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Credit Repair Programs
Amber Said:I need a good credit repair program?
We Answered:?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - buildcredit.ifastnet.com
Laurie Said:My Credit Score is 580 and I have been approve for a loan at 11%?
We Answered:Refinancing a mortgage loan in 3 years isn't going to help you lower your monthly mortgage payments if you can't recouperate the loss, in terms of closing costs. Each time you refi, you'll have to pay closing costs again, which can be up to $10,000 or more depending on the loan.
You can check mortgage rates for a variety of loan products in your state, e.g., 30-yr fixed, 5/1 ARM, etc, on http://www.Bankrate.com.
If you haven't bought a home yet, you could go ahead through a credit repair program, pay off all your bills on time, and maybe take out a small personal loan at your bank and pay that back in full over a period of time. It's not an overnight fix that you can repair your credit history.
If you're married, does your spouse have a better credit score?
Ernest Said:have anyone went thru and programs to repair credit do they really work?
We Answered:The credit repair business is a scam. You can do everything they can do for you yourself. Get your credit reports and file protests if you have negative information.
I did this becuase I had some inaccuarcies on my report and it cleared them up so I protested a couple things there where legite and they removed them.
That is all the credit repair people will do. It is all they can do.
Joann Said:Do credit repair programs really work?
We Answered:The way they 'create' a new credit file is typically by creating some variety of fraudulent identity. Then they will take your money and run leaving you with federal charges. A lot of these illegal services can be identified when they ask for money up front which is illegal (see the ftc link).
One credit service I know and trust is National Consumer Credit Service ( http://www.nationalccs.com/ ) They offer a pay for performance option so that you only pay for items they are able to remove or improve on your credit report.
In addition they have a great Q&A section on credit and credit repair subjects. http://www.nationalccs.com/questions-faq.html
Christine Said:Is there any home loan programs that help you repair credit to buy a home?
We Answered:No, you need decent credit along with many other things to qualify for a mortgage.
Mortgage lenders will require you to resolve all unpaid derogatory items on your credit report. You will also need at least a 620 FICO to even talk about an FHA loan -- but even that score won't be enough. A conventional loan takes at least a 720 FICO and a 20% downpayment.
Other major factors/requirements: stable work history, salary, debt to income ratio, other assets