Credit news
Search:
Welcome
Clients about us:
Welcome to Creditstart site...
What we can offer you for
FREE is analysis of your
personal situation before
shopping yoar loan, your
chances of getting a loan, up
to date information, website
links and other useful
resources to help you improve
your credit. Take a look..
What we can offer you for
FREE is analysis of your
personal situation before
shopping yoar loan, your
chances of getting a loan, up
to date information, website
links and other useful
resources to help you improve
your credit. Take a look..
Thank you for your help in purchasing
my home. After a previous bankrupticy
and a foreclosure, I did not believe I
could ever buy a house again. Now I
own the house that I had being paying
rent in for years.
my home. After a previous bankrupticy
and a foreclosure, I did not believe I
could ever buy a house again. Now I
own the house that I had being paying
rent in for years.
L. R. Florida
September 15, 2006
Alvin Buchanan
This week's secret!
Congratulations! Here is your credit secret of the week: Topic: The alternative credit file. If you are planning to buy a house or refinance one, here is a little secret if you have bad credit.
One mistake that a lot of people with bad credit make is to get angry and destroy all their credit cards, and close out every other source of credit. Now when it is time for applying for credit the bank denies you because you have no open TRADELINE. In other words, you have nothing on your credit report that shows how you pay your bill, say in the last year.
It is very important to keep at least one major credit card. You do not have to have a high balance on it. Just enough to maintain some type of credit status. If you do not have a credit card, you can go to www.creditstart.com and apply for one, regardless of credit.
Most banks will not loan you money unless you have an open tradeline, Even if you have good credit.
Another secret for you is that if you are renting, or you have a house which is owner financed, NEVER PAY BY CASH. ONLY PAY BY CHECK OR MONEY ORDER. The reason for this is that some bank will assess your credit based on how you pay your rent over the last 12 months or so. This is why it is very important for you to pay by check.
Make sure that you date your check close to the due date of your rent. Very important! make sure that the landlord deposit your check to his account immediately after you pay him.
A check written on the 1st of the month and deposited on say the 15th of the month will work against you. The banks pay close attention to the back of the cancelled check. This shows the date the check enters the account. This carries more weight than the date that you wrote on it. Keep records of all your check stubs for at least the last 12 months.
Most people do not know that this is an excellent alternative to regular credit requirements, but it is.
For more informtion and credit tips check out our blog: