Your personal credit affects every part of your financial abilities. Bad credit or bruised credit not only affects 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 uncertainty of a job application. Also with bruised credit, you are spending more monies period, such as larger deposit for renting. The average American with less than perfect credit spends an extra 40-50% a month in higher interest rates.
Personal credit has never been so important, especially 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 680. A 650 FICO score places a business owner into an Alt A type business loan.
Personal Credit is 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. The answer to that statement is perhaps. If you shop online for a credit restoration company, review what the company is offering. Typically, 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. Most online credit restoration companies scan your credit report into a computer software. then spits out generic disputes. There are also “no fee credit restoration pitches” again those companies are misleading. When they advertise for the “no fee unles 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, you pay a minimum fee of $300.00 for a booklet that will instruct you how to restore the credit yourself. The DIY credit repair booklets again are generic and you will receive generic or no results. What you don’t want to do with these generic programs is aggravate the credit bureaus with your disputes.
The difference between generic and our services: Our customized one on one hands on approach is tailored to each individual’s circumstance, the process in depth. There are no initial deposits for a free thorough credit analysis. At the end of the consultation, it is your decision whether or not you would like to enroll in the credit restoration process. We have proven satisfied customers.
At the initial free credit consultation, we ask our client to visit to Experian, Equifax or MyFico to retrieve their tri-merge credit report. The credit bureau sites are very reputable and have accurate user friendly credit reports. We prefer Experian because you may utilize Experian Boost for free. Moreover, you will not be penalized for a credit inquiry because you are ordering the credit report directly from the credit bureau and not applying for new credit.
Business Owners’ and Real Estate Investors’ Credit
Working with business owners and real estate investors is our forte, we specialize in assisting business owners and real estate investors 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:
- A new business loan
- A new commercial real estate loan
- Erroneous reporting on their credit report
- Identity Theft
- Obtaining a jumbo loan
- Refinancing a current mortgage
- SBA 7a or SBA 504
- Working Capital
Divorce and Credit
Divorce is one of the most difficult experiences to go through in life. We have dealt with numerous divorce cases, none that we worked on were pleasant, both parties are usually upset and some instances not on speaking terms. Before you finalize your divorce make sure 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 any financial liabilities with the lender, while you are still an existing co-borrower after the divorce is final. Fast forward, the mortgage has you as an existing co-borrower, the mortgage debt affects your debt ratio for qualifying for a new mortgage. So now what? You may ask your divorce attorney or this company to request the 12 months of canceled checks from your ex-spouse, which we successfully retrieve. The copies of the canceled checks will off set your debt ratio when applying for new mortgage. Another option to remove you from a mortgage liability is ask your divorce attorney to file a motion and to enforce your ex-spouse to refinance you off the mortgage or sell the home.
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 before your credit gets bruised. Confirm the planned credit exit strategy with your divorce attorney that delivers you from future damage and liabilities on your credit report.
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 consumers who have ethnic names. The quickest way to catch identity theft or unusual activity on your credit report is through credit monitoring. Credit monitoring is a monthly service by Equifax, Experian and MyFico. 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. Police officers are our allies, they are experts in assisting identity theft victims with this type of crime, especially in Florida.
Contact 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.
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. We have provided numerous articles to assist business owners, real estate investors, credit after divorce and identity theft victims.
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 855.477.9007. We are local Floridians working for you. Read what people have to say about First Pro Capital on our Testimonials page.
Allow our team of professionals to assist you!