Credit Boosting Meeting with Adam
Updated: Apr 24
One of the ways that I assist buyers and sellers, especially buyers, is by providing guidance to boost their credit, especially prior to a house purchase. Below I wanted to provide some guidance on best practices before a meeting. Also keep in mind that I am a licensed real estate agent, not a certified public accountant, attorney, or certified financial planner & any insights I have are best discussed with your CPA, financial planner, or attorney when relevant to their respective field of specialty.
Review Helpful Resources from My Website 1st
In order for our meeting to be most effective, it's best to do some homework before the meeting. I’ve included some great information on my website that could be really helpful for you on getting financially prepared and getting your credit ready for purchasing a home, from budgeting, to credit, etc.
The Impact of Credit on Mortgages
Where to Sign Up for Free Accounts for Credit
While you’re going through the links for my website, be sure to sign up for free accounts with Experian.com & www.Creditkarma.com. Pay attention to the score more so on the Experian site than the Creditkarma site since Creditkarma uses the Vantage Score model which can be very different than what mortgage lenders use. Creditkarma gives Equifax and Transunion information (more information than the banks below) while Experian provides free Experian information. Also, I only recommend the free versions on each website. That will help throughout your process of credit repair.
You can find a list of additional free credit score options on my list of them here.
Meeting Format
I sometimes meet in person for credit-boosting meetings, but in the majority of cases, I use Zoom. If you've never used it before, I suggest signing up for a free account and going through my article on the subject here. With Zoom, we can use the screen share feature and otherwise so that I can see your screen. It's best to conduct the meeting while you're on a desktop or laptop including the Zoom meeting on there rather than using a phone. Also prior to the meeting, be sure to log in to the accounts that you've signed up for relevant to the meeting and have your budget spreadsheet ready.
How Adam Can Help With Advice on Your Credit
No matter where your credit is now, there’s usually at least some advice I can give to improve it. If it looks like you’re close to being eligible for a home purchase, with the proper work history (or other income) as I explain on my Mortgages & Financing page & your credit is at least in the mid 500’s, you can be in a better position to buy a home.
Debit Cards, Not Credit Cards for Your Expenses
For anyone with below a 740 credit score, I typically recommend that they use debit cards instead of credit cards until at least a year after your credit score is back up over 740.
Related
No matter how much or how little your income, your financial potential will always be more limited if you don't develop and use a budget. If you'd like to integrate budgeting into a discussion on credit, which I recommend, see the steps for it, including the budget you can create prior to the meeting, here.
Part of good budgeting that can help your credit is not being overtaxed and using strategies based on your knowledge of the tax code so that you can stretch the money you have further. Here is my page on saving on taxes.
Often those that need budgeting &/or credit boosting could also use some time management boosts. Here is more information on that.
Loan Program Where Credit Score is Not Considered
There is a loan program where credit score is not considered, offering below market rates for below median income borrowers (for the area), no down payment requirement, & reduced expenses at closing. That said, they tell real estate agents that they are not supposed to mention the name of the program in advertising, and this public page could be construed as such. The program typically takes around 6 months to get through and has many hoops to jump through, with some people being approved and then denied after getting under contract, but the numbers with the program for many that persevere & use it is solid. Be sure to ask me about it in our meeting.