There is no time like the present to start repairing your credit. We can help or you can choose to do it on your own.
Rebuilding bad credit need to be a priority. Opening accounts are a big part of that. Even if you cannot get conventional credit, you can start by getting two secured credit cards. This may not seem like it, but it’s actually the best thing you can do. It can take up to six months for these to show up positively on your credit reports. The first few months of your new cards will have your credit score falling but that will reverse and soon make a positive impact on your score. Managing your balances will increase that positive impact. You can max them out and make every payment on time and it will still be helpful. But that is not an ideal situation. You should strive to carry only 20% of your credit limit. This gives you the best possible chance of increasing your credit score. FYI, it can take up to 60 days for the creditor to update your balances and show on your credit reports.
If you are looking to obtain a mortgage you must be careful of all your credit decisions. It is best not to apply for any new credit six months prior to your mortgage application. A new credit account can depress your credit score for the first six months the account is open. Another thing to do is pay down your credit card balances. They can provide a very wide swing in your credit score. If you are in our credit repair program we will design a program to get you mortgage ready.