| A few years ago when the economy was humming | | | | give you a credit line in the amount of the deposit. |
| along. Anybody that could fog a mirror could get credit | | | | Now, this deposit is NOT intended to be used as a |
| for almost anything. One of the biggest being credit | | | | monthly payment. You will pay it just like you do |
| cards. Some played the credit game very well and | | | | anything else. ON TIME!!! New accounts and mix of |
| some of us didn't. For the one's who DIDN'T I'm going | | | | accounts represent 10% respectively. |
| to offer some tips to help boost your credit. Are these | | | | My score isn't great but it's not bad. What can do if I |
| "OVER NIGHT IMPROVE YOUR CREDIT" schemes? | | | | cannot get a conventional loan? There are many loan |
| No, most of it is just common sense. | | | | products that can allow you to get a home loan (in |
| 1) Pay your bills on time! | | | | some cases with little or no down payment.) FHA and |
| Why am I saying this? #1 its common sense. They | | | | OHFA are very popular options. FHA is administered |
| provide you a service, you pay them. Simple as that. | | | | by the Federal government and OHFA by the State |
| But #2 is that this is 35% of your FICO Score. The | | | | of Ohio. These programs "Secure" the loan (they don't |
| FICO Score is probably one of the most important | | | | actually finance it) against default. Each lender sets the |
| numbers you need to know (In addition to your Social | | | | criteria on what they will except for a credit score |
| Security #.) | | | | (among other things.) Best thing to do is find an FHA or |
| 2) Check your Credit Report. | | | | OHFA Approved Lender to see what products will |
| You want to check your credit report for anything | | | | work for you. |
| negative items such as collects, charge offs, etc. You | | | | Now the caveat to this is their income limits (meaning |
| also want to make sure anything items that have been | | | | you can only make so much money), purchase limits |
| paid off says so. Anything in collection and such that | | | | and of course what you can afford! In Madison |
| have not been paid you want to make sure you make | | | | County Ohio (London, West Jeff, Mt. Sterling) the limits |
| arrangement to pay them down. This will help you | | | | for FHA is $341,250 and for OHFA it is $298,180. Either |
| score. As the amount of debt is 30% of your score. | | | | way you go, that can get you a lot of house in |
| The higher your debts (especially on revolving credit | | | | Madison Co. |
| such as a credit card) can weight heavily on your | | | | These tips, as I said aren't infomercial over night credit |
| score. The best rule of thumb is to not go over 30% | | | | repair schemes. It's something that must take time. |
| on each cards limit and your debt as a total. | | | | Home purchasing is a mighty big step, as it is the |
| 3) Get a Secured Credit Card | | | | largest financial transaction of your life and you want |
| Getting a secured credit card is very easy. You lay a | | | | to get into it with confidence knowing you've made the |
| deposit (usually $200 to start) and the issuing bank will | | | | right decisions. |