to handle your bills with the income you make.
They want you to have a telephone.
Most people who in our society have and use a telephone regularly.
Getting your telephone cut off is an indication of losing a job, or that your bills are too high.
A checking account is an indicationthat you know how to handle your money.
These are "normal" things and a matter of "ratios.
" Credit:Do you pay and have you always paid your bills on time?That includes the power company, your student loans, the doctor, and the encyclopedias that you decided too late you didn't like.
Paying even that encyclopedia guy is an indication that you are willing to stick to your part of the bargain, even if you realized later that you didn't get the best deal.
Collateral:Even if you don't have some of those things listed above, or are a little weak in one of the areas, collateral can pull you through.
What is collateral?Collateral is something of value that you are promising or pledging against the loan.
The more you are willing to put into the deal, whether it's more down payment or maybe your property, the better your loan will look.
Now that you know what the banks look for, let's figure out a way to get it.
You will note that each method described for you will fall under one of the three headings we talked about.
Three ways to improvethe "Character" portion of your loan: 1.
Keep your jobs for a longer time.
Or, apply and get a new home before you quit the job you don't like.
Even if you don't like your job, and might want to quit, apply for the loan before you tell your boss.
The banks are looking for people who will be working steadily.
2.
If your debts are too high, stop adding to your debts while you pay off some of your bills.
Cut up your department store cards if you can't stop using them.
You might consider a debt consolidation loan.
Most department stores and many credit card companies charge up to 20% interest on their cards.
That's why department store cards are so easy to get.
They charge so much to make up for those who do not pay.
Go to your bank or credit union and ask for a consolidation loan.
You might end up paying a less expensive interest rate over a longer term, and bring down the total monthly bill.
This will leave more room in your budget every month an might free up some more money allowed for your new home.
3.
Get a checking and savings account.
Maintain a phone line.
Keep your present address for a longer time.
Five ways to improve your credit: 4.
Co-signer.
A co-signer is a person, usually a relative that has the income and credit to stand behind you and put their reputation on the line for you.
A cosigner can be used for someone who has limited credit experience or limited job time.
A co-signer cannot be usually be used for aperson who has poor credit.
If you have poor credit you will need a person who will do a "buy for.
" 5.
Buy for.
A buy for is for someone who might have those credit dings.
The person with good credit will buy a home for someone with bad credit or no credit.
One of the finance companies that we use specializes in this type of loan.
If you want more information on this option, ask for our brochure on "Instant Credit" 6.
Secured Loan.
Go to the bank with a thousand dollars or more.
Deposit the money in a one year CD.
Then, at the same time, ask the loan officer for a one thousand dollar loan.
Use your one thousand dollar CD as collateral.
Tell the banker you want to have the loan to establish credit.
He'll usually give you the loan, because he knows he will get paid back.
With the loan money, repeat the process at least at one other bank.
That way, you will have credit at two banks.
When the year is up, cash out your CD and pay off the loan at each bank, reversing the process 7.
Credit repair.
If there's something on the credit bureau that you don't agree with, you have the right to dispute the thing that you don't agree with.
If this is your problem, you can dispute it yourself, or have someone else do it for you.
We have some tools for you to do it yourself, or we can give you a name of someone who can help.
Ask your sales counselor about this if you need help 8.
Choice of last resort-Time.
If your credit rating isn't what you want you may just have to wait until the old credit goes off the books.
The banks look for a credit history, and that just takes time.
You may have to wait until the new credit goes on the books.
Keep trying.
Apply again in six months to a year.
If a new home is in your dreams, there is a way to own a home of your own.
Other people that were once in your circumstances are now homeowners! Three Ways to improve your collateral: 9.
More down payment.
Even if your credit is less than perfect, the more money you put down, the less chance the bank will lose money if you don't pay.
If you make the loan less risky to the bank, the bank is more willing to do the deal.
We know what they want...
ask us! 10.
Smaller, less expensive home.
Keep the same down payment that you have for your larger home.
But use it for a smaller home.
You will have smaller payments and a larger percentage of down payment.
We can tell you how much of a home they will approve--ask us! 11.
Use the land you own to add to the down payment.
If you put the land that you own as collateral toward the loan, the land is listed by the bank as if it were a cash down payment.
So, if your land is worth 15,000, and your the home you want is worth 150,000, the land will be looked at as an extra 10% down (10% of 150,000 is 15,000).
Now, Take Control! First find out why you were turned down.
Ask your bank.
Then, get to work.
Use one or more of the ten secret methods listed above that will work best for you.
Used properly, these secret methods have been proven to be successful in obtaining credit for thousands of people-just like you! PS Use one or more these little known methods to own your new home.
We can't guarantee success.
Follow these steps and you'll be amazed at how easy home ownership can be.
But, if you really want a home, don't give up!There are other ways to skin a cat.
First, think likea finance company.
Their job is one of the toughest around.
First they want your business.
They can't earn interest unless they make loans.
However, due to some "internal guidelines"' they have to turn away business.
Imagine, if you went to a grocery store, picked out your groceries, and brought your cart full of groceries up to the check out stand.
The cashier at the check out stand looks at your wallet full of money, andtold you that you did not qualify to buy their groceries.
You might think you were in Russia!! Now, here you are, at the financial check out stand, telling the bank that you are ready, willing and able to pay for your home, and they've told you "No" Bankers are Collectors,Not Risk Takers Banks are not around to take chances.
Stunt men take chances.
Bankers collect interest.
Let's think like the bank some more.
The banks and finance companies want to make good, profitable, and "easy to collect" loans.
They have historical records of who pays and who does not.
That's why, if your application looks like the average person that did not or could not pay, you are less likely to get a loan.
To See What Your Lender Saw, Look at What Banks "Look For" When Determining a Credit approval Banks look for generally three things when determining your credit: Character, Credit and Collateral.
But they use their own definition for these terms.
Character:The bankswant you to have a steady, decent paying, job.
They want you to be able to handle your bills with the income you make.
They want you to have a telephone.
Most people who in our society have and use a telephone regularly.
Getting your telephone cut off is an indication of losing a job, or that your bills are too high.
A checking account is an indicationthat you know how to handle your money.
These are "normal" things and a matter of "ratios.
" Credit:Do you pay and have you always paid your bills on time?That includes the power company, your student loans, the doctor, and the encyclopedias that you decided too late you didn't like.
Paying even that encyclopedia guy is an indication that you are willing to stick to your part of the bargain, even if you realized later that you didn't get the best deal.
Collateral:Even if you don't have some of those things listed above, or are a little weak in one of the areas, collateral can pull you through.
What is collateral?Collateral is something of value that you are promising or pledging against the loan.
The more you are willing to put into the deal, whether it's more down payment or maybe your property, the better your loan will look.
Now that you know what the banks look for, let's figure out a way to get it.
You will note that each method described for you will fall under one of the three headings we talked about.
Three ways to improvethe "Character" portion of your loan: 1.
Keep your jobs for a longer time.
Or, apply and get a new home before you quit the job you don't like.
Even if you don't like your job, and might want to quit, apply for the loan before you tell your boss.
The banks are looking for people who will be working steadily.
2.
If your debts are too high, stop adding to your debts while you pay off some of your bills.
Cut up your department store cards if you can't stop using them.
You might consider a debt consolidation loan.
Most department stores and many credit card companies charge up to 20% interest on their cards.
That's why department store cards are so easy to get.
They charge so much to make up for those who do not pay.
Go to your bank or credit union and ask for a consolidation loan.
You might end up paying a less expensive interest rate over a longer term, and bring down the total monthly bill.
This will leave more room in your budget every month an might free up some more money allowed for your new home.
3.
Get a checking and savings account.
Maintain a phone line.
Keep your present address for a longer time.
Five ways to improve your credit: 4.
Co-signer.
A co-signer is a person, usually a relative that has the income and credit to stand behind you and put their reputation on the line for you.
A cosigner can be used for someone who has limited credit experience or limited job time.
A co-signer cannot be usually be used for aperson who has poor credit.
If you have poor credit you will need a person who will do a "buy for.
" 5.
Buy for.
A buy for is for someone who might have those credit dings.
The person with good credit will buy a home for someone with bad credit or no credit.
One of the finance companies that we use specializes in this type of loan.
If you want more information on this option, ask for our brochure on "Instant Credit" 6.
Secured Loan.
Go to the bank with a thousand dollars or more.
Deposit the money in a one year CD.
Then, at the same time, ask the loan officer for a one thousand dollar loan.
Use your one thousand dollar CD as collateral.
Tell the banker you want to have the loan to establish credit.
He'll usually give you the loan, because he knows he will get paid back.
With the loan money, repeat the process at least at one other bank.
That way, you will have credit at two banks.
When the year is up, cash out your CD and pay off the loan at each bank, reversing the process 7.
Credit repair.
If there's something on the credit bureau that you don't agree with, you have the right to dispute the thing that you don't agree with.
If this is your problem, you can dispute it yourself, or have someone else do it for you.
We have some tools for you to do it yourself, or we can give you a name of someone who can help.
Ask your sales counselor about this if you need help 8.
Choice of last resort-Time.
If your credit rating isn't what you want you may just have to wait until the old credit goes off the books.
The banks look for a credit history, and that just takes time.
You may have to wait until the new credit goes on the books.
Keep trying.
Apply again in six months to a year.
If a new home is in your dreams, there is a way to own a home of your own.
Other people that were once in your circumstances are now homeowners! Three Ways to improve your collateral: 9.
More down payment.
Even if your credit is less than perfect, the more money you put down, the less chance the bank will lose money if you don't pay.
If you make the loan less risky to the bank, the bank is more willing to do the deal.
We know what they want...
ask us! 10.
Smaller, less expensive home.
Keep the same down payment that you have for your larger home.
But use it for a smaller home.
You will have smaller payments and a larger percentage of down payment.
We can tell you how much of a home they will approve--ask us! 11.
Use the land you own to add to the down payment.
If you put the land that you own as collateral toward the loan, the land is listed by the bank as if it were a cash down payment.
So, if your land is worth 15,000, and your the home you want is worth 150,000, the land will be looked at as an extra 10% down (10% of 150,000 is 15,000).
Now, Take Control! First find out why you were turned down.
Ask your bank.
Then, get to work.
Use one or more of the ten secret methods listed above that will work best for you.
Used properly, these secret methods have been proven to be successful in obtaining credit for thousands of people-just like you! PS Use one or more these little known methods to own your new home.
We can't guarantee success.
Follow these steps and you'll be amazed at how easy home ownership can be.