Your personal credit affects every part of your financial life. Bad credit or challenged credit not only impacts your ability to get a auto loan, personal loan, mortgage, business loan or commercial real estate loan, it also increases your rate on car insurance, auto loan, credit cards and increases the rate on car insurance, credit cards, and can create an uncertainty in job applications. With impaired credit, you often pay more overall, such as larger deposit for renting. On an average, Americans with less than perfect credit spends an extra 40-50% a month in higher interest rates.
Personal credit is more important than ever with today’s lenders. Lenders reduce risk by having certain credit criteria to approve loans. If you are a business owner, remember the minimum credit score to get a conforming rate on a business loan and commercial real estate loan is typically 680. A 650 FICO score often places a business owner into an Alt A type business loan.
Personal Credit: The Key to Your Financial Success and the Foundation of Your Financial Stability
Some people believe investing in credit repair is a waste of time. That maybe true for generic services, but not for tailored solutions. If you shop online for a credit restoration company, carefully review their offerings. When a credit restoration company pitches a monthly membership with no free credit consultation, it is usually a generic process which in turn distributes generic results for your restoration. Many online credit restoration companies often rely on automatic software for generic disputes. “No fee” credit restoration pitches are misleading. When they advertise for the “no fee, unless you get results” the company forgets to mention they take a decent initial deposit from you before they start the process. Nothing is for free. Another type of inexpensive credit restoration process is the DIY books, starting around $300.00 for a booklet offer generic instructions on how to restore the credit yourself. The DIY credit repair booklets are limited to or no results and risk aggravating the credit bureaus with improper disputes.
Our Difference: Our customized solutions use a one-on-one, hands on approach tailored to each individual’s unique circumstances. There are no initial deposits for a free, thorough credit analysis. At the end of the complimentary consultation, you decided whether or not you would like to enroll. We have proven satisfied customers.
At the initial free credit consultation, we recommend that you obtain a tri-merge credit report directly from Experian, Equifax or myFico to retrieve their tri-merge credit report. These sources provide accurate, user-friendly reports. We prefer Experian because you can use Experian Boost for free. Ordering directly from the credit bureau avoids unnecessary hard inquiries.
Business Owners’ and Real Estate Investors’ Credit in Florida
Working with business owners and real estate investors is our forte! We specialize in assisting business owners and real estate investors across Florida with their personal credit and business credit. In most instances, business owners and real estate investors who enroll in our credit restoration program are improving their personal credit for:
- Securing a new business loan
- Obtaining a new commercial real estate loan
- Credit counseling company’s overpromise
- Managing credit impacts from divorce
- Correcting erroneous reporting
- Supporting business expansion
- Recovering from identity theft
- Qualifying for a jumbo or super jumbo loan
- Refinancing an existing mortgage
- Accessing SBA 7a or SBA 504
- Improving working capital options
Divorce and Credit
Divorce is one of life’s most challenging experiences. We have helped numerous clients in Florida navigate these issues. Before finalizing your divorce, ensure you are no longer a co-borrower with your soon to be ex-spouse on the mortgage. A quit claim deed only removes you off the title, it does not remove you from the financial liability with the lender, while you are still an existing co-borrower after the divorce is final. Remaining on the mortgage debt affects your debt ratio for qualifying for a new mortgage. So now what? Options include to request the 12 months of canceled checks from your ex-spouse, (we can assist). The copies of the canceled checks will offset your debt ratio when applying for new mortgage. Another option to remove you from a mortgage liability is having your attorney to file a motion and enforce your ex-spouse to refinance you off the mortgage or sell the home.
Damage Control
Remove yourself or close the joint accounts prior to the divorce proceedings is a good strategy, this helps with any further damage on your credit report or future damage that will affect your credit scores. Discuss your credit strategies with a reputable divorce attorney to develop a solid credit exit strategy.
Identity Theft
Did you know Hispanic Americans are the most targeted for identity theft because of their surnames? Not only are the Hispanic Americans in the top three for identity theft, the elderly and individuals with ethnic names. Credit monitoring from Equifax, Experian and myFico helps detect issues early. A small monthly service fee informs you about your credit activities. If you are a victim of identity theft, the quickest steps to stop further damage on your credit report are:
Freeze your credit profile. When freezing your credit profile, you are the only person who will have access to the four digit code to unfreeze and freeze your credit file again. The four digit code will be assigned to you by the credit bureau. The credit bureau who you assign the credit freeze with will inform the other two credit bureaus when your account is actively frozen. If you lose the four digit code, it usually takes 48 hours to get assigned to a new code. A credit freeze is a permanent freeze for anyone trying to access your credit report. If you decide to shop for financing, you may unfreeze your credit profile and freeze your credit profile once more after you complete your financing project.
File a Police report. Florida law enforcement are experts in assisting identity theft victims.
Notify all your creditors. By contacting your creditors, you have documented that your credit profile has been compromised. Any new credit applications must match your identification and signature before releasing you from the liability of the credit theft.
Title Lock: Lock your real estate titles on your real estate, title and escrow scams are on the rise.
If you cannot manually fix the identity theft damage yourself, please call us to assist you with your personal credit and business credit.
Get a fresh Start by Repairing Your Credit!
Improvements start with you by making a decision to repair or tweak your personal credit. Explore our articles for business owners, real estate investors, post divorce credit strategies and identity theft recovery.
Customized Credit Repair Solutions Tailored for You!
For more information on how we can best fix your personal credit, please fill out the online contact form about your concerns or give us a call at 239.260.4602. We are local Floridians working for you, the entire state of Florida. Meet us for an appointment in South Florida and Southwest Florida. Conveniently located in Naples Florida. Read client feedback about First Pro Capital and Credit Consulting Experts on our Testimonials page.
Disclaimer: Federal Trade Commission (FTC) and the Credit Repair Organizations Act (CROA), credit repair companies are strictly prohibited from guaranteeing outcomes or making deceptive claims.
Let our team of professionals to assist you!