By popular demand, people want to know, how do you get a home loan with Bad Credit. The someone you know has bad credit and they’re thinking, how do I actually get a loan if I don’t have good credit? You can’t get along with bad credit is the reality, if you’re only working with your own credit.
How To Get A Home Loan with Bad Credit
If my credit is not lend worthy then how do I get it lend worthy? Let’s just start with a couple of quick basics on that. Some basics on improving your credit, getting your credit score up, it’s actually really simple, pay your bills on time. Now, I know that may seem like a simple bit of advice but the reality is, so many people they’ll let it go. They are budgeting appropriately. So, they sometimes let a bill go a few days late or whatnot, that’s going to hurt your credit all day long. If you will begin to just pay your bills on time, that will increase your credit score. If, you have credit cards okay and by the way, if you don’t have credit cards, getting a credit card overtime will improve your credit.
Actually, they want to see that you have credit lines that are there revolving, that are working, a car loan, those kind of things add to that. If, you have a credit card, making sure that it doesn’t go above a third, meaning you don’t credit card making sure that it doesn’t go above a third mate meaning. You don’t and make sure you’re paying it back off, that’s going to improve your credit as well.
Here’s the reality. You know, we want to make sure that you understand, we’re not laughing or poking fun at anyone. Life hits and sometimes when it hits, we get behind? For those of you that just get behind because you’re irresponsible but you could have paid the bills, for you. So, get your act cleaned up. We’re in this situation because something happened. I either lost situation because something happened there. There was a you know, I either lost long to get one or maybe there was a big health concern or condition that came up.
I get it, life will happen. When you do have those blemishes on your credit, you can get them cleaned up. So, in addition to just maintain good credit paying your bills on time, applying for credit cards, googling that and using them responsibility to build credit. The other advice that I’d like to give before we show you, how you get a loan anyway is do some credit repair. There are many noteworthy companies out there. I’m not going to recommend anyone specifically $700 or even $1,000 or two, a company will come in, lawyers will hundred dollars or even $1,000 or two a company will come in or lawyers will come in. They know how to skip years of the credit process the slow way of derogatories, the late payments and bump a lot of that stuff off of your derogatory. It’s the late payments and bump a lot of that stuff off of your card or your credit card and then this other one is doing the credit repair, card or your credit card and then this other one is doing the credit repair people with good credit, even good credit requires maintenance.
Credit repair doesn’t mean you necessarily did something wrong. I’ve done credit repair many times on my credit, I’ve had a couple things slip through an accident like you know. I bought a car and I was doing a special lease on it and then my like you know I bought a car and I was doing a special lease on it and then my it’s like. You’ve got three late’s, a 30 day late, a 60 day late. We clean it up, So, I even get some of those things on my credit like, life happens.
Today we want to talk about how do you get a loan if you have bad credit and again, I cannot emphasize how important it is for you to understand that everything that you desire, that next deal, it’s within your finger grasps. If you have no money, it’s just inches away and if you don’t have the credit, it’s inches away. If you know more have the credit it’s inches away if you know more connected with who you know. – Yeah, you know credit is a commodity and I want to help you understand what I mean by this. Credit can be bought and I want to help you understand what I mean by this. Credit can be bought and sold it can be traded, it is a negotiation tool and credit should never be a reason for you not to do real estate.
I talk to people all the time who have great assets but their credit has you know, been hurt, maybe they went through a bankruptcy or a divorce or a foreclosure or whatever the case might be and they’re not able to use their own credit to buy a deal and this is one of the things that I say and this to me, I hope that you can really internalize this. I will often ask them, would you rather have a smaller portion of something or a hundred percent of nothing? – I’d rather have a smaller portion of something.